TotalEnergies announced that it has signed an agreement with CapeOmega Carbon Storage AS, which is subsidiary of CapeOmega AS, to acquire the its 40% interest in the CO2 storage exploration license ExL004, Luna project.
The project is located 120 km offshore Bergen in 200 m water depth, ExL004 covers an area of 453 sq.km It is operated by Wintershall DEA Norge AS with a 60% participating interest.
The transaction is pending 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,” Le Foll added.
