France-based energy firm TotalEnergies has agreed a deal with CapeOmega Carbon Storage to buy its 40% interest in license ExL004 to explore for CO2 storage opportunities off the coast of Norway.
The license relates to the Luna project run by Wintershall Dea, which owns the remaining 60% stake. An area of about 175 square miles of 200-meter-deep water about 80 miles off the coast of Bergen in the North Sea is covered by the project. TotalEnergies, which also makes the Total coolant and lubricant range, already owns a 33% stake in the nearby Northern Lights project that is expected to start capturing and storing carbon next year.
TotalEnergies’ senior vice president for the carbon neutrality business, Arnaud Le Foll, said the new acquisition represented an important development in the company’s efforts to expand its offerings for carbon storage. He said that hard-to-abate European industries could store hundreds of millions of tons of carbon dioxide in the asset, subject to exploration being successful. He added:
“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.”
Westwood has estimated that Europe could store 500 gigatons of CO2 in depleted oil and gas wells and saline aquifers, many of which are located in the UK’s portion of the North Sea.