Norway – TotalEnergies has inked an agreement with CapeOmega Carbon Storage, a subsidiary of CapeOmega, for the acquisition of CapeOmega’s 40% participating interest in the CO2 storage exploration license ExL004, colloquially known as the “Luna” project.
The Luna project is strategically located 120 km offshore Bergen, nestled in the depths of 200 meters of water. Encompassing a sprawling expanse of 453 sq.km, the project is poised to play a pivotal role in the endeavor to sequester carbon emissions. Notably, the Luna project is in proximity to the license earmarked for the Northern Lights CO2 storage project, in which TotalEnergies holds a 33% stake. The Northern Lights project is on course for its maiden phase initiation in 2024.
Operationally helmed by Wintershall DEA Norge AS with a 60% participating interest, ExL004 exemplifies the collaborative spirit that underpins carbon storage initiatives. The success of this acquisition hinges on the fulfillment of customary conditions, including the green signal from pertinent government authorities.
Pioneering carbon storage solutions
This venture carries the potential to facilitate the storage of several hundred million tons of CO2, thus offering a lifeline to industries facing the uphill battle of decarbonization.
TotalEnergies’ carbon storage ambitions extend beyond the Luna project. With the Northern Lights project poised for action in 2024 and concurrent projects sprouting in the Netherlands, Denmark, and the UK, the company is masterminding a comprehensive carbon storage portfolio that blankets the expanse of the North Sea. The pivotal role played by Norway in this portfolio is emblematic of its geological potential for carbon storage and the supportive impetus from governmental policies.
