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TotalEnergies acquires 40% interest in carbon dioxide storage exploration licence

Published by , Editorial Assistant
Hydrocarbon Engineering,

TotalEnergies has signed an agreement with CapeOmega Carbon Storage AS, to acquire the 40% participating interest held by CapeOmega in the carbon dioxide (CO2) storage exploration licence, ExL004 (the 'Luna' project).

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."


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