Storegga & Sval to Explore Carbon Storage on the Norwegian Shelf

Source: www.gulfoilandgas.com 11/24/2021, Location: Europe

Storegga, the independent UK company pioneering carbon reduction and removal for a net zero world, is pleased to announce that it has entered into an agreement with Sval Energi (“Sval”) to explore joint business opportunities for carbon storage on the Norwegian Continental Shelf (“NCS”).

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.

Storegga and Sval’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 CCS project, one of the most advanced, large-scale CCS projects in Europe, Storegga has end-to-end CCS project experience and expertise in CCS project management. Sval brings a nimble and commercially adept organisation with deep operational subsurface knowledge of the NCS.

Nick Cooper, Chief Executive Officer at Storegga said: “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.”

Nikolai Lyngø, CEO at Sval Energi, said: “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.”


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