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Released May 26, 2020 | GALWAY, IRELAND
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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--Funding of up to $682 million for the largest proposed undersea carbon capture and storage (CCS) project, Northern Lights, has been green lit by Norway's Equinor (NYSE:EQNR) (Stavanger, Norway) and its partners Shell (NYSE:RDS.A) (The Hague, Netherlands) and Total SA (NYSE:TOT) (Paris, France).
Located on the Norwegian Continental Shelf in the North Sea, Northern Lights is Norway's first full-chain CCS project and will be developed in phases. Phase 1 will include the capacity to transport, inject and store up to 1.5 million tonnes of CO2 per year. Once captured onshore by industrial CO2-emitters, Northern Lights will be responsible for transport by ships, injection and permanent storage 2,500 metres below the seabed. The CO2-receiving terminal will be located at the premises of Naturgassparken industrial area in the municipality of Øygarden in Western Norway. The plant will be remotely operated from Equinor's facilities at the Sture terminal in Øygarden and the subsea facilities from Oseberg A platform in the North Sea.
In March, Industrial Info reported that drilling the undersea well for Northern Lights was completed. For additional information, see March 17, 2020, article - Drilling Done for Biggest Undersea Carbon Storage Reservoir.
"The Northern Lights project could become the first step to develop a value chain for Carbon Capture and Storage (CCS), which is vital to reach the global climate goals of the Paris Agreement," said Anders Opedal, executive vice president for Technology, Projects & Drilling at Equinor. "Development of CCS projects will also represent new activities and industrial opportunities for Norwegian and European industries. This unique project opens for decarbonisation of industries with limited opportunities for CO2-reductions. It can be the first CO2 storage for Norwegian and European industries, and can support goals to reduce net greenhouse gas emissions to zero by 2050."
Equinor said that further phases to expand capacity will be triggered by market demand from large CO2 emitters across Europe. The investment decision is subject to final investment decision by Norwegian authorities and approval from the EFTA Surveillance Authority (ESA).
"CCS is a crucial technology to help society and economies thrive through the energy transition," explained Syrie Crouch, vice president for CCUS in Shell. "Shell is active in all parts of the CCS value chain and Northern Lights further strengthens our global CCS portfolio. We appreciate the leadership shown by the Norwegian Government to accelerate the development of CCS value chains and believe that the Northern Lights CO2 transport and storage solution has the potential to unlock investment in capture projects across Europe."
Philippe Sauquet, president Gas Renewables & Power at Total, added: "Together with our partners, under the leadership of Norway, we are taking the Final Investment Decision for this first commercial-scale carbon transportation & storage project in Europe, the first of this industrial magnitude for Total. Today more than ever we are willing to increase our efforts on the development of the CCS technology which is essential to reach Europe carbon neutrality."
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
Located on the Norwegian Continental Shelf in the North Sea, Northern Lights is Norway's first full-chain CCS project and will be developed in phases. Phase 1 will include the capacity to transport, inject and store up to 1.5 million tonnes of CO2 per year. Once captured onshore by industrial CO2-emitters, Northern Lights will be responsible for transport by ships, injection and permanent storage 2,500 metres below the seabed. The CO2-receiving terminal will be located at the premises of Naturgassparken industrial area in the municipality of Øygarden in Western Norway. The plant will be remotely operated from Equinor's facilities at the Sture terminal in Øygarden and the subsea facilities from Oseberg A platform in the North Sea.
In March, Industrial Info reported that drilling the undersea well for Northern Lights was completed. For additional information, see March 17, 2020, article - Drilling Done for Biggest Undersea Carbon Storage Reservoir.
"The Northern Lights project could become the first step to develop a value chain for Carbon Capture and Storage (CCS), which is vital to reach the global climate goals of the Paris Agreement," said Anders Opedal, executive vice president for Technology, Projects & Drilling at Equinor. "Development of CCS projects will also represent new activities and industrial opportunities for Norwegian and European industries. This unique project opens for decarbonisation of industries with limited opportunities for CO2-reductions. It can be the first CO2 storage for Norwegian and European industries, and can support goals to reduce net greenhouse gas emissions to zero by 2050."
Equinor said that further phases to expand capacity will be triggered by market demand from large CO2 emitters across Europe. The investment decision is subject to final investment decision by Norwegian authorities and approval from the EFTA Surveillance Authority (ESA).
"CCS is a crucial technology to help society and economies thrive through the energy transition," explained Syrie Crouch, vice president for CCUS in Shell. "Shell is active in all parts of the CCS value chain and Northern Lights further strengthens our global CCS portfolio. We appreciate the leadership shown by the Norwegian Government to accelerate the development of CCS value chains and believe that the Northern Lights CO2 transport and storage solution has the potential to unlock investment in capture projects across Europe."
Philippe Sauquet, president Gas Renewables & Power at Total, added: "Together with our partners, under the leadership of Norway, we are taking the Final Investment Decision for this first commercial-scale carbon transportation & storage project in Europe, the first of this industrial magnitude for Total. Today more than ever we are willing to increase our efforts on the development of the CCS technology which is essential to reach Europe carbon neutrality."
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
