Neptune Energy welcomed the award of a CO2 storage licence in the Norwegian North Sea, in partnership with Sval Energi and Storegga.

The Norwegian Ministry of Petroleum and Energy has awarded the Trudvang carbon storage licence to Sval which will partner with Neptune and Storegga. The Trudvang area has the potential to store up to nine million tonnes of CO2 annually for at least 25 years – a total of 225 million tons – with analysis indicating the storage potential could be even higher.

Neptune Energy’s Managing Director in Norway and the UK, Odin Estensen, said: "We are pleased to secure our first CO2 storage licence in Norway. The North Sea has great potential to become a hub for carbon storage, given the proximity to CO2 emitters and the geology which is suitable for CO2 storage.

“Neptune Energy was recently awarded three CO2 storage licences in the UK and we continue to progress our L10 carbon storage project in the Netherlands. Our ambition is to build a portfolio of carbon stores linked to our core areas in the North Sea.”

The Trudvang storage licence is located in the Norwegian North Sea, to the east of the Sleipner field and about 200 kilometres from the coast.

The storage reservoir is at a depth of approximately 850 metres, in the Utsira formation.

About Neptune Energy Group

Neptune Energy is an independent global E&P company with operations across Europe, North Africa and Asia Pacific. The business had production of 135,000 net barrels of oil equivalent per day in 2022 and 2P reserves at 31st December 2022 of 552 million barrels of oil equivalent. Neptune aims to store more carbon than is emitted from its operations and the use of its sold products by 2030. The Company, founded by Sam Laidlaw, is backed by CIC and funds advised by Carlyle Group and CVC Capital Partners.