2Co is the first CCS company to be backed by private equity finance.
This is an investment both in the business model and the people whose knowledge and resources have created an exceptional capability.
2Co will turn CO2 from a threat to our environment into a valuable resource, reversing its effect, as it takes captured CO2 to revitalise existing oil fields, help secure energy supplies, generate revenue for governments, create jobs and store CO2 on a permanent basis.
The company brings together a group of leading experts in the field with the proven, world-class knowledge and hands-on experience necessary to complete a safe, effective and profitable value chain.
2Co Energy looks for opportunities to inject the captured CO2 into oil fields where it will be a valuable commodity for producing otherwise 'hard to reach' oil from depleted oil fields and increasing yields by up to 15 per cent of the oil originally in place. Naturally occurring CO2 has been used to extract oil in North America for 40 years and today accounts for six per cent of domestic oil production - some 300,000 barrels a day. The availability of man-made CO2 from carbon capture projects will enable this industry to develop in the UK too.
Not only are oil fields the best geological storage sites, but if it was possible to use CO2 for Enhanced Oil Recovery (EOR) it would boost the economic viability of CCS projects and importantly reduce the amount of government support required. With the use of EOR, 2Co's current projections estimate it, would be able to safely and permanently store captured CO2 at zero cost.
By creating a commercial use for the captured CO2, rather than treating it as purely a waste product, could generate billions of oil production taxation revenue for government. This game-changing EOR technology will significantly offset the high initial infrastructure and storage costs that have hampered UK CCS development in the past and makes CCS cost-competitive with other low carbon sources of electricity generation.
If CO2-EOR is widely deployed, experts believe that an additional 3-8 billion barrels of oil could be extracted from the UK North Sea, potentially doubling the UK’s remaining recoverable oil reserves, and extending the life of the North Sea oil industry by 20 years or more.
2Co is currently working with the Scottish Government, Scottish Enterprise and the Scottish CCS to assess the full potential for CO2-EOR in the North Sea.