Commission sets CO2 storage obligations for oil and gas producers
The European Commission, through the adoption of Commission Delegated Regulation (EU) 2023/1185 (Delegated Regulation in line with the EU’s Industrial Carbon Management Strategy and Clean Industrial Deal), has established the identification and calculation rules for European oil and gas producers to deliver new CO₂ storage solutions by 2030. Based on this Regulation, the Commission has also issued a Decision that specifies the individual shares of 44 listed oil and gas companies in achieving the collective objective of 50 million tonnes of annual CO₂ injection capacity into geological storage sites by 2030, as set out in the EU Net-Zero Industry Act. The Companies are required to contribute to this target in proportion to their share of EU oil and gas production in the 2020 to 2023 reference period and must provide operational CO₂ injection capacity by 31 December 2030 in sites approved under the Carbon Capture and Storage Directive (2009/31/EC).
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