Norway’s Ministry of Vitality has acquired purposes from eight corporations for carbon dioxide (CO2) storage on the Norwegian continental shelf.
The purposes had been acquired after the ministry in March introduced two areas within the North Sea out there for CO2 storage permits.
The businesses making use of for the permits are Aker BP ASA, Equinor Low Carbon Answer AS, Lime Petroleum AS, Northern Lights JV DA, OMV (Norway) AS, PGNiG Upstream Norway AS, Vår Energi ASA, and Wintershall Dea Norge AS.
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“Norway is on the forefront of efforts to advertise business CO2 storage,” Minister of Vitality Terje Aasland stated in an announcement. “By facilitating extra storage permits, we’re strengthening our function as a power for climate-friendly initiatives each nationally and internationally, whereas creating new alternatives for progress and employment in Norway”.
The Ministry of Vitality stated it can now begin processing the purposes acquired, including that it goals to award exploration licenses within the second half. The awarding of exploration licenses will usually embrace a piece program, together with one binding section and subsequent conditional phases with resolution factors for the continuation or relinquishment of the world in query, the ministry famous.
In keeping with the discharge, Norway pursues an energetic coverage to facilitate socio-economically worthwhile storage of CO2 on the Norwegian continental shelf. The coverage permits industries with giant emission sources to pay for everlasting storage as a substitute of releasing CO2 into the ambiance.
The coverage supplies a possible alternative for main emission reductions in Europe. The Norwegian continental shelf is estimated to have a theoretical storage capability of 80 billion tons of CO2, comparable to roughly 1,600 years of Norwegian CO2 emissions at present ranges, the ministry stated.
“I’m very happy that a number of corporations need storage areas for business storage of CO2 on the Norwegian continental shelf,” Aasland stated in an earlier assertion. “Now we have developed a system that gives good entry to promising areas. Right this moment’s announcement for purposes is one other step on the highway in direction of making Norway a central area for CO2 storage as an essential local weather measure for Europe”.
“Succeeding with large-scale CO2 storage is essential for the world to succeed in its local weather targets. Such options are essential to the Norwegian authorities. That’s the reason we’re facilitating business CO2 storage on our continental shelf. If we succeed, such exercise could have the potential to scale back emissions in Europe, whereas creating new and helpful jobs in Norway,” Aasland added.
In keeping with the sooner assertion, the Norwegian authorities will conduct a predictable, environment friendly, and versatile course of to award industrial gamers entry to related storage choices. The awarding of the areas is a prerequisite for large-scale carbon seize and storage, in keeping with the ministry. The 2 areas introduced by the ministry are a response to inquiries made by corporations searching for a number of particular areas for CO2 injection and storage.
