- Wintershall DEA Norge operates the Luna project with a 60% participating interest.
- The first phase of the Northern Lights CO2 storage project will commence next year.
TotalEnergies has signed an agreement with CapeOmega Carbon Storage to acquire the 40 per cent participating interest held by CapeOmega in the CO2 storage exploration license ExL004 (the Luna project) in Norway. In a press release, the firm disclosed that it is building a world-class carbon storage portfolio across the North Sea.
It added that Wintershall DEA Norge operates the project with a 60 per cent participating interest. The project, ExL004, located 120km offshore Bergen, Norway, has a 200m water depth and covers an area of 453 sq.km (square kilometre). It is adjacent to the license where the Northern Lights CO2 storage project is under development, with the first phase due to start in 2024.
The senior vice-president of new business – carbon neutrality at TotalEnergies, Arnaud Le Foll, 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 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 the satisfaction of customary conditions, including final approvals from relevant government authorities.” TotalEnergies focuses on avoiding and reducing emissions by developing and deploying a systematic asset-by-asset approach to implement the best available technologies. For residual emissions, the company is developing industrial projects for carbon storage.