Sval Energi has entered into an agreement with Storegga Geotechnologies Ltd (Storegga) to explore joint business opportunities for carbon storage on the Norwegian Continental Shelf (NCS).

   - Enters agreement to explore CO2 storage opportunities off the coast of Norway
   - Shared goal of being awarded licenses to store CO2 below the seabed
   - Combines Storegga’s carbon capture and storage (CCS) expertise and Sval’s vast NCS knowledge and strong business development skills.

The purpose of the agreement is to establish a common platform to secure the award of CO2 storage licenses on the NCS through identifying carbon storage opportunities and building a robust business case.

Sval and Storegga’s complementary skills and expertise position the alliance at the forefront of exploring for CO2 storage projects in Norway. As lead developer of the Acorn project, one of the most advanced large-scale CCS projects in Europe, Storegga has end-to-end CCS project experience. Sval brings a nimble and commercially adept organisation with deep subsurface and operational knowledge of the NCS.

“We are excited to team up with Storegga to explore joint projects and to establish a position in the CCS value chain. Through their projects, Storegga has exceptional insights, competency and connections within the CCS industry. This agreement brings us closer to delivering on our ambitions and will help mature decarbonisation initiatives in Norway” said Nikolai Lyngø, CEO at Sval Energi.

“We look forward to building a strong partnership with Sval to facilitate the rapid, cost-effective delivery of CCS clusters in Norway’s continental shelf. The CCS value chain starts with secure geological storage and then building the infrastructure to provide emitters with the access to carbon sequestration. As like-minded organisations, Sval and Storegga share a vision to make this happen,” said Nick Cooper, Chief Executive Officer at Storegga.

About Sval Energi

Sval Energi is a privately owned Norwegian energy company. Backed by the leading energy investor HitecVision, Sval Energi is building a strong portfolio combining oil and gas resources with decarbonisation value chains. Sval Energi aims to be a significant Norwegian player in the energy sector.

About Storegga

Storegga is an independent, UK-based carbon management business at the forefront of the global Net Zero strategy. Storegga champions and delivers carbon capture and storage (“CCS”), hydrogen, and other subsurface renewable projects to accelerate carbon emission reductions and removals. Storegga is the lead developer of the UK’s Acorn Carbon Capture and Storage (“CCS”) and Hydrogen project, providing essential infrastructure to help the UK meet its net zero targets.