TotalEnergies acquires a 40% Interest in a CO2 Storage Exploration License

TotalEnergies has entered into an agreement with CapeOmega Carbon Storage AS, a subsidiary of CapeOmega AS, to purchase CapeOmega’s 40% participating interest in the CO2 storage exploration license ExL004, also known as the “Luna” project. ExL004 is located 120 km offshore Bergen in 200 m water depth and covers an area of 453 sq.km. The operation of ExL004 is managed by Wintershall DEA Norge AS, which holds a 60% participating interest. The completion of the transaction is conditional upon customary conditions and approvals from relevant government authorities. TotalEnergies views this acquisition as a significant step in expanding its CO2 storage capabilities, with the potential to store several hundred million tons of CO2 from hard-to-abate industries in Europe. The company aims to establish a world-class carbon storage portfolio in the North Sea, with Norway playing a key role due to its extensive geological storage options and supportive government policies.

Resource: https://esgnews.com/totalenergies-acquires-a-40-interest-in-a-co2-storage-exploration-license/

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