Equinor Pens Deals On North Sea CCS
Norway’s Equinor has brought on board seven European companies to help implement a project to store carbon off the Norwegian coast, it reported on September 5.
Northern Lights is a plan by Equinor and its partners Total and Shell to transport and storage carbon in a reservoir in the northern North Sea. The state-owned firm announced in a statement it had signed memoranda of understanding (MoUs) with Air Liquide, Arcelor Mittal, Ervia, Fortum, HeidelbergCement, Preem and Stockholm Exergi on co-operation in the handling of CO2 at third-party premises and its transport to the Northern Lights site. Under the documents, the partners will also draw up a timeframe for reaching a potential final investment decision (FID) and launching operations. They will also discuss the plan with national authorities and the EU.
“Carbon capture and storage will be vital to reach the global climate goals of the Paris Agreement,” Equinor CEO Eldar Saetre commented. “Sustainable carbon capture and storage projects can only be developed in co-operation between governments and companies.”
The signatories may reach binding commercial agreements depending whether an FID at Northern Lights is taken. This milestone is anticipated in 2020, Equinor said.
“We are also cooperating with the authorities to establish a commercial framework enabling us to pursue the project,” Northern Lights director Sverre Overa explained.