TotalEnergies and CapeOmega Carbon Storage AS, a wholly owned subsidiary of CapeOmega AS, have reached an agreement wherein TotalEnergies will purchase CapeOmega’s 40% participating stake in the CO2 storage exploration license ExL004, also known as the “Luna” project. This license, situated 120 km offshore Bergen in water depths of 200 m, encompasses an area of 453 sq. km. It is located next to the license housing the Northern Lights CO2 storage initiative (where TotalEnergies holds a 33% stake) that is currently in progress and set to commence its initial phase in 2024.
The management of ExL004 falls under Wintershall DEA Norge AS, which possesses a 60% participating interest in the license. The successful execution of this transaction is contingent upon the fulfilment of customary conditions, including obtaining final approvals from pertinent governmental bodies.