Equinor is joining forces with Shell and Total, to invest in a carbon dioxide storage facility in Norway.
The Northern Lights project will allow large-scale carbon capture and storage (CCS) to decarbonise industries and hopefully achieve net-zero emission targets by 2050.
An initial investment of NOK 6.9 billion (£566m) been earmarked for the project, which will be developed in phases – Phase 1 will store and transport up to 1.5 million tonnes of carbon dioxide annually, which will then be permanently stored 2,500 metres below the seabed.
Phase 1 is expected to become operational by 2024, pending the final investment decision from Norwegian authorities.
Following this decision, Equinor, Shell and Total will establish a joint venture company to further develop the project.
Syrie Crouch, Vice President for Carbon Capture Utilisation and Storage in Shell, said: “CCS is a crucial technology to help society and economies thrive through the energy transition. Shell is active in all parts of the CCS value chain and Northern Lights further strengthens our global CCS portfolio.
“We appreciate the leadership shown by the Norwegian Government to accelerate the development of CCS value chains and believe that the Northern Lights CO2 transport and storage solution has the potential to unlock investment in capture projects across Europe.”