July 23, 2024
How TotalEnergies acquires a 40% interest in a CO2 Storage exploration license
TotalEnergies acquires a 40% interest in a CO2 Storage exploration license
TotalEnergies acquires a 40% interest in a CO2 Storage exploration license
– By Ayomide Oginni

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How TotalEnergies acquires a 40% interest in a CO2 Storage exploration license

 

TotalEnergies has signed an agreement with CapeOmega Carbon Storage AS, a wholly owned subsidiary of CapeOmega AS, to acquire the 40% participating interest held by CapeOmega in the CO2 storage exploration license ExL004 (the “Luna” project).

TotalEnergies acquires a 40% interest in a CO2 Storage exploration license
TotalEnergies acquires a 40% interest in a CO2 Storage exploration license

Located 120 km offshore Bergen in 200 m water depth, ExL004 covers an area of 453 sq.km. It is adjacent to the license where the Northern Lights CO2 storage project (TotalEnergies, 33%) is under development, with a first phase due to start in 2024.

 

ExL004 is operated by Wintershall DEA Norge AS with a 60% participating interest. The transaction is subject to satisfaction of customary conditions, including final approvals from relevant government authorities.

 

“This transaction is an important milestone to grow our CO2 storage offering: subject to a successful exploration, this area could enable the storage of several hundred million tons of CO2 from hard-to-abate industries in Europe,” said Arnaud Le Foll, Senior Vice-President New Business – Carbon Neutrality at TotalEnergies.

“With the Northern Lights start-up in 2024 and other projects under development in the Netherlands, Denmark and the UK, TotalEnergies is building a world-class carbon storage portfolio across the North Sea. Norway will play a leading role in this portfolio thanks to its large geological storages and supportive government policies.”

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