ZACKSยท2025-05-30 14:26Group 1 - BP has awarded a multi-well drilling contract to Noble Corporation for the Noble Innovator jack-up rig to support the Northern Endurance Partnership (NEP) carbon storage project in the North Sea, highlighting BP's commitment to carbon capture and storage (CCS) as part of its energy transition strategy [1][2] - The contract includes drilling six firm wells starting in Q3 2026, with options for two additional wells, and builds on Noble's ongoing engagement with BP since December 2022, with the day rate increasing to $155,000 [2][4] - The Noble Innovator rig, built in 2003 and designed for ultra-harsh environments, will be crucial for developing the well infrastructure needed for the NEP [3][6] Group 2 - The Northern Endurance Partnership, which includes BP, Equinor, and TotalEnergies, was granted the UK's first carbon storage license in December 2024, aiming to inject up to 4 million metric tons of CO2 annually over 25 years, with a total capacity of 100 million tons [4][5] - Construction for the NEP is expected to start in mid-2025, with initial CO2 injections as early as 2027 and full operations by 2028 [5] - Noble Corporation has received a CCS-specific certification from DNV, reinforcing its strategic shift towards supporting decarbonization infrastructure [6][7] Group 3 - The partnership between BP and Noble is a significant step in transforming the North Sea into a hub for industrial decarbonization as BP accelerates its energy transition efforts [8]