Norway awards Sval Energi, Neptune Energy, Storegga CO2 storage license in North Sea
(WO) – Sval Energi has been awarded operatorship for a CO2 storage license in the Norwegian North Sea. The license has the potential to store nine million tons of CO2 annually. This corresponds to approximately 20% of Norway’s annual CO2 emissions.
The Norwegian Ministry of Petroleum and Energy has awarded the Trudvang license to Sval and its two partners, Storegga and Neptune Energy. Calculations show that Trudvang can store nine million tons of CO2 annually for at least 25 years – a total of 225 million tons and potential for even more.
The Trudvang license is located in the Norwegian North Sea, east of the Sleipner field and approximately 165 km from the Norwegian coast. The reservoir itself is located in the Utsira Formation.
The Trudvang project involves capturing CO2 from several emission sources in North-West Europe and then transporting the CO2 to export terminals. From there, the CO2 will be transported either via ship or pipe to the Trudvang location for injection and permanent storage under the seabed.
Lyngø said, “Together with our partners, we will mature the Trudvang project in accordance with the milestones and work program set out by the authorities. Our people have the expertise to realize Trudvang. The goal is to be able to store the first CO2 in the Trudvang license towards the end of this decade.”
Sval is the operator of the Trudvang license with a 40% ownership stake. Storegga and Neptune Energy each own 30%.