TotalEnergies has signed an agreement with CapeOmega Carbon Storage, 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 120km offshore Bergen, Norway, in 200m water depth, ExL004 covers an area of 453 sq.km. It is adjacent to the license where the Northern Lights CO2 storage project is under development, with a first phase due to start in 2024.
ExL004 is operated by Wintershall DEA Norge 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.”
TotalEnergies enters CO2 storage exploration project in Norway
