Inspenet, September 3, 2023.
Norway committed to decarbonization
The Norwegian government has granted licenses to three energy companies to carry out carbon dioxide (CO 2 ) storage in the North Sea. This step is seen as a major step towards creating a large-scale commercial carbon capture project aimed at addressing sources of emissions in Europe.
The companies that have obtained these licenses are: the energy company Sval Energi, the carbon storage firm Storegge and the European subsidiary of Neptune Energy in the aforementioned country. These companies, in collaboration with other environmentally committed organizations, will have the capacity to store CO 2 in underground geological formations or supply it to sectors such as the beverage industry.
In March, five companies, all of Norwegian origin or divisions of European companies with a presence in Norway, submitted applications to the Norwegian Ministry of Petroleum and Energy to carry out CO 2 storage in the country’s North Sea waters. This latest series of licenses expands the possibilities for carbon storage in this area.
In the United States, the Department of Energy recently announced the availability of $1.2 billion in funding for the development of two large-scale commercial direct air capture (DAC) facilities. These facilities will be located in Texas and Louisiana and will have the purpose of reducing CO 2 concentrations in the atmosphere. This initiative is part of President Joe Biden’s Bipartisan Infrastructure Act and seeks to establish a national network of carbon removal sites to address the growing climate crisis.
The country has been at the forefront of carbon storage efforts. In 2018, the Norwegian energy company Equinor, in collaboration with Shell and TotalEnergies, agreed to establish the carbon storage facility known as Northern Lights in the North Sea. This project originated from the first offshore carbon storage license granted in Norway.
According to estimates by the Norwegian energy regulator, the North Sea has the potential capacity to store more than 80 billion tons of CO2, equivalent to 1,000 years of Norwegian emissions. This abundance of storage capacity positions Norway as a leader in carbon capture and storage technology.