Yinson Production has completed the acquisition of Norway-based carbon capture and storage (CCS) company Stella Maris CCS from Altera Infrastructure.
Stella Maris is developing a full CCS value chain, including carbon capture, intermediate storage, offshore transportation, and permanent sequestration of CO2 captured from industrial sources.
The company holds a 40% stake in the Havstjerne Reservoir on the Norwegian Continental Shelf.
Developed in partnership with Harbour Energy, the Havstjerne CO2 injection and storage project is a cornerstone of Stella Maris’ activities, with its technical feasibility validated by extensive seismic data and reservoir studies.
The European Union’s Innovation Fund has selected the Havstjerne CO2 injection and storage project for a grant of up to $235 million, payable against expenditures upon certain investment and commercial operation milestones.
The acquisition of Stella Maris expands Yinson Production’s presence in the emerging low carbon market and marks a significant milestone in the company’s decarbonization strategy.
“This successful acquisition reinforces Yinson Production’s commitment to driving innovation and sustainability within the energy sector and our role in shaping Europe’s decarbonization efforts.
“The acquisition of Stella Maris is a logical step in expanding our portfolio of strategic investments within the carbon capture space, and we are excited to integrate these solutions to help industrial emitters in achieving their decarbonization targets,” said Lars Gunnar Vogt, Chief Technical Officer of Yinson Production.