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Three European oil companies will assemble a major carbon storage project in Norway. part of an effort to mitigate rising temperatures.
Norway`s Statoil. France`s Total and Anglo-Dutch oil company Royal Dutch Shell have struck a deal to develop equipment and facilities that will store carbon dioxide emanating from industrial sites in Norway.
`Without carbon capture and storage. it is not realistic to meet the global climate target as defined in the Paris Agreement.` said Irene Rummelhoff. executive vice president for new energy solutions at Statoil. in a statement. `A massive scale up of number of CCS projects are needed.`
The companies aim to capture 1.5 million tons of carbon dioxide per year in the project`s first phase. but they plan to design the project to expand the storage capacity. a bid to spur investments in future carbon capture storage projects. That could make it the world`s first international commercial storage project collecting carbon dioxide from industrial sites.
The companies said they`ll transport the carbon dioxide. which is collected in so-called capture facilities at Norwegian industrial sites. by ship to a terminal on the country`s west coast. before the carbon dioxide is transferred to storage tanks and then piped into injection wells on the seabed.
