Expert Advice and Recommendations for CO2 Leasing Development

Description

Crown Estate Scotland is preparing a leasing process for carbon storage projects in 2024 for developers who have been successful in applying for an Exploration and Storage Licence from the North Sea Transition Authority (NSTA). Crown Estate Scotland requires advice on the commercial terms of the leasing process. In particular, the support will be focused on developing a suitable charging structure and level for seabed option agreements and lease fees, taking into consideration the evolving market, regulatory and statutory drivers including the developing government support packages, emissions trading schemes and the proposed economic regulatory regime. The overall objectives of the CO2 leasing process are to: i. Make the seabed available to the successful NSTA License Round applicants if they pass the application requirements for seabed in line with our leasing priorities; ii. Facilitate carbon storage efforts to enable the CCS opportunity in Scotland; iii. Maximise financial receipts to Crown Estate Scotland as per our obligations without compromising delivery of objective ii.