Norway opens North Sea CO2 storage licences
SUMMARY
Several commercial companies have expressed interest in obtaining licences for specific storage areas, which has led to the current announcement, the government said.
By Shardul SharmaPOSTED IN:
Norway’s ministry of energy announced on June 6 the designation of three areas in the North Sea where companies can apply for exploration licences for CO2 storage on the Norwegian continental shelf.
"The government will facilitate CO2 storage to become a new ocean industry for Norway by safely and securely storing large amounts of CO2 that would otherwise be emitted in Europe," said energy minister Terje Aasland.
The minister emphasised that large-scale CO2 storage is crucial for the world to achieve its climate goals, noting that awarding these areas is a prerequisite for extensive carbon capture and storage efforts. Several commercial companies have expressed interest in obtaining licences for specific storage areas, which has led to the current announcement.
The deadline for applications is August 29.
