Block Energy PLC on Tuesday said that a study has identified a carbon capture and storage opportunity within Block XIB.

Block Energy is an exploration and production company focused on Georgia, and applying new technology to previously discovered oil fields. Block XIB is one of the firm’s Georgian onshore licence blocks.

A study commissioned by Block Energy has identified a carbon capture and storage opportunity within Block XIB with the potential to support ‘a major net-zero carbon dioxide industrial hub’, it said.

The study put reservoir scale storage at 256 million metric tonnes, and the basin scale at up to 8.7 gigatonnes. According to Block Energy, this research suggests the licence is best suited to mineral trapping, whereby carbon dioxide is injected with water and mineralises as solid carbonates.

‘The CCS study opens another significant commercial opportunity for the company while underlining our commitment to sustainability,’ said Chief Executive Officer Paul Haywood.

‘The study highlights that Block XIB’s storage potential could be amongst the largest in Europe, indicating the prospect of a major net-zero industrial hub within central Georgia - of interest to the hydrogen, fertiliser, steel and refined petroleum products industries - close to the XIB licence.’

Block Energy shares were trading 3.3% higher at 1.09 pence each in London on Tuesday morning.

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