Equinor Awarded Operatorships For Two New CO2 Storage Sites In North Sea
Date
6/20/2024 5:19:58 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, June 20. Equinor has secured
the operatorships for developing two new CO2 storage sites in the
North Sea, marking significant progress in transforming the
Norwegian Continental Shelf into a leading CO2 storage hub in
Europe, Trend
reports.
On June 20, the Ministry of energy announced the award of new
CO2 storage licenses, granting Equinor operatorships and a
100-percent share in the Albondigas and Kinno sites. Each site is
projected to store approximately 5 million tons of CO2 annually
once operational, with capacity estimates to be refined during the
exploration phase.
Equinor anticipates real base project returns of 4-8 percent in
the early phase of its CO2 storage business, with potential for
additional value as commercial markets develop.
The addition of the Albondigas and Kinno licenses aligns with
Equinor's ambitions to expand its CO2 storage capabilities in the
North Sea over the coming years.
Equinor is also advancing a ship-based solution and a
substantial pipeline, CO2 Highway Europe, which aims to transport
25-35 million tons of CO2 per year from industrial sources in
Belgium and France to storage sites on the Norwegian Continental
Shelf.
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