TotalEnergies acquires 40% interest in CO2 storage license offshore Norway
French energy major TotalEnergies has signed an agreement with CapeOmega Carbon Storage, a subsidiary of CapeOmega, to acquire a 40% participating interest in the CO2 storage exploration license ExL004, known as the Luna project, offshore Norway, it said on August 22.
The Luna project, located 120 km offshore Bergen in waters with a depth of 200 m, encompasses an area of 453 km2. This project is adjacent to the license where the Northern Lights CO2 storage project (TotalEnergies, 33%) is already in development, with its first phase slated to commence in 2024.
ExL004 is currently operated by Wintershall DEA, holding a 60% participating interest. The transaction is contingent upon fulfilling customary conditions, including final approvals from relevant government authorities, the French company 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,” Arnaud Le Foll, senior vice-president new business - carbon neutrality at TotalEnergies, said.
TotalEnergies said it is strategically bolstering its carbon storage capabilities with projects spanning the North Sea region.