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TotalEnergies acquires 40% of a CO2 storage project

Date: July 12, 2024 Time: 22:27:00

The multinational TotalEnergies will join the Luna carbon dioxide (CO2) storage project in Bergen, Norway. The French energy has bought a 40% stake in the exploration permit controlled by the German company Wintershall.

A statement published by Total Energies itself specifies that the ExL004 permit is located in Norwegian waters, 120 kilometers from the city of Bergen, and that its surface reaches 453 square kilometers. Neither of the two companies has given details about the economic characteristics of the agreement.

The company has other CO2 storage projects in the North Sea, such as the one it manages together with Northern Lights. This permit is currently under development, waiting to start its first phase in 2024 and French energy controls 33%.

will store millions of tons

The Norwegian subsidiary Wintershall DEA Norge is, with 60%, the operator of ExL004 and the acquisition of the remaining 40% now by the French group is conditioned in particular on the approval of the authorities.

Arnaud Le Foll, director of the division that deals with this business, anticipated that this permit could allow the storage of “several hundred million tons of CO2 from the most difficult to decarbonise industrial sectors in Europe.”

Le Foll also recorded that together with Northern Lights and other projects in the Netherlands, Denmark and the United Kingdom, his company is building “a world-class portfolio for CO2 storage in the North Sea” and Norway will have “a role of foreground thanks to the quality of its geological storage and the support of its public policies”.

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Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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