Japan’s top oil and gas producer Inpex has joined Trudvang carbon capture and storage (CCS) project offshore Norway, by acquiring 30% of Sval Energi’s 40% share in the scheme.
Trudvang CCS is a large-scale CCS project that aims to cumulatively store over 200 million tons of CO2 within Exploration License (EXL) 007 located in the northern North Sea approximately 15 kilometers east of the Sleipner CCS Project, which has a track record of injecting and storing CO2 for over 20 years.
Trudvang CCS will inject CO2 into the same reservoir as Sleipner CCS, raising expectations for stable and long-term injection and storage operations.
The transaction is expected to be completed upon fulfillment of conditions precedent including approval of the authorities.
Joining the project marks INPEX’s first foray into the carbon capture and storage (CCS) business in Europe.
Through its subsidiary Inpex Idemitsu Norge, Inpex is currently involved in numerous crude oil and natural gas projects in the northern Norwegian Sea, northern North Sea and Barents Sea.
Following the completion of the transaction, Vår Energi will be the operator of Tudvanc CCS project, with 40% share, along with Storegga Norge with 30% percent, and Inpex Idemitsu Norge with 30% interest.