TotalEnergies has recently signed an agreement with CapeOmega Carbon Storage AS to acquire the 40% participating interest held by CapeOmega in the CO2 storage exploration license ExL004, also known as the “Luna” project. This strategic move solidifies TotalEnergies’ position in the carbon storage sector.
The Luna project is located 120 km offshore Bergen and spans an area of 453 sq.km. It shares proximity with the Northern Lights CO2 storage project (TotalEnergies, 33%), which is currently under development and set to commence its first phase in 2024.
TotalEnergies’ Senior Vice-President New Business – Carbon Neutrality, Arnaud Le Foll, emphasizes the significance of this transaction. He states, “This transaction is an important milestone to grow our CO2 storage offering. Subject to successful exploration, this area could enable the storage of several hundred million tons of CO2 from hard-to-abate industries in Europe.”
Furthermore, Le Foll highlights TotalEnergies’ commitment to developing a world-class carbon storage portfolio across the North Sea. With the Northern Lights project set to kick off in 2024, alongside other projects in the Netherlands, Denmark, and the UK, Norway will assume a leading role within this portfolio thanks to its extensive geological storages and supportive government policies.
TotalEnergies’ approach to carbon storage revolves around first avoiding emissions and then utilizing the best available technologies to minimize them. Additionally, the company leverages its core competencies in project management, gas processing, and geosciences to facilitate significant decarbonization of European businesses. Notable projects in TotalEnergies’ pipeline include Northern Lights in Norway, Aramis in the Netherlands, and Bifrost in Denmark.
TotalEnergies continues to cement its position as a key player in the carbon storage industry and is dedicated to driving sustainable solutions for future generations.
About TotalEnergies
TotalEnergies is a global energy company committed to developing cleaner and more sustainable solutions. With a focus on avoiding emissions and reducing them through the implementation of cutting-edge technologies, TotalEnergies is at the forefront of the energy transition. The company’s expertise in large-scale project management, gas processing, and geosciences enables it to spearhead significant decarbonization efforts across European businesses. TotalEnergies’ dedication to carbon storage projects, including Northern Lights in Norway, Aramis in the Netherlands, and Bifrost in Denmark, underscores its commitment to a greener future.
TotalEnergies: Shaping a Sustainable Energy Future
TotalEnergies is a leading global multi-energy company, dedicated to producing and marketing a wide range of energy sources. Our offerings include oil and biofuels, natural gas and green gases, renewables, and electricity. With over 100,000 committed employees, we strive to make energy more affordable, cleaner, and accessible to as many people as possible. Operating in nearly 130 countries, TotalEnergies places sustainable development at the core of all its projects and operations to contribute to the overall well-being of individuals worldwide.
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