Lenders’ Subsurface Advisor
Location
Confidential
Project Type
New Carbon Store
Type of Store
Confidential
Standards and Frameworks
NSTA Regulations; EU CCS Directive
Client
Bank Consortium and Multinational Energy Company
Independent Due Diligence for Debt Financing for a Commercial Scale CCS Project
The project comprises an onshore and offshore pipeline transportation and geological storage designed to transport and store CO2 from emitters committed to decarbonising their operations. The project team carried and in- depth subsurface characterisation (core description, seismic interpretation) and modelling studies to mature development concept and ensure robustness against subsurface uncertainties. The scope of work, thus, relates to the reservoir which is to be used to store CO2.
Client Need:
The client requested us to undertake the role of Lender’s Subsurface Advisor (LSA) in support of debt financing for the project for the sponsors and financial advisors.
Description of services provided by ERCE staff:
ERCE’s multi-disciplinary team reviewed data provided by the CO2 storage operator including review of raw data, interpreted data, field studies, geomechanical studies, and the development plan. Tasks included:
• Review of storage design
• Storage site assessment
• Permits and Licences assessment
• CO2 containment assessment
• Review of CO2 measurement, monitoring and verification (MMV) plan, Corrective measures (CM) plan and post closure plan
• Interface with other parties
Outcome:
Deliverables included a full due diligence report suitable for consumption for subsurface as well as infrastructure lenders and stakeholders.