- The UK Oil and Gas Authority (OGA) selects Hartshead Resources (HHR) to participate in the Bacton Energy Hub initiative
- The OGA wants to develop the Bacton gas terminal into an energy and infrastructure hub as part of its decarbonisation efforts and net zero target
- HHR has experience in delivering oil and gas upstream projects, and owns a 100 per cent interest in a production licence within the Southern Gas Basin
- CEO Chris Lewis is pleased to play a part in the UK’s energy future by producing natural gas from HHR’s existing and undeveloped gas fields
- Company shares are up 7.69 per cent to trade at 2.8 cents at 1:36 pm AEDT
Hartshead Resources (HHR) has been selected to participate in several interest groups (SIGs) under the Bacton Energy Hub initiative.
The energy stock was selected by the UK Oil and Gas Authority (OGA) to take part in the initiative which is focused on hydrogen generation at the Bacton gas terminal.
The Bacton Gas Terminal is made up of six gas terminals within four sites located on the North Sea coast in the UK.
The UK OGA is considering the Bacton gas terminal and UK Southern Gas Basin, which form the Bacton Catchment Area, as an energy and infrastructure hub for future hydrogen as part of the UK’s decarbonisation efforts and 2050 net zero target.
HHR specialises in subsurface, engineering, commercial, QHSE and capital markets which makes it a strong participant in successfully delivering oil and gas upstream projects.
It also owns a 100 per cent interest in a production seaward licence comprising five blocks which contain four gas fields within the Southern Gas Basin.
A study confirmed there’s a significant economic opportunity for a hydrogen-led energy hub that will play a key role in the future of sustainable energy in the UK which focuses on blue hydrogen, carbon capture and storage, green hydrogen and electricity.
Hartshead CEO Chris Lewis was pleased to have been selected.
“We are encouraged by Hartshead’s selection in the SIGs and the opportunity to play a part in the UK’s energy future through the production of natural gas produced from our existing and undeveloped gas fields and the option for this gas to be used as feedstock in blue hydrogen,” Mr Lewis said.
It is believed the company’s gas developments could offer material volumes of natural gas into the Bacton Energy Hub to generate blue hydrogen and its future offshore infrastructure could potentially be used in carbon capture and storage projects.
Company shares are up 7.69 per cent to trade at 2.8 cents at 1:36 pm AEDT.