Anders Opedal, executive vice president for Technology, Projects & Drilling at Equinor, said: “The Northern Lights project could become the first step to develop a value chain for carbon capture and storage (CCS), which is vital to reach the global climate goals of the Paris Agreement. Development of CCS projects will also represent new activities and industrial opportunities for Norwegian and European industries.”
He added: “This unique project opens for decarbonization of industries with limited opportunities for CO2-reductions. It can be the first CO2 storage for Norwegian and European industries, and can support goals to reduce net greenhouse gas emissions to zero by 2050.”
The investment decision concludes the study phase during which the partners worked closely with Norwegian authorities to conduct engineering studies and project planning, drill a confirmation well, and develop the necessary agreements. The partners intend to establish a joint venture company. Initial investments are estimated at NOK 6.9 billion ($673 million), with about 57% of the investment going to Norwegian contractors.
Plans for development and operation have been handed over to the Ministry of Petroleum and Energy. The investment decision is subject to final investment decision by Norwegian authorities and approval from the EFTA Surveillance Authority.