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Norway agrees to fund Equinor’s Northern Lights CO2 project


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Norway agrees to fund Equinor’s Northern Lights CO2 project

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Category: Business News

OSLO – Following a historic vote in parliament, the Norwegian government announced its funding decision for the Northern Lights CO2 transport and storage project.

The funding decision demonstrates the Norwegian government’s support for the development of a Carbon Capture and Storage (CCS) value chain, which is essential if Europe is to achieve its carbon neutrality targets.

Northern Lights will be the first of its kind – an open and available infrastructure enabling transport of CO2 from industrial capture sites to a terminal in Øygarden for intermediate storage before being transported by pipeline for permanent storage in a reservoir 2600 meters under the seabed.

The project is the transport and storage component of Longship, the Norwegian Government’s full-scale carbon capture and storage project.

“Carbon capture and storage (CCS) is important to achieve the goals of the Paris Agreement. “Longship” is the largest climate project ever in the Norwegian industry and will contribute substantially to the development of CCS as an efficient mitigation measure. Working together with the industry, the step-by-step approach has confirmed that the project is feasible. I want to thank the Northern Lights partners Equinor, Shell and Total – and I am looking forward to our continued cooperation,” says Minister of Petroleum and Energy, Tina Bru.

“Northern Lights is a true pioneering project and the first of its kind offering a solution to cut emissions from industrial sources in Norway and Europe. We are ready to start realising this project that will be an important part of the climate solution. I want to thank the Norwegian government and for the broad political support in making this a reality. I am certain that we together with our partners and suppliers will make this project a success,” says Equinor CEO Anders Opedal.

“The Norwegian government’s initiative and support for what will be the world’s first open source CO2, transport and storage project shows real vision and commitment. Northern Lights is designed to provide a service to industrial emitters who can now take action on emissions that can’t be avoided. This is key to bringing real progress towards tackling climate change. Shell will play our part in making this a reality,” says Shell CEO Ben van Beurden.

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Source: worldoil.com

Published: June 29, 2022