(Tiper Stock Exchange) – Total Energiesthe French energy giant, has signed an agreement with the Norwegian company CapeOmega to acquire one 40% stake held by CapeOmega in CO2 storage exploration license ExL004 (Moon project). ExL004 is managed by Wintershall DEA Norge with a 60% stake.
Located 120 km off Bergen at a depth of 200 m, ExL004 covers aarea of 453 sq km. It is adjacent to the license where the Northern Lights CO2 storage project (TotalEnergies, 33%) is under development, the first phase of which is expected to start in 2024.
“This transaction represents a important milestone to expand our CO2 storage offer: if successful exploration, this area could allow for the storage of several hundred million tonnes of CO2 from hard-to-abate European industries,” said Arnaud Le Foll, Senior Vice-President New Business – Carbon Neutrality at TotalEnergies.
“With Northern Lights starting in 2024 and other projects under development in the Netherlands, Denmark and the UK, TotalEnergies is building a world-class carbon storage portfolio in the North Sea Norway will play a leading role in this portfolio due to its large geological repositories and supportive government policies.”