TotalEnergies buys into CO2 storage license

TotalEnergies acquired a 40% participating interest held by CapeOmega in the CO2 storage exploration license ExL004 (the Luna project).

Located 120 km offshore Bergen in 200 m water depth, ExL004 covers an area of 453 sq. km. It is adjacent to the license where the Northern Lights CO2 storage project (TotalEnergies, 33%) is under development, with a first phase due to start in 2024. CapeOmega is a wholly-owned subsidiary of CapeOmega AS.

ExL004 is operated by Wintershall DEA Norge AS with a 60% participating interest. The transaction is subject to satisfaction of customary conditions, including final approvals from relevant government authorities.

“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.”