Eni reaches financial close on Liverpool Bay CCS project

LIVERPOOL, April 25, 2025 – Eni and the UK Department of Energy Security and Net Zero have achieved financial close for the Liverpool Bay CCS project, Eni announced on Thursday.

Eni is the operator of the carbon dioxide transport and storage system of the HyNet Cluster, which will bring carbon dioxide from capture plants in North West England and North Wales for permanent storage in Eni’s depleted natural gas reservoirs under the seabed in Liverpool Bay.

Reaching financial close allows the project to move into the construction phase, which is expected to begin in 2025 and will include the construction of 35 kilometres of new pipelines to connect industrial emitters to the Liverpool Bay CCS network. The project will also repurpose offshore platforms and 149 kilometres of onshore and offshore pipelines.

“Eni has established itself as a leading operator in the UK thanks to its key role in carbon dioxide transport and storage activities as the leader of the HyNet Consortium, which will become one of the first low-carbon clusters in the world. CCS will play a crucial role in tackling the decarbonisation challenge by safely eliminating carbon dioxide emissions from industries that currently do not have equally efficient and effective solutions,” said Claudio Descalzi, CEO of Eni.

The project’s financial close follows the UK Government’s decision to invest GBP 21.7 billion over 25 years in the country’s first two CCS clusters. Expected to come into operation in 2028, HyNet will have a storage capacity of 4.5 million tonnes per year (tpy) of carbon dioxide in its first phase and 10 million tpy by the 2030s.

Photo courtesy of Eni