TotalEnergies acquires 40% stake in Norway CO2 storage project
- August 22, 2023
- Posted by: Quatro Strategies
- Categories: ESG & Renewable Energy, Europe
TotalEnergies, the French energy major, has entered into an agreement to acquire a 40% participating interest held by CapeOmega Carbon Storage AS, a subsidiary of CapeOmega AS, in the CO2 storage exploration license ExL004, also known as the “Luna” project. ExL004 covers an area of 453 square kilometers and is located 120 km offshore Bergen in 200 meters of water depth. The license is adjacent to the site of the Northern Lights CO2 storage project, in which TotalEnergies already holds a 33% participating interest. The first phase of the Northern Lights project is set to begin in 2024.
The Luna project is operated by Wintershall DEA Norge AS, which holds a 60% participating interest. The acquisition is contingent upon satisfying customary conditions, including obtaining final approvals from relevant government authorities.
This acquisition is viewed as a significant step for TotalEnergies to expand its carbon capture and storage (CCS) capabilities. The Luna project’s exploration area, if successful, could potentially provide storage capacity for several hundred million tons of CO2 emissions from hard-to-abate industries in Europe. TotalEnergies is focused on a systematic approach to carbon emissions reduction, first by avoiding and then by reducing emissions. The company is developing industrial projects for carbon storage to address residual emissions.
“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,” said Arnaud Le Foll, Senior Vice-President New Business – Carbon Neutrality at TotalEnergies.
“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.”
With projects like Northern Lights in Norway, Aramis in the Netherlands, and Bifrost in Denmark, TotalEnergies aims to contribute to the substantial decarbonization of European businesses. The company’s comprehensive portfolio of projects across the North Sea reflects its commitment to carbon neutrality and aligns with supportive government policies in the region.
Interested in learning more?
Sign up for Top Insights Today
Top Insights Today delivers the latest insights straight to your inbox.
You will get daily industry insights on
Oil & Gas, Rare Earths & Commodities, Mining & Metals, EVs & Battery Technology, ESG & Renewable Energy, AI & Semiconductors, Aerospace & Defense, Sanctions & Regulation, Business & Politics.
Read more insights
U.S. set to ban certain investments in China regarding sensitive technologies
President Joe Biden has signed an executive order that restricts certain new U.S. investments in China, particularly in sensitive technology sectors such as semiconductors, microelectronics, quantum information technologies, and specific artificial intelligence systems. The order allows the U.S. Treasury Secretary to prohibit or limit investments in Chinese entities operating within these areas. The intention behind this move is to prevent American capital and expertise from aiding China in developing technologies that could potentially support its military advancements and threaten U.S. national security. The executive order targets various forms of investment, including private equity, venture capital, joint ventures, and greenfield investments.
U.S. approves potential $975 million HIMARS sales to Australia
The Biden administration has revealed its intention to sell High Mobility Artillery Rocket Systems (HIMARS) to Australia in a deal valued at up to A$1.5 billion ($975 million). This move is part of the effort to strengthen the alliance between the United States and Australia and counter China’s expanding military presence in the Indo-Pacific region.
Cheniere will supply 0.8 mtpa of LNG to Germany’s BASF
Cheniere Energy has announced a new liquefied natural gas (LNG) supply deal with Germany’s BASF, where it will provide 0.8 million tonnes per annum (mtpa) of LNG. The deal marks another step in the United States’ emergence as the world’s largest LNG exporter, capitalizing on Europe’s search for alternative sources after Western sanctions limited access to Russian gas.