Sval Energi Awarded CO₂ Storage Licence In The North Sea

Sval Energi has been awarded operatorship for a CO₂ storage licence in the Norwegian North Sea. The licence has the potential to store nine million tons of CO₂ annually. This corresponds to approximately 20 percent of Norway’s annual CO₂ emissions.

The Norwegian Ministry of Petroleum and Energy has awarded the Trudvang licence to Sval and its two partners Storegga and Neptune Energy. Calculations show that Trudvang can store nine million tons of CO₂ annually for at least 25 years – a total of 225 million tons and potential for even more.

CEO Nikolai Lyngø of Sval said: “We are pleased to have been awarded this licence. Capturing and storing CO₂ is important to reduce greenhouse gas emissions. We have already spent two years working on this opportunity and have identified an area under the seabed suitable for safe and efficient storage of CO₂.”

The Trudvang licence is located in the Norwegian North Sea, east of the Sleipner field and approximately 165 kilometers from the Norwegian coast. The reservoir itself is located in the Utsira Formation.

The Trudvang project involves capturing CO₂ from several emission sources in North-West Europe and then transporting the CO₂ to export terminals. From there, the CO₂ will be transported either via ship or pipe to the Trudvang location for injection and permanent storage under the seabed.

Lyngø said: “Together with our partners we will mature the Trudvang project in accordance with the milestones and work programme set out by the authorities. Our people have the expertise to realise Trudvang. The goal is to be able to store the first CO₂ in the Trudvang licence towards the end of this decade.”

Sval is the operator of the Trudvang licence with a 40 percent ownership stake. Storegga and Neptune Energy each own 30 percent.

Quick facts about the Trudvang partners:
About Sval Energi
Sval Energi is a Norwegian E&P company with operations on the Norwegian continental shelf. The business had a production of 70,000 net barrels of oil equivalent per day in 2022. Sval Energi is committed to emission reductions aligned with the targets set by Offshore Norge of 50 percent reduction by 2030 and net-zero by 2050, with CCS as a tool in its decarbonisation strategy

About Storegga
Storegga is an independent, UK-based decarbonisation development business, dedicated to reducing and removing the harmful impacts of CO₂ in the atmosphere. Storegga develops early-stage CCS and hydrogen projects in the UK and internationally to contribute to achieving net zero targets.

About Neptune Energy
Neptune Energy is an independent global E&P company with operations across Europe, North Africa, and Asia Pacific. The business had production of 130,000 net barrels of oil equivalent per day in 2021. Neptune aims to store more carbon than is emitted from its operations and the use of its sold products by 2030.