On Wednesday 21 May, the European Commission adopted a delegated act specifying the identification and calculation rules that will apply to the 44 European oil and gas producers required to provide new CO2 storage solutions by 2030.
These entities represent a combined crude oil and natural gas production of 95% of the volume of crude oil and natural gas produced in the European Union over the period from 1 January 2020 to 31 December 2023.
The EU has set a target of 50 million tonnes of annual CO2 injection capacity into geological CO2 storage sites by 2030, as set out in the Net-Zero Industry Act (NZIA) (see EUROPE 13344/4).
The 44 companies listed in Annex 1 to the Commission’s provisional decision resulting from the delegated act are required to provide operational capacity for the injection of CO2 into geological storage sites by 31 December 2030. They must also submit a plan by 30 June explaining how they intend to contribute to the EU objective.
The entities listed in Annex 2 that produce oil and gas during the reference period are exempt from this obligation “because of their relatively small share of total production”, representing 5% of the Union’s combined crude oil and natural gas production volumes.
If there are no objections from the Parliament and the EU Council within two months, the delegated act will enter into force at the end of July.
To see the documents: https://aeur.eu/f/h0r ; https://aeur.eu/f/h0s (Original version in French by Pauline Denys)