By Sabela Ojea
BP PLC said Tuesday that the U.K.'s East Coast Cluster industrial decarbonization project has been named as one of the country's first two carbon capture, usage and storage clusters by the government's Department for Business, Energy and Industrial Strategy, or BEIS.
The decision taken by BEIS is a major step in achieving the government's target of establishing the first net zero carbon industrial cluster in the U.K. by 2040, BP said.
The East Coast Cluster is enabled by the Northern Endurance Partnership, which is led by BP as its operator.
The project is a collaboration between BP, ENI SpA, Equinor ASA, National Grid PLC, Royal Dutch Shell PLC and TotalEnergies SE, the British oil-and-gas major said.
"Once operational, the cluster has the potential to transport and securely store nearly 50% of all U.K. industrial cluster CO2 emissions, up to 27 million [metric] tons of CO2 emissions a year by 2030," it said.
Shares in BP at 0929 GMT were up 1.90 pence, or 0.5%, at 363.35 pence.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix