Norway Opens New CO2 Storage Area for Bids

OE Staff
Friday, April 8, 2022

Norway on Friday announced a new area for CO2 storage in the North Sea, due to growing interest from the industry.

"Several companies expressed interest for licenses under the carbon storage regulations, and new store locations are vital. Carbon capture and storage cuts emissions and creates employment, and we want the Norwegian Continental Shelf to be the leading province for CO2 storage, says Minister of Petroleum and Energy, Terje Aasland.

"Today’s announcement is a result of inquiries from a company that seeks a specific storage area in the North Sea," the Norwegian Ministry of Petroleum and Energy said.

Companies with relevant technical competence and expertise have until June 1, 2022, at 12:00, to apply for the North Sea CO2 storage permit.

The news comes just two days after the Norwegian government awarded two CO2 storage licenses, one in the North Sea and one in the Barents Sea.

The license in the North Sea was awarded to Equinor, and the license in the Barents Sea is awarded to Equinor ASA, Horisont Energy AS, and Vår Energi AS.

According to the Norwegian Petroleum Directorate, studies have shown that it could be possible to store more than 80 billion tonnes of CO2 on the Norwegian Continental Shelf. This is the equivalent of more than 1 000 years of current Norwegian CO2 emissions.

Credit: NPD

Categories: Industry News Activity Decarbonization

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