Change of ownership for North Sea Trudvang CCS storage license

Vår Energi CCS has assumed operatorship of the Trudvang CO₂ storage license in the northern Norwegian North Sea, east of the Sleipner field, according to a Dec. 12 company stock exchange announcement.

This was originally awarded in August 2023 to Sval Energi and Neptune Energy. The latter’s Norwegian subsidiary later transferred to Vår Energi following Eni’s acquisition of much of Neptune’s global E&P interests.

Trudvang could store up to 9 MM metric tons/year of CO₂ for at least 25 years, the company said, equating to 225 MMmt—or potentially more.

It is Vår Energi CCS’ second operatorship of a carbon storage license offshore Norway, following Iroko, 130 km west of Haugesund, which was issued earlier this year.

The transaction and transfer of operatorship is subject to approval by the authorities. Post-completion, Vår Energi CCS will have a 40% operated interest, in partnership with INPEX Idemitsu Norge and Storegga Norge, both 30%.

INPEX said it had joined the partnership after agreeing to acquire 30% of Sval Energi’s equity in the license. This is the company’s first involvement in a carbon capture and storage (CCS) business in Europe.

INPEX added that Trudvang will inject CO₂ into the same reservoir as Equinor’s Sleipner CCS development, which has been storing CO₂ in the Sleipner field’s Utsira formation for more than two decades.