UK-based Storegga has struck a partnership deal with Norway's Sval Energi to explore joint business opportunities for carbon storage on the Norwegian continental shelf.
Storegga is the lead develop of the Acorn carbon capture and storage and blue hydrogen project in Scotland, and has also signed a deal with US player Talos Energy to address CCS opportunities in the Americas.
Backed by the leading energy investor HitecVision, privately-owned Sval aims to build a strong portfolio combining oil and gas resources with decarbonisation value chains.
As well as stakes in offshore oil and gas fields in Norway, the Stavanger-based company holds interests in the Gassled and Polarled gas pipelines and wind farm in Finland
The purpose of the agreement is to establish a common platform to secure the award of CO2 storage licenses in Norwegian waters through identifying carbon storage opportunities and building a robust business case.
In a statement, the companies said they have "complementary skills and expertise" which position the alliance "at the forefront" of exploring for CO2 storage projects in Norway.
While Storegga has end-to-end CCS project experience and expertise in CCS project management, said the companies, Sval is described as "a nimble and commercially adept organisation with deep operational subsurface knowledge of the Norway shelf.
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.”
Sval chief executive Nikolai Lyngo, added: “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.”
- Ineos unveils $2.3bn European green hydrogen investment plan
- ExxonMobil boosts participation in potentially huge UK carbon capture project
- Ineos eyes $1.4bn investment to cut emissions at Grangemouth refinery
- 'Beacon of opportunity': Talos chief urges independent US Gulf producers to embrace carbon capture
- Five proposed UK carbon capture projects meet government's eligibility test