Today Sval Energi announced that together with Neptune Energy and Storegga, they have submitted an application for a CO2 storage license in the Norwegian North Sea. Sval will own 40% of the project, with Storegga and Neptune Energy holding 30% each.
Truls Olsen-Skåre, Sval Energi’s senior VP of sustainability said: “The Trudvang partners have worked jointly since December 2021 to identify, nominate, and apply for this licence. We have undertaken a substantial amount of work already, including subsurface evaluation of the storage complex, and technical and economic assessment of the CCS value chain.”
Obtaining the permit will allow the companies to proceed with the Trudvang project, which has the potential to store up to 9 million tonnes of CO2 per year, equivalent to approximately 20% of Norway’s total annual emissions*.
Neptune Energy’s Global Head of Subsurface, New Energy, Pål Haremo, said: “Trudvang is a very interesting concept with the potential to store up to 225 million tonnes of CO2 over the next 25-30 years.”
The Trudvang project will be focused on capturing CO2 through a number of industrial emitters in Northern Europe and the UK, transporting liquid CO2 from an export terminal to an onshore receiving terminal in the south west of Norway, and transport it via a specially designed pipeline to the Trudvang site for injection and permanent storage.
Trudvang oil storage license is located in the Norwegian North Sea, east of the Sleipner field, approximately 200 kilometers off the coast. The reservoir is located in the Utsira formation at a depth of approximately 850 meters.
This is the third announcement involving Neptune Energy in the last few weeks, with the company signing a carbon capture hub development agreement with Horisont Energi and E.ON, as well as another carbon storage project with CapeOmega.