France-headed multi-energy major TotalEnergies SE has announced that it has signed an agreement with Norway-based CapeOmega Carbon Storage AS, a wholly owned subsidiary of CapeOmega AS, to acquire the 40 percent participating interest held by CapeOmega in the carbon dioxide storage exploration license EXL004, aka the “Luna” project.
Located 120 km offshore Bergen in 200 m water depth, EXL004 covers an area of 453 sq km.
This transaction is an important milestone to grow our CO2 storage offering: subject to successful exploration, this area could enable the storage of several hundred million tonnes of CO2 from hard-to-abate industries in Europe, said Arnaud Le Foll, SVP of New Business – Carbon Neutrality at TotalEnergies.
It is adjacent to the license where the Northern Lights CO2 storage project in which TotalEnergies has a 33 percent stake, is under development, with a first phase due to start in 2024.
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 storage and supportive government policies, Arnaud Le Foll said.
EXL004 is operated by Wintershall DEA Norge AS with a 60 percent participating interest.
The transaction is subject to the satisfaction of customary closing conditions, including final approvals from relevant government authorities.
