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.