Norway – Norwegian government has unveiled two new areas in the North Sea for potential CO2 storage. This announcement, made by the Ministry of Energy, marks the sixth round of acreage allocation for CCS exploration on the Norwegian Continental Shelf.
The Norwegian government’s initiative aims to support the growth of the CCS industry by providing opportunities for exploration and development in promising offshore areas. By opening up these new acreages, Norway seeks to attract investment and facilitate the commercial storage of CO2, thereby contributing to global efforts to mitigate climate change.
The Ministry of Energy’s invitation outlines the application process for licensing acreage for CO2 storage, offering interested parties a comprehensive overview of the regulatory framework and requirements. Applicants have until April 24, 2024, to submit their bids, with awards expected to follow in the subsequent months.
Unlocking CO2 storage potential
Norway’s North Sea region boasts abundant depleted oil and gas fields and reservoirs, making it an ideal candidate for CO2 storage. The exploration of these areas for CCS purposes holds significant promise for Norway’s role as a leading CO2 storage hub in Europe. Norway plans to establish storage capacity for up to 50 million tonnes of CO2 annually by the early 2030s.
Notable CCS projects, such as Longship/Northern Lights, are already underway, with plans for start-up in early 2025. Northern Lights, a collaboration between the Norwegian government and leading energy companies, aims to transport and store CO2 captured from industrial sites across northern Europe, further cementing Norway’s position as a key player in the global CCS landscape.
