- Vår Energi has agreed to transfer a 30% participating interest in the Trudvang CCS partnership and EXL 007 storage license to Japanese shipping major Nippon Yusen Kabushiki Kaisha (NYK).
- The offshore storage project in the North Sea’s Utsira formation targets an initial injection capacity of 2 million tonnes per year, with potential to scale beyond 10 mtpa.
- Pending government approval, the restructured equity holding will comprise operator Vår Energi (40%), INPEX Idemitsu Norge (30%), and NYK (30%).
Norwegian energy producer Vår Energi has entered into an agreement to transfer a 30% interest in the Trudvang CCS partnership and the corresponding EXL 007 offshore storage license to Japanese shipping and logistics group Nippon Yusen Kabushiki Kaisha (NYK).
Effective from Jan. 1, 2026, subject to regulatory approval by the Norwegian Ministry of Energy, the transaction marks NYK’s first direct equity investment in a geological carbon storage project.
The Trudvang project aims to store biogenic and industrial CO2 captured from emitters across North-West Europe. Located in the Utsira formation in the North Sea, adjacent to Equinor‘s historic Sleipner injection site, the project features an initial planned injection capacity of 2 million tons per annum (mtpa), with expansion potential exceeding 10 mtpa.
Following completion of the deal, the joint venture operating structure will consist of Vår Energi CCS AS as operator with 40%, alongside INPEX Idemitsu Norge AS with 30%, and NYK holding 30%.
Integrating Maritime Logistics with North Sea Geological Storage
The entry of NYK brings dedicated maritime shipping and LCO2 transport expertise to the license, leveraging NYK’s joint venture with Knutsen Group, Knutsen NYK Carbon Carriers (KNCC).
“Commercialising CCS requires strong collaboration across the entire value chain, and NYK brings world-class expertise in maritime transportation, logistics and the development of CO2 transportation solutions,” said Glenn Eide, SVP Strategy and CCS at Vår Energi.
Relevant: NYK And HEPCO Partner On Onboard Carbon Capture Trial in Japan
The inclusion of a major shipping line reflects the growing importance of flexible maritime transport networks to move captured CO2 from European industrial ports to offshore injection wells in the North Sea.
“Trudvang is an attractive project because it combines a high-quality storage resource, credible partners and a clear ambition to develop a reliable and scalable transportation and storage solution,” added Masaki Ono, Senior General Manager of NYK’s Offshore Business Group.
“We believe our maritime expertise… can create significant value for the partnership and its future customers.”
Read more: Norwegian Companies Partner On Trudvang CCS Project In North Sea
