Equinor, Shell and Total have announced plans to invest almost $6.9bn in the Northern Lights project in Norway’s first exploitation licence for CO2 storage on the Norwegian Continental Shell.
The investment decision would conclude the study phase during which Equinor, Shell and Total worked closely with Norwegian authorities to conduct engineering studies and project planning, drill a confirmation well and develop the necessary agreements.
Anders Opedal, Executive Vice-President for Technology, Projects & Drilling at Equinor, said, “The Northern Lights project could become the first step to develop a value chain for carbon capture and storage (CCS) which is vital to reach the global climate goals of the Paris Agreement.”
“The unique project opens for decarbonisation of industries with limited opportunities for CO2-reductions. It can be the first CO2 storage for Norwegian and European industries and can support goals to reduce net greenhouse gas emissions to zero by 2050.”
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