French oil and gas major TotalEnergies has purchased a 40% participating interest in the CO₂ storage exploration licence ExL004, known as the Luna project.
ExL004 is a 453 km² licence in the North Sea, 120km west of Bergen, Norway. The licence has a storage potential for more than five million tonnes per annum (mtpa) of CO₂ to be injected into drilled wells and aquifers below the seabed.
Go deeper with GlobalData
As a part of the project, Wintershall DEA is building a CO₂ hub in Wilhelmshaven, Norway, for CO₂ to be collected and temporarily stored before being taken offshore.
Of the project, 60% is owned and operated by Wintershall DEA Norge. TotalEnergies purchased its 40% interest in the project from CapeOmega AS’ carbon capture and storage (CCS) subdivision. It was the first CCS exploration licence in Norway awarded to Wintershall DEA.
TotalEnergies new business – carbon neutrality senior VP Arnaud Le Foll stated: “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.”
The 40% interest purchase adds to TotalEnergies’ existing portfolio of decarbonisation projects which includes 33% of the adjacent Northern Lights CCS project. The first major CCS project in Norway, Northern Lights will aim to store 1.5mtpa of CO₂ in wells drilled below the North Sea. Northern Lights is set to begin storage in 2024, with an aim to expand to 5mtpa by 2026.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataLe Foll added: “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.”
