The Norwegian Ministry of Energy has offered and exploration license for the storage of CO2 in North Sea to Equinor Low Carbon Solution.
The license is offered with a binding work program with built-in milestones to ensure fast and efficient progress or relinquishment of the acreage if the licensees do not complete the storage project.
Norway has great potential for storage on the Norwegian continental shelf. To this date, a total of 13 licenses have been awarded for storage of CO2 on the Norwegian continental shelf: one exploitation license and 12 explorations licenses.
The offer for Equinor Low Carbon Solutions marks the 14th license for CO2 storage on the Norwegian continental shelf.
“The government is making it possible for Norway to receive large quantities of CO2 from Europe. The storage will take place on commercial terms, where those with emissions pay for the storage. This will be the fourteenth license for CO2 storage on the Norwegian continental shelf. This shows that there is interest in offering safe and secure storage of CO2 captured in Europe,” said Minister of Energy Terje Aasland.