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MarketScreener Homepage  >  Equities  >  NASDAQ OMX COPENHAGEN  >  The Drilling Company of 1972 A/S    DRLCO   DK0061135753

THE DRILLING COMPANY OF 1972 A/S

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Project Greensand: North Sea reservoir and infrastructure certified for CO2 storage

11/25/2020 | 02:39am EST

The certification of feasibility issued by DNV GL concerns the Nini West reservoir operated by INEOS Oil & Gas Denmark which is leading the Project Greensand consortium, partnered by Wintershall Dea and Maersk Drilling. DNV GL confirms that the Nini West field is conceptually suitable for injecting 0.45 million tonnes CO2 per year per well for a 10-year period, and that the subsea reservoir can safely contain the CO2 in compressed form. Further, the Geological Survey of Denmark and Greenland (GEUS) acts as research partner to the project and is in the process of performing laboratory experiments of core material from the actual Nini West reservoir.

Project Greensand targets having the first well ready for injection from the Nini platform in 2025. Longer term, the ambition is to develop the capacity to store approximately 3.5 million tonnes CO2 per year before 2030. Like the majority of carbon capture and storage projects currently being developed within Europe, the establishment of a funding model is required to mature Project Greensand to a state where CO2 injection can commence.

Maersk Drilling expects that Project Greensand will provide important learnings about how offshore drilling rigs and capabilities can be used to repurpose existing oil wells for CO2 injection and handle well modifications during the injection period.

'As a trusted voice to the industry, DNV GL is pleased to participate in a project with an important objective to significantly reduce the CO2 footprint by issuing this industry certification following our CCS certification scheme,' says Mick Cramer Jakobsen, Director Capital Projects, DNV GL.

'We're thrilled to get this independent certification that Nini West is suitable for injection and long-term safe storage of CO2, just like the reservoir previously contained hydrocarbons for millions of years. As part of the next phase of validation, we will be applying DNV GL's certification scopes for suitability of the CO2 injection well design and well construction process. We're excited to be able to bring our competencies to use in this effort to deliver significant emission reductions,' says Marika Reis, Head of Innovation, Maersk Drilling.

'Wintershall Dea has been producing from the relevant oil fields in Denmark for decades and already has a high level of knowledge of the reservoir characteristics. The Greensand project will further advance Wintershall Dea's understanding of CCS projects, thus, we are pleased to see the positive outcome of the study which states that there are no showstoppers for futher investigating the storage of CO2. We are looking forward to further cooperate with the project partners for the next phase and are glad to contribute to a project with the potential to mitigate CO2 emissions in Denmark.' says Klaus Langemann, SVP of Technology & Innovation, Wintershall Dea.

Certification of the reservoir

  • With the 'certificate of conformity - site feasibility', DNV GL has confirmed that the Nini West reservoir is conceptually suitable for geological storage of CO2 and thereby suitable for further qualification according to the ISO 27914:2017 and DNVGL-SE-0473 standards.
  • This confirms that Nini West is conceptually suitable for injection and long-term storage of 0.45 million tonnes CO2 per year per well over a period of 10 years.

Disclaimer

Maersk Drilling A/S published this content on 25 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 November 2020 07:38:03 UTC


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Financials (USD)
Sales 2020 1 041 M - -
Net income 2020 -1 624 M - -
Net Debt 2020 1 036 M - -
P/E ratio 2020 -0,78x
Yield 2020 -
Capitalization 1 238 M 1 240 M -
EV / Sales 2020 2,18x
EV / Sales 2021 2,41x
Nbr of Employees 2 850
Free-Float 48,9%
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Average target price 31,73 $
Last Close Price 30,37 $
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Jørn Madsen Chief Executive Officer
Claus Michael Hemmingsen Chairman
Morten Kelstrup Chief Operating Officer
Christine J. Morris Chief Financial Officer
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