Yinson Production Expands Decarbonization Efforts with Acquisition of Stella Maris CCS
Malaysia’s Yinson Production, a subsidiary of Kuala Lumpur-based energy infrastructure and technology company Yinson Holdings, has taken a significant step towards decarbonization with the acquisition of Norway-based Stella Maris carbon capture and storage (CCS) business. This move aims to unlock large-scale floating collection, transport, and offshore storage of CO2.
The acquisition of Stella Maris CCS from the UK-based Altera Infrastructure not only grants Yinson Production full ownership of the Norwegian company but also expands its carbon capture and storage ecosystem.
Lars Gunnar Vogt, Chief Technical Officer of Yinson Production, stated, “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.”
Yinson Production also secured a 40% stake in the Havstjerne Reservoir, part of the Havstjerne CO2 injection and storage project on the Norwegian Continental Shelf (NCS), validating the technical feasibility of the project through extensive studies and seismic data.
The Havstjerne CO2 injection and storage project received a grant of up to €225 million from the European Union’s Innovation Fund, emphasizing its significance in advancing Europe’s decarbonization efforts.
As CCS plays a crucial role in global decarbonization efforts, the Stella Maris CCS solution offers a large-scale floating infrastructure for the collection, transport, and injection of CO2 into subsea reservoirs/aquifers.
Key Features of Stella Maris CCS Project:
- Floating CO2 collection, storage, and offloading hub (CCSO)
- Offshore offloading system with dual buoys
- Shuttle tankers with a capacity of 50,000 cubic meters of liquid CO2
- Floating pumping station for heating and pressurizing CO2
- Subsea systems, wells, and suitable saline aquifer for CO2 storage
The Stella Maris CCS project aims to inject up to 10 million tons of CO2 per year, equivalent to 20% of Norway’s carbon emissions, contributing significantly to decarbonization efforts.
Altera Infrastructure recently divested its FPSO unit and shuttle tanker business, focusing solely on the FPSO segment. Yinson Production’s parent company also completed the sale of its offshore marine business, Regulus Offshore, to Lianson Fleet Group, enabling a strategic shift towards FPSO and energy transition segments.
Yinson Production, known for its zero-emission FPSO concept, secured $1 billion in equity financing to support its growth journey and further decarbonization initiatives.