TotalEnergies acquires a 40% Interest in a CO2 Storage Exploration License
TotalEnergies has signed an agreement with CapeOmega Carbon Storage AS, a wholly owned subsidiary of CapeOmega AS, to acquire the 40% participating interest held by CapeOmega in the CO2 storage exploration license ExL004 (the “Luna” project).
Located 120 km offshore Bergen in 200 m water depth, ExL004 covers an area of 453 sq.km. It is adjacent to the license where the Northern Lights CO2 storage project (TotalEnergies, 33%) is under development, with a first phase due to start in 2024.
ExL004 is operated by Wintershall DEA Norge AS with a 60% participating interest. The transaction is subject to satisfaction of customary conditions, including final approvals from relevant government authorities.
“This transaction is an important milestone to grow our CO2 storage offering: subject to a successful exploration, this area could enable the storage of several hundred million tons of CO2 from hard-to-abate industries in Europe,”
said Arnaud Le Foll, Senior Vice-President New Business – Carbon Neutrality at TotalEnergies.
“With the Northern Lights start-up in 2024 and other projects under development in the Netherlands, Denmark and the UK, TotalEnergies is building a world-class carbon storage portfolio across the North Sea. Norway will play a leading role in this portfolio thanks to its large geological storages and supportive government policies.”
RELATED ARTICLE: Northern Lights Expands CO2 Storage to 5 Million Tonnes as Europe Builds Industrial Carbon Market
This acquisition underscores TotalEnergies’ strategic commitment to scaling European carbon capture and storage (CCS) infrastructure. By securing a 40% stake in the Luna project, the company not only expands its North Sea portfolio but also leverages critical synergies with the neighboring Northern Lights initiative. As offshore exploration matures, this license represents a vital link in TotalEnergies’ roadmap to provide large-scale decarbonization solutions for Europe’s hard-to-abate industrial sectors.
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