Vår Energi has entered into an agreement with Nippon Yusen Kabushiki Kaisha (NYK), one of the largest shipping and logistics companies in the world, to bring NYK into the Trudvang partnership through the transfer of a 30% interest in the licence.

Vår Energi has entered into an agreement to transfer a 30% partnership interest in Trudvang CCS ANS and a corresponding 30% participating interest CO₂ storage licence in EXL 007 to NYK, with effect from 1 January 2026, subject to the necessary governmental approvals.

Glenn Eide, SVP Strategy and CCS in Vår Energi, comments:
“We are pleased to welcome NYK as a new partner in Trudvang. Commercialising CCS requires strong collaboration across the entire value chain, and NYK brings world-class expertise in maritime transportation, logistics and the development of CO₂ transportation solutions. NYK’s entry further strengthens Trudvang’s ambition to develop a safe, reliable and commercially attractive transportation and storage solution for European industrial customers. We believe the combination of Vår Energi’s and INPEX Idemitsu Norge’s strong oil and gas capabilities and experience together with NYK’s transportation expertise creates a uniquely strong foundation for the next phase of project development.”

Vår Energi, as operator of and in collaboration with the Trudvang partners, is developing an integrated CO₂ transportation and storage value chain on the Norwegian Continental Shelf. The storage reservoir is located in the Utsira formation in the North Sea, one of the world’s most extensively studied CO₂ storage formations, building on close to 30 years of injection experience at the nearby Sleipner field.

The project is designed for scalability and replicability with an initial injection capacity of approximately 2 million tonnes per annum (mtpa) and the potential to scale to more than 10 mtpa. Trudvang aims to provide a cost-effective, reliable and scalable transportation and storage solution for industrial CO₂ emitters across North-West Europe.

NYK is one of the world’s largest maritime transportation and logistics companies. Founded in 1885 and headquartered in Tokyo, NYK operates a global fleet of more than 800 vessels, approximately 40,000 employees worldwide and an annual turnover of around USD 15 billion. Carbon Capture and Storage (CCS), CO₂ transportation and low-carbon energy value chains form part of NYK’s long-term strategic focus. Through Knutsen NYK Carbon Carriers (KNCC), a joint venture with the Knutsen Group, NYK is actively developing specialised CO₂ transportation solutions to support large-scale CCS deployment.

Masaki Ono, Senior General Manager of NYK’s Offshore Business Group, said:
“We are delighted to join Vår Energi and INPEX Idemitsu Norge in the Trudvang licence. This represents NYK’s first participation in a CO₂ storage project and marks an important milestone in our ambition to become a long-term contributor to the CCS value chain. Trudvang is an attractive project because it combines a high-quality storage resource, credible partners and a clear ambition to develop a reliable and scalable transportation and storage solution. We believe our maritime expertise, together with our experience from developing CO₂ transportation solutions through KNCC, can create significant value for the partnership and its future customers.”

Following the required approval from the Ministry of Energy of the transaction, the Trudvang partnership will consist of Vår Energi CCS AS (operator, 40%), Inpex Idemitsu Norge AS (30%), and NYK (30%).