TotalEnergies to purchase 40% interest in Norway CO2 storage exploration license


French multinational energy company TotalEnergies has signed a deal with a subsidiary of CapeOmega AS (CapeOmega) to acquire the 40% participating interest held by CapeOmega in the carbon dioxide (CO2) storage exploration license ExL004 (the ‘Luna’ project).

Operated by Wintershall DEA Norge with a 60% participating interest, the license area is located 120km offshore Bergen at around 200m water depth.

The site covers an area of around 450km2 and is adjacent to the license where the Northern Lights CO2 storage project is under development.

Labelling the deal as an ‘important milestone’ to grow the company CO2 storage offering, Arnaud Le Foll, Senior Vice President New Business – Carbon Neutrality at TotalEnergies, said that – subject to a successful exploration – the area could enable the storage of several hundred million tonnes of CO2.

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