Greensands Future, which is backed by a consortium led by British multinational chemicals company Ineos, will become the EU's first large-scale offshore CO2 storage site, when commercial operations get underway in the next few months.
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"In Venezuela, you're dealing with equipment that's been degraded by many years of neglect," says Jackson. "Ten to 15 years ago, Venezuela was producing 1.5 million barrels a day more than it does today."