Engineers want to use undersea oil and gas fields to store captured carbon. 

The North Sea, known primarily for its oil and gas industry, may soon become the epicentre of a green revolution. 

Project Greensand, a consortium of 23 businesses and research agencies, aims to transform the oil and gas fields in the North Sea into a large-scale, cross-border carbon capture and storage (CCS) operation. 

The project's success could mark a significant milestone in the ongoing efforts to sequester carbon dioxide.

Earlier this year, Greensand completed a pilot project, burying 80 shipping containers of carbon dioxide 1,800 metres below the North Sea. The results were promising, demonstrating the feasibility of the initiative. 

Mads Gade, head of Greensand operator INEOS, expressed confidence in the project, saying; “We have now demonstrated that we can do this, and we have also demonstrated we have a storage facility that works”.

The plan is to establish a commercial operation by 2025-26, with a goal of storing 1.5 million tonnes of carbon annually by 2026 and 8 million tonnes by 2030. 

The project is being closely observed by Australian players with similar aspirations, including Storegga and Pilot Energy, who are looking to refill depleted oil and gas reservoirs in the North Sea with captured carbon.

While CCS has faced criticism from climate activists, Project Greensand's progress is generating industry-wide interest. 

However, the project faces economic challenges, particularly in building a customer base. 

Without industrial fossil fuel users investing in capturing their carbon emissions, there is limited demand for CCS services. To address this, Gade says emitters must start investing in carbon capture, highlighting the growing pressure from customers, stakeholders, and regulators to take climate action.

The success of CCS also relies on government support, similar to the wind and solar industries. 

The Danish government has reportedly shown interest, considering the abundance of empty reservoirs in Denmark's North Sea territory, which can store 700 years' worth of national emissions.

Shipping rather than pipelines is the chosen method for Project Greensand, providing flexibility in sourcing carbon from various locations. 

This approach allows the project to capture carbon from different sources and support regions with limited options for sequestration.

Gade predicts that by 2030, the CCS market could reach a break-even point, estimated to be worth billions or even trillions of euros in the European Union alone.