Neptune Energy welcomed Sval’s announcement regarding an application for a CO2 storage licence in the Norwegian North Sea. Securing the licence would enable the companies to proceed with the Trudvang project which has the potential to store up to nine million tonnes of CO2 per year, equivalent to about 20 per cent of Norway’s total annual emmissions*.

Neptune Energy’s Global Head of Subsurface, New Energy, Pål Haremo, said: "Trudvang is a very interesting concept with the potential to store up to 225 million tonnes of CO2 over the next 25-30 years. Together with our partners, Sval and Storegga, we have progressed the storage application in record time.

"The North Sea has great potential as a hub for carbon storage given the availability and proximity of existing infrastructure, depleted reservoirs and saline aquifers. In addition to our CCS projects in Norway, Neptune is working on potential projects in the Netherlands and UK, as we aim to build a portfolio for carbon storage linked to our core areas in the North Sea.

“Trudvang could be a key contributor to Neptune's 2030 goal of storing more carbon than is emitted from our operations and from use of the oil and gas products we sell."

The Trudvang project comprises capture of CO2 by multiple industrial emitters in Northern Europe and the UK, shipping of liquid CO2 from export terminals to an onshore receiving terminal in the south-west of Norway and transport via a purpose-built pipeline to the Trudvang location for injection and permanent storage.

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.

* Preliminary figures show that emissions of greenhouse gases in Norway amounted to 49.1 million tonnes of CO2 equivalent in 2021, according to Statistics Norway.

About Neptune Energy Norge AS

Neptune Energy Norge is a subsidiary of Neptune Energy. The company is the operator of the Gjøa field in the North Sea. It recently opened up two new subsea fields, Duva and Gjøa P1, tied back to the Gjøa platform. Neptune is the operator of the development project Fenja in the Norwegian Sea, and is partner in several producing fields, amongst these are Snøhvit, Gudrun, Njord and Fram. Neptune Energy Norge is a participant in a total of 81 licences. For the full year 2021, Neptune produced 46 kboepd in Norway.