MOSCOW (MRC) -- Norway said it has awarded two licenses to explore for carbon dioxide (CO2) storage sites in the North Sea - one to Aker BP and a partner, and another to Germany's Wintershall Dea and its partner, said Hydrocarbonprocessing.
The North Sea has seen a rush to develop offshore CO2 storage sites over the past few years, supported by rising emission costs in Europe and as businesses seek to meet climate goals. It is the second time that Wintershall Dea has been awarded a CO2 storage license in Norway, while it is the first license for Norway's second-largest listed oil and gas firm Aker BP.
"We expect CCS to play a key role in the transition to a low-carbon energy future, and the Norwegian continental shelf holds significant potential for carbon storage," Aker BP CEO Karl Johnny Hersvik said in a statement. Aker BP, which has a 60% stake in the license called Poseidon, said the site could store more than 5 million tons of CO2 per year under the seabed.
The plan is to inject CO2 captured from multiple industrial sites in northwest Europe, including from Austrian plastics group Borealis. Borealis is majority owned by Austria's OMV, which will have a 40% stake in the license.
Wintershall Dea has partnered with Altera Infrastructure Group through its subsidiary Stella Maris CCS AS to explore for another CO2 storage site in the North Sea.
We remind, French strike action has led to record amounts of crude and condensate sitting idly offshore while the country's crude stocks have plummeted. Around 17 cargoes carrying crude oil, oil products or chemical products have been floating in French waters for the past week, according to Kpler crude analyst Johannes Rauball.