French supermajor TotalEnergies (Paris:TTE) has struck a deal to acquire a sizeable stake in a carbon storage licence offshore Norway.
An agreement has been reached between the energy giant and CapeOmega Carbon Storage for the latter’s 40% participating interest in permit ExL004, otherwise known as the Luna.
Located about 75 miles off Bergen, in 200 metre water depth, the licence covers an area spanning 175 square miles.
It is situated next to the Northern Lights CO2 storage project, in which TotalEnergies holds a 33% stake.
Northern Lights is currently under development, with the first phase of the huge scheme scheduled for start-up in 2024.
ExL004 is operated by Wintershall DEA Norge, with a 60% participating interest.
TotalEnergies’ deal with CapeOmega 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 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.”
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