TotalEnergies, Equinor, Shell Invest $714 Million to Expand Norway Carbon Storage Project

TotalEnergies, Equinor, and Shell announced a significant investment of NOK 7.5 billion (approximately $714 million) to expand the Northern Lights carbon capture and storage (CCS) project in Norway, aiming to increase its CO2 injection capacity from 1.5 million to over 5 million tons annually by 2028. This decision follows a 15-year agreement with Stockholm Exergi to transport and store 900,000 tons of biogenic CO2 each year. The expansion will build on existing infrastructure and includes new storage tanks and injection wells, with funding also supported by a €131 million grant from the European Commission. Phase one of the project, which is fully booked, is set to commence operations this summer, with initial CO2 deliveries expected from various industrial sources. The partners highlighted that this initiative plays a crucial role in achieving net-zero emissions and is part of the Norwegian government's broader Longship project aimed at reducing greenhouse gas emissions. The completion of the second phase is projected for the second half of 2028.