The European Commission has recently adopted a Delegated Regulation under the Net-Zero Industry Act, imposing obligations on EU-based oil and gas producers to contribute to the development of geological CO2 storage sites. This contribution is proportional to their production volumes from 2020 to 2023, as outlined in Article 23 of Regulation (EU) 2024/1735. The regulation aims to achieve an injection capacity of 50 million tonnes of CO2 per year by 2030, a critical component of the EU’s strategy to decarbonise industries and reduce hard-to-abate emissions.
