TotalEnergies is accelerating carbon storage. The major oil and gas company announced on Tuesday the acquisition of a 40% stake in an exploration license for CO2 storage in Norway. The group has signed an agreement with CapeOmega Carbon Storage, a 100% subsidiary of the Norwegian group CapeOmega, regarding the acquisition of the latter’s 40% stake in the ExL004 exploration permit for CO2 storage (“Luna” project).
It adjoins the permit for another CO2 storage site under development, the “Northern Lights” project, owned equally by TotalEnergies, Equinor and Shell, with the first phase to begin in 2024. ExL004 is operated by Norway’s Wintershall DEA Norge, which has a 60% stake, TotalEnergies said.
“An Important Step”
TotalEnergies also recalls the ongoing development of several other projects for CO2 storage in the North Sea, the Netherlands, Denmark and the United Kingdom.
Carbon capture and storage (“CCS”), still in its infancy and very expensive, consists of capturing and then trapping CO2, the main cause of global warming. Once captured and transported, the CO2 must be injected and stored underground.
Deep saline aquifers, or non-potable salt water deposits, located at great depths, have been identified as the only geological structures with sufficient capacity for mass storage of CO2, according to IFPEN Énergies nouvelles, a public private sector research actor in the fields of energy, transport and environment.
Source: BFM TV
