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TotalEnergies acquires 40% interest in carbon storage exploration license

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Picture of Cyann Fielding

Cyann Fielding

Journalist at Tank Storage Magazine.

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).

Located 120 km offshore Bergen, Norway, in 200 m water depth, ExL004 covers an area of 453 km². 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.

‘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,’ says Arnaud Le Foll, senior vice-president new business – carbon neutrality at TotalEnergies.

He adds: ‘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.’

The transaction is subject to satisfaction of customary conditions, including final approvals from relevant government authorities.

 

 

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