Daily Newsletter

23 August 2023

Daily Newsletter

23 August 2023

TotalEnergies invests in Luna offshore CCS exploration project

As a part of the project, Wintershall DEA is building a CO₂ hub in Wilhelmshaven, Norway, for CO₂ to be collected and temporarily stored before being taken offshore.

Alex Donaldson August 22 2023

French oil and gas major TotalEnergies has purchased a 40% participating interest in the CO₂ storage exploration licence ExL004, known as the Luna project.

ExL004 is a 453 km² licence in the North Sea, 120km west of Bergen, Norway. The licence has a storage potential for more than five million tonnes per annum (mtpa) of CO₂ to be injected into drilled wells and aquifers below the seabed.

As a part of the project, Wintershall DEA is building a CO₂ hub in Wilhelmshaven, Norway, for CO₂ to be collected and temporarily stored before being taken offshore.

Of the project, 60% is owned and operated by Wintershall DEA Norge. TotalEnergies purchased its 40% interest in the project from CapeOmega AS’ carbon capture and storage (CCS) subdivision. It was the first CCS exploration licence in Norway awarded to Wintershall DEA.

TotalEnergies new business – carbon neutrality senior VP Arnaud Le Foll stated: “This transaction is an important milestone to grow our CO₂ storage offering: subject to a successful exploration, this area could enable the storage of several hundred million tons of CO₂ from hard-to-abate industries in Europe.”

The 40% interest purchase adds to TotalEnergies’ existing portfolio of decarbonisation projects which includes 33% of the adjacent Northern Lights CCS project. The first major CCS project in Norway, Northern Lights will aim to store 1.5mtpa of CO₂ in wells drilled below the North Sea. Northern Lights is set to begin storage in 2024, with an aim to expand to 5mtpa by 2026.

Le Foll added: “With the Northern Lights start-up in 2024 and other projects under development in the Netherlands, Denmark and the UK, TotalEnergies is building a world-class carbon storage portfolio across the North Sea. Norway will play a leading role in this portfolio thanks to its large geological storages and supportive government policies.”

ESG 2.0 will be less forgiving of poor ESG performers, especially on environmental issues

While ESG 1.0 was driven by voluntary corporate action, ESG 2.0 is being driven by a new wave of government policies. A host of new environmental laws are in the pipeline, relating to mandatory reporting, carbon pricing, and carbon import tariffs, as well as more state support and investment in clean energy technologies. Companies unprepared for ESG 2.0 face higher costs and lost sales.

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