Norway's Energy Ministry launches seventh call for CO2 storage licenses

Norway’s Energy Ministry launches seventh call for CO2 storage licenses

Three new areas for CO2 storage are up for grabs in the North Sea offshore Norway, representing the seventh time acreage is being announced for CO2 storage on the Norwegian Continental Shelf (NCS).

Source: Norwegian Ministry of Energy

The Norwegian Ministry of Energy announced on June 6 that it was inviting interested companies to apply for exploration licenses related to CO2 storage in three areas comprising defined blocks in the North Sea.

According to the Ministry, several commercial companies have made inquiries regarding awards of one or more specific storage areas, which form the basis for the areas now being announced.

“I am pleased to see the significant interest from companies wishing to explore the possibility of offering emitters in Europe profitable, large-scale CO2 storage as a service. The government will facilitate that CO2-storage can become a new ocean industry for Norway by safely and securely storing large amounts of CO2 that otherwise would be emitted in Europe,” said Norway’s Minister of Energy Terje Aasland.

The application deadline is August 29, 2024, at 12:00 p.m. local time.

The announcement and possible allocation of area for a storage permit will take place after individual applications.

So far, seven licenses have been awarded for CO2 storage offshore Norway, six in the North Sea and one in the Barents Sea. Most recently, Sval Energi, Storegga Norway and Neptune Energy Norway secured an exploration permit located east of the Sleipner Øst field in what was the fifth time acreage was awarded.

The Norwegian Ministry of Energy issued its sixth call for CO2 storage on the NCS in March, which saw eight companies submitting applications for two areas. Exploration licenses are expected to be awarded in the second half of 2024.

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