GETECH Group plc Carbon Capture and Storage software and analytics
12 July 2022 - 4:00PM
RNS Non-Regulatory
TIDMGTC
GETECH Group plc
12 July 2022
12 July 2022
Getech Group plc
("Getech" or the "Company")
Getech provides Carbon Capture and Storage software and
analytics for UK's first North Sea licensing round
Getech, a geoenergy and green hydrogen company, is contracted to
deploy its proprietary geospatial software and subsurface expertise
to support the UK's first carbon storage licensing round.
Working with the North Sea Transition Authority (NSTA), the UK's
oil, gas and carbon storage regulator, Getech has used its
Exploration Analyst software product to leverage NSTA's in-house
data to create strategic maps that the NSTA is using to define
optimal areas for CO(2) storage.
T he NSTA recently announced the UK's first carbon storage
licensing round, inviting bids on 13 high graded areas that have
the potential to make a significant contribution to the UK
Government's aim of storing 20-30 million tonnes of CO 2 by
2030.
Getech's Chief Executive Officer, Dr Jonathan Copus,
commented:
"Getech is working to accelerate the energy transition by
assisting companies and governments in their delivery of
sustainable and secure decarbonisation. We do this by deploying our
unique geoscience data and proprietary geospatial software to help
locate and manage low carbon developments .
NSTA's use of Exploration Analyst to map and promote an
integrated 'emissions-to-storage' value chain in and around the UK
North Sea showcases another exciting application of products that
we originally developed for petroleum customers, and which we are
now establishing as essential tools in geothermal energy, critical
minerals, carbon storage and green hydrogen.
Placing the demand for our carbon storage offering in a global
context, c.130 new commercial-scale CO(2) capture projects were
announced in 2021, with the International Energy Agency forecasting
that the capital spending could exceed US$40bn by 2024 (from
US$1.8bn in 2021). The world however must locate and develop a
further 700 carbon storage projects at this scale by 2030 to stay
on track for the IEA's 2050 Net Zero Emission Scenario.
In step with the rapidly expanding energy transition markets, we
look forward to scaling the deployment of our products, which we
are also using to locate, develop and operate our own project
investments."
For further information, please contact:
Getech Group plc Tel: 0113 322 2200
Dr Jonathan Copus, Chief Executive
Cenkos Securities plc
Neil McDonald / Pete Lynch (Corporate Finance)
Michael Johnson / Dale Bellis (Sales) Tel: 0207 397 8900
Camarco Tel: 020 3781 8331
James Crothers / Toby Strong / Charles Dingwall
Notes to editors:
Getech Group plc(AIM: GTC) applies its world-leading geoscience
data and unique geospatial software products to accelerate the
energy transition by locating, developing and operating geoenergy
and green hydrogen projects.
For further information, please visit www.getech.com .
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