Provaris Energy Ltd (Provaris) and Yinson Production Offshore Pte Ltd (Yinson) have announced a joint development agreement to co-design storage tank solutions aimed at addressing the growing demand for carbon dioxide (CO2) storage and bulk marine transportation, as carbon capture gains traction globally.
The partnership will focus on adapting Provaris’ existing tank technology, which was initially designed for compressed hydrogen, to create a solution for the storage and transport of compressed and liquid CO2.
The deal also opens the door to exploring other hydrogen derivatives such as ammonia, marking a broader application of Provaris’ tank design.
Yinson Production brings a background in offshore production, particularly through the construction of floating production, storage and offloading (FPSO) vessels.
The agreement is poised to develop scalable solutions for CO2 storage and transportation infrastructure, which remains a critical component in achieving global emission reduction goals.
Yinson Production’s Chief Technical Officer, Lars Gunnar Vogt, highlighted the importance of this development, stating, “We recognise the importance of carbon capture and storage in achieving global emission targets, and we’re committed to playing a key role in this space.”
He added that the partnership will leverage the expertise of both companies to deliver cost-effective and innovative solutions that will address current CO2 transit and storage limitations.
The initiative aims to address a gap in the market: there is currently no large-scale ship transport of CO2 in the low pressure and temperature range required for long-distance marine transport.
The partners intend to create a tank design capable of meeting this need, ultimately supporting the development of CO2 storage and transport infrastructure that is critical for the deployment of carbon capture technologies worldwide.
Provaris’ Managing Director and CEO, Martin Carolan, called it an exciting opportunity to broaden the application of the company’s tank technology.
“The CO2 market is already well-developed and seeking cutting-edge, scalable, and cost-effective storage and transport solutions,” Carolan said. He also noted that working alongside Yinson, a leader in the offshore industry, provides an important pathway for Provaris to commercialise its tank technology.
Advances in CO2 transport, particularly through marine and pipeline networks, can enable large-scale carbon capture deployment.
Projects like Norway’s Northern Lights, which involves transporting CO2 from industrial emitters across Europe to offshore storage, and the US Midwest Carbon Express, a CO2 pipeline network, are examples of projects that could benefit from innovations in bulk CO2 transport and storage technology.
According to Zero Emissions Platform, between 10 and 20 vessels could be built by 2030 to transport CO2 for permanent storage. This estimation is based on a 20,000 cubic metre ship transporting approximately one million tonnes of CO2. It is also estimated that CO2 transportation could be scaled up to 39.5 million tonnes of CO2 by 2030.
