TotalEnergies acquires 40% interest in carbon dioxide storage exploration licence

Located 120 km offshore from Bergen, Norway, in 200 m water depth, ExL004 covers an area of 453 km². It is adjacent to the licence 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.

Arnaud Le Foll, Senior Vice-President New Business - Carbon Neutrality at TotalEnergies, said: “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. With the Northern Lights start-up in 2024 and other projects under development in the Netherlands, Denmark and the UK, TotalEnergies is building a 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."

 

Read the article online at: https://www.hydrocarbonengineering.com/the-environment/22082023/totalenergies-acquires-40-interest-in-carbon-dioxide-storage-exploration-license/