Norway advances carbon capture with new CO2 storage licenses

In a significant move to bolster its carbon capture and storage (CCS) capabilities, Lime Petroleum AS, in collaboration with OMV Norge AS and Vår Energi ASA, has secured a CO2 storage license in the North Sea. The license was awarded by the Norwegian Ministry of Energy and positions the consortium at the forefront of Norway’s ambitious environmental strategies. This new license, known as the Iroko carbon storage license, is located approximately 130 kilometers west of Haugesund and marks a critical step toward a sustainable energy future.

The Iroko area is poised to store up to 7.5 million tonnes of CO2 annually over a span of at least 30 years, translating to an impressive total of approximately 215 million tonnes of CO2. This project not only underscores the region’s potential for significant environmental impact but also highlights Norway’s commitment to leading the charge in large-scale commercial CO2 storage.

Lars Hübert, CEO of Lime, expressed his satisfaction with this milestone, viewing it as a pivotal achievement towards realizing a net-zero future with sustainable energy solutions. The partnership, consisting of Vår Energi ASA (40%), OMV Norge AS (30%), and Lime Petroleum AS (30%), reflects a strong collaborative effort to drive the project forward.

In a broader context, the Norwegian Ministry of Energy has also announced the offering of four new exploration licenses related to CO2 storage on the Norwegian continental shelf, all located in the North Sea. This initiative is part of a government effort to establish CO2 storage as a commercially viable and sustainable industry in Norway. According to Minister of Energy Terje Aasland, these awards represent a crucial step towards positioning Norway as a leader in CO2 storage solutions for European emission sources.

The strategic allocation of these licenses highlights Norway’s proactive approach to environmental stewardship and its role in the global climate solution. By enabling key industry players to develop and implement CO2 storage technologies, Norway not only advances its own sustainability goals but also contributes to a broader global impact against climate change.