The approvals of these surplus credits shed light on the loopholes within the British net zero framework.

The estimated project cost stands at $1.37 billion (EUR 1.3 billion), with construction scheduled to commence in Rotterdam by 2024.

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.

Fourteen companies have been awarded 21 licenses, covering approximately 12,000 square kilometers of depleted oil and gas reservoirs and saline aquifers.

This collaboration aims to potentially reduce CO2 emissions from FPSOs by as much as 70%.

A total of 14 companies have been awarded 21 carbon storage licenses, following the initial results announced in May, which saw one new license and two additional firms included.

The two companies have been working together to establish Italy's first CCS project offshore from Ravenna, with ambitious plans for a CCS hub in the Adriatic Sea.

Through a newly established agreement with CapeOmega Carbon Storage, TotalEnergies is set to acquire CapeOmega's 40% participating interest in a CO2 storage exploration license situated offshore Norway.

The project, named "Porthos," is intended to be Europe's largest carbon capture and storage facility and is projected to reduce the country's annual CO2 emissions by approximately 2% over a 15-year period starting in 2026.

Wintershall Dea's Camelot license introduces a projected annual storage capacity of up to 6 million tonnes, poised to significantly contribute to CO2 abatement potential in the UK.