By Iselin EngebretsenIn News29/04/20242 Minutes

Awarded CO₂ storage licence in the North Sea

Sval Energi, Storegga and Vår Energi (previously Neptune Energy [1]) has been awarded a CO₂ storage licence in the Norwegian North Sea. The licence has the potential to store nine million tons of CO₂ annually. This corresponds to approximately 20 percent of Norway’s annual CO₂ emissions.

The Norwegian Ministry of Petroleum and Energy has awarded the Trudvang licence to operator Sval and its two partners Storegga and Vår Energi. Calculations show that Trudvang can store nine million tons of CO₂ annually for at least 25 years – a total of 225 million tons and potential for even more.

CEO Nikolai Lyngø of Sval said: “We are pleased to have been awarded this licence. Capturing and storing CO₂ is important to reduce greenhouse gas emissions. We have already spent two years working on this opportunity and have identified an area under the seabed suitable for safe and efficient storage of CO₂.”

The Trudvang licence is located in the Norwegian North Sea, east of the Sleipner field and approximately 165 kilometers from the Norwegian coast. The reservoir itself is located in the Utsira Formation. Please see the map here.

The Trudvang project involves capturing CO₂ from several emission sources in North-West Europe and then transporting the CO₂ to export terminals. From there, the CO₂ will be transported either via ship or pipe to the Trudvang location for injection and permanent storage under the seabed.

Lyngø said: “Together with our partners we will mature the Trudvang project in accordance with the milestones and work programme set out by the authorities. Our people have the expertise to realise Trudvang. The goal is to be able to store the first CO₂ in the Trudvang licence towards the end of this decade.”

Sval is the operator of the Trudvang licence with a 40 percent ownership stake. Storegga and Vår Energi each own 30 percent.

[1] Vår Energi ASA entered into an agreement with Neptune Energy Group Holdings Limited to acquire 100% of the shares of Neptune Energy Norge AS during the Trudvang process. Thereby, Vår Energi is now a partner.


For further information, please contact:

Iselin Engebretsen, Communications Advisor
Mobile: (+47) 917 66 478