Yinson Production invests in leading direct air capture project developer

KUALA LUMPUR: Yinson Production, the offshore production business unit of Yinson Holdings Bhd, has invested in Carbon Removal AS, a Norway-based company that is a front runner in the development of direct air capture (DAC) projects.

In a statement, the company said the investment signals its serious commitment to developing decarbonisation solutions for the offshore production industry.

The investment also expands the company's expertise and knowledge in this area, facilitating new business opportunities and Yinson Production’s participation in the carbon credit value chain, it added.

In the longer term, Yinson Production aims to create and build new low-carbon markets.

Carbon Removal is currently developing a DAC plant located in Øygarden, Norway, which aims to capture and remove approximately 500,000 tonnes of carbon dioxide per year for permanent storage under offshore saline aquifers.

DAC technology directly captures carbon dioxide from the atmosphere, allowing greenhouse gases to be permanently stored underground or used in industrial applications. DAC is a key technology being considered by hard-to-abate industries for the offset of residual emissions.

Yinson Production Chief Technology Officer Lars Gunnar Vogt said: “Our combined synergies will contribute significantly to the realisation of YP’s Zero Emissions FPSO Concept, which aims to provide solutions that will support the offshore oil and gas industry’s transition to low-carbon operations.

"The partnership and investment in CR allow us to participate in DAC projects at a relevant scale, which are also deployable in the near term.”