The Norwegian Energy Company ASA (Noreco) announced December 8th 2021, its carbon capture and storage project Bifrost was awarded $11.5 million (DKK 75 million) under the “Energy Technology Development and Demonstration Programme” (EUDP) – a Danish public subsidy scheme. The funding request of Noreco and its partners has been met in full by the Danish authorities which would facilitate the CO2 transportation and storage concept in the Danish North Sea.
The Bifrost project would aim to store initially 3 million tons of CO2 per year under the Harald field in the Danish North Sea. The company Noreco has formed an alliance with Denmark’s Orsted and Nordsofonden, the Technical University of Denmark, and TotalEnergies to collaborate on the initiative.
It is set to start in 2022. It also includes a study to examine the use of the Danish Underground Consortium (DUC) North Sea reservoirs and the existing pipeline infrastructure owned by Noreco. The utilization of already existing infrastructure makes the project more attractive from an economic perspective.
“Our assets in the Danish North Sea, especially the unique pipeline infrastructure, have the potential to be an important enabler for establishing Denmark as a CCS hub,” said John Hulme, COO of Noreco.
The company considers the funding of the carbon capture project an important step for moving forward with it and also its plans for contributing to the energy transition. Furthermore, similar projects are often seen as bringing long-term value for companies’ shareholders.