Norway’s Vitality Ministry has designated one other space of the North Sea for utility for licenses to discover the potential of carbon dioxide (CO2) storage.
The acreage contains outlined blocks on the Norwegian facet of the ocean, upstream regulator the Norwegian Offshore Directorate stated in a web based assertion. That is the eighth time acreage is being provided for CO2 storage exploration or exploitation on the Norwegian continental shelf, it famous.
The applying window for the most recent acreage provide closes April 23.
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“In step with the rules on transportation and storage of CO2 into subsea reservoirs on the continental shelf, the ministry usually expects to award an exploration license previous to awarding an exploitation license in a related space”, the Vitality Ministry stated individually.
Norway has thus far awarded 13 CO2 storage licenses: 12 for exploration and one for exploitation.
Vitality Minister Terje Aasland commented, “The aim of allocating land is to have the ability to provide stakeholders in Europe large-scale CO2 storage on industrial phrases”.
Licensing for CO2 storage is a part of Norwegian rules handed December 2014 to assist CO2 storage to mitigate local weather change.
“Norway has nice potential for storage on the continental shelf”, the ministry added.
The Norwegian continental shelf holds a theoretical CO2 storage capability of 80 billion metric tons, representing about 1,600 years of Norwegian CO2 emissions at present ranges, in accordance with an announcement by the ministry April 30, 2024.
Within the newest awards two consortiums with Norway’s majority state-owned Equinor ASA gained two exploration licenses within the North Sea.
Equinor and London-based Harbour Vitality PLC collectively gained a allow straddling blocks 15/8, 15/9, 15/11 and 15/12. The allow, EXL012, lasts 4 years with three phases. Harbour Vitality Norge AS holds a 60 p.c stake as operator whereas Equinor Low Carbon Resolution AS has 40 p.c, in accordance with a piece program revealed on-line by the Norwegian Offshore Directorate.
EXL013 went to a 50-50 enterprise between Equinor Low Carbon Resolution as operator and Aker BP ASA, additionally a neighborhood firm. The four-year, three-phase allow covers blocks 25/1 and 30/10.
The corporations are to conduct research and, in section 3, give you a growth plan and a closing funding determination, in accordance with the work program.
“The permits are provided with a binding work program, with built-in milestones to make sure environment friendly progress, or relinquishment of the acreage if the licensees don’t full the storage venture”, the Vitality Ministry stated in an announcement December 19, 2024, saying the brand new awards.
The awards have been for 3 areas introduced June 6, 2024, for which six corporations submitted proposals. The three winners edged out Horisont Energi AS, Storegga Norge AS and TotalEnergies EP Norge AS.
“Quite a lot of gamers within the trade have proven curiosity in new storage areas”, Aasland stated then. “This makes me optimistic about additional progress within the work to make CO2 storage a part of the answer to the world’s local weather problem”.
To contact the writer, e-mail jov.onsat@rigzone.com
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