TotalEnergies acquires 40 percent stake in Norway’s Luna carbon dioxide storage license – BusinessPortal Norway

Paris, August 22, 2023. The energy company total energies It is owned by CapeOmega Carbon Storage AS, a wholly owned subsidiary of CapeOmega Carbon Storage AS Cape Omega AS, which acquired its 40% interest in the ExL004 CO2 Storage Exploration License (Project “Luna”). The ExL004-certified storage facility is located 120 km off the coast of Bergen in a water depth of 200 meters and covers an area of ​​453 square kilometres. It abuts the license containing the Northern Lights CO2 storage project, in which TotalEnergies has a 33% stake. The first phase is scheduled to start in 2024. ExL004 Wintershall DEA Norge AS It was operated with a participation of 60 percent.

The deal is subject to meeting the generally accepted conditions, including final approvals from the relevant government agencies.

“This transaction is an important milestone in the expansion of our CO2 storage offerings. Under successful exploration, this area could allow storage of hundreds of millions of tonnes of CO2,” said Arnaud Le Foll, Senior Vice President New Business – Carbon Neutrality at TotalEnergies. Carbon from hard-to-reduce industries in Europe.” “With Northern Lights launching in 2024 and more projects under development in the Netherlands, Denmark and the UK, TotalEnergies is building a global carbon storage portfolio across the North Sea. Norway will play a leading role in this portfolio thanks to its large geological deposits and supportive government policies.

The company said TotalEnergies’ focus is first on avoiding and then reducing emissions by developing and implementing a systematic approach for each facility to implement the best available technologies. For the remaining emissions, the company is developing industrial carbon storage projects. Backed by core competencies in large project management, gas processing and geosciences, TotalEnergies is on the right track with projects such as northern lights in Norway, Aramis in the Netherlands and com. bifrost In Denmark to enable significant decarbonization of European companies.