Power company BKK and private infrastructure owner CapeOmega are this week set to start the application process to build a massive offshore grid to power oil and gas platforms in Norway's northern North Sea using clean electricity produced from hydropower.

The joint venture, to be called Serene, has the ultimate potential to include all offshore fields in the Norwegian northern North Sea and to cut as much as 35% of carbon dioxide emissions from Norwegian oil and gas production, which would mean a staggering 10% reduction in Norway’s total CO2 emissions.