In 2022, Nordsøfonden was appointed to manage the state participation in Denmark’s carbon storage licences, and in 2023 the first licences for the exploration and storage of CO₂ were awarded. With a steadily growing portfolio and progress across the licences, the time is right to further strengthen competencies and increase focus on the commercial aspects of carbon storage. Consequently, Nordsøfonden is now establishing a dedicated CCS department:
“Carrying out the necessary studies and analyses to determine whether the subsurface is suitable for the safe storage of CO₂ is a major and highly specialised technical undertaking. In addition, significant work is required to establish and secure robust value chains and sustainable business models around the storage projects. It is this latter effort that we are now strengthening through the establishment of an independent CCS Business Unit,”
says Acting Director Christian Herskind, and continues:
“To lead our commercial CCS activities, we have appointed Søren Reinhold Poulsen. Nordsøfonden’s incoming CEO Flemming Horn Nielsen, the Board of Directors and I are all looking forward to welcoming Søren Reinhold Poulsen to the organisation. Søren brings extensive experience in carbon storage and in building the commercial foundations required to enable CCS projects to make the transition from the drawing board to reality.”
Søren Reinhold Poulsen graduated as a chemical engineer in 1996 and joins Nordsøfonden from the position of Head of Producing Assets and CCS at INEOS Energy Denmark. Over the past 30 years, Søren Reinhold Poulsen has built a broad career in the energy sector, both in Denmark and internationally. He also brings more than 20 years of leadership experience.
Søren Reinhold Poulsen says:
“Nordsøfonden is a key player in the Danish CCS landscape. I look forward to joining Nordsøfonden’s management team and to play a part in ensuring that carbon storage projects are developed and realised in the best possible way. CCS is very much a team sport that requires both good timing and strong collaboration, and I look forward to working with the many skilled operators, licence partners and other important stakeholders who together will help deliver the important societal task that carbon storage represents for Denmark.”
Today, Nordsøfonden holds a 20 % interest in seven carbon storage licences. Work programmes across the licences are progressing well, and this summer Nordsøfonden expects injection operations to commence in Denmark’s first permanent storage site as part of the Greensand Future project, which is being developed by INEOS, Harbour Energy and Nordsøfonden.
CCS technology is intended to reduce greenhouse gas emissions and has been identified as an important tool in achieving Denmark’s climate targets.
