As North Sea leaders gather in Norway for the 50th ONS, discussions will focus on the future of the energy sector, where Norwegian state-owned Equinor is emerging as a global leader in carbon capture, utilization and storage (CCUS).
ONS is a leading energy conference and exhibition, taking place in Stavanger on August 26-29.
According to Energy Voice, UK participants may be concerned about the impact of windfall tax changes, while Norwegians, benefiting from a stable fiscal regime, are likely to concentrate on energy transition, particularly in carbon capture.
Norway has secured several cross-border agreements, including a notable one with Germany for carbon dioxide (CO2) transport, and Equinor’s Northern Lights CCS project is set to receive its first CO2 shipments later this year.
In contrast, the UK’s CCS strategy has been criticized as outdated, with rising costs threatening project delays despite a £20 billion ($25 billion) commitment.
Relevant: Green Light For Northern Lights: EU Approves €131M Funding
With significant progress in CCS, Equinor is now focusing on carbon capture and utilization (CCU), which involves using captured CO2 in various products.
Traditionally, CO2 has been used for enhanced oil recovery and in the fertilizer industry.
However, new applications like synthetic fuels, chemicals, and building materials are gaining traction, with the International Energy Agency (IEA) projecting a rise in CO2 utilization for synthetic fuels to 8 million tons annually by 2030.
Equinor sees green methanol, a product of CO2 and green hydrogen, as a key opportunity.
The company recently partnered with Danish shipping giant Maersk to supply green methanol and plans to produce e-methanol at its Tjeldbergodden plant using captured CO2.
Read more: Equinor Wins Approval For Hydrogen And Carbon Capture Plant
Equinor’s $30 million investment in Icelandic firm Carbon Recycling International (CRI), a pioneer in emissions-to-liquids technology, underscores its commitment to advancing CCU.
CRI, backed by investors like Methanex and Chinese automaker Geely, has expanded into China, with plants producing over 200,000 tons of methanol annually.
CRI’s technology is also being explored for projects in Norway, India, and the United States, with a strong focus on marine and aviation fuels.
While global interest in carbon capture is growing, critics argue that the fossil fuel industry’s investments are still heavily skewed towards oil and gas, raising concerns about greenwashing.
Nevertheless, Equinor’s early success with Northern Lights and other CCUS projects suggests a promising future for these technologies, Energy Voice said.
