The Norwegian Petroleum Directorate (NPD) has received applications from four companies for proposed acreage to store carbon dioxide (CO2) in the North Sea, offshore Norway. However, the NPD clarified that it had received two applications, suggesting that these companies may have applied as consortia.
Carbon capture and storage (CCS) involves the capture, transportation, and safe storage of CO2 emissions from various sources, such as power generation and industrial facilities. The primary goal of CCS is to reduce CO2 emissions by capturing and securely storing them to prevent their release into the atmosphere.
Norway's Continental Shelf has the potential to store over 80 billion tonnes of CO2, which is roughly equivalent to the country's current CO2 emissions. This capacity could theoretically store CO2 emissions for up to 1,000 years, making it a significant contributor to carbon reduction efforts.
While the NPD did not disclose the names of the companies involved, their applications represent a step toward advancing carbon capture and storage solutions to combat climate change and reduce greenhouse gas emissions in Norway and the wider global context.