Neptune Energy welcomed the award of a CO2 storage licence in the Norwegian North Sea, in partnership with Sval Energi and Storegga.

The Norwegian Ministry of Petroleum and Energy has awarded the Trudvang carbon storage licence to Sval which will partner with Neptune and Storegga. The Trudvang area has the potential to store up to nine million tonnes of CO2 annually for at least 25 years – a total of 225 million tons – with analysis indicating the storage potential could be even higher.

Neptune Energy’s Managing Director in Norway and the UK, Odin Estensen, said:  “We are pleased to secure our first CO2 storage licence in Norway. The North Sea has great potential to become a hub for carbon storage, given the proximity to CO2 emitters and the geology which is suitable for CO2 storage.

“Neptune Energy was recently awarded three CO2 storage licences in the UK and we continue to progress our L10 carbon storage project in the Netherlands. Our ambition is to build a portfolio of carbon stores linked to our core areas in the North Sea.”

The Trudvang storage licence is located in the Norwegian North Sea, to the east of the Sleipner field and about 200 kilometres from the coast.

The storage reservoir is at a depth of approximately 850 metres, in the Utsira formation.