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OSLO Equinor-led Northern Lights venture and Swiss start-up Climeworks will explore the potential for capturing carbon dioxide (CO2) from the atmosphere in Norway, the partners said on Tuesday.
Climeworks provides direct carbon capture technology, while Northern Lights, which also includes Shell and Total , plans to store CO2 in a geological formation under the seabed off Norway’s coast.
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Norway’s Oil and Energy Minister Tina Bru said the plan responded to a growing list of potential customers for the Northern Lights site which could store up to 1.5 million tonnes of CO2 per year from 2024.
Lackluster results diminish interest in Norwayâs latest Arctic oil lease round By Lars Erik Taraldsen on 2/28/2021
OSLO (Bloomberg) Interest in oil exploration in the Norwegian Arctic has dropped dramatically following years of disappointing drilling results.
Only seven oil companies applied for new acreage in the Barents Sea in the latest licensing round, down from 26 in a similar round in 2013. The continued decline will be a blow to the government, which had offered 125 new blocks in eight frontier regions of the Barents.
Norway s Petroleum and Energy Minister Tina Bru
âThe number of companies is relatively low, but itâs not a big surprise,â Oil and Energy Minister Tina Bru said in an email. Thereâll still be âincreased petroleum activity in the Barents Sea for decades to come,â she said, citing the Goliat and Snohvit fields already on-stream and several projects under development.
Norway offers 84 exploration blocks in 2021 licensing round
Norway launched a consultation on Thursday on a 2021 licensing round in mature areas in which it offered 84 new blocks for petroleum exploration, including 70 in the Arctic Barents Sea.
The maps attached to a statement by the Petroleum and Energy Ministry showed new blocks offered southeast of Bear Island, roughly half way between the Arctic Svalbard Archipelago and mainland Europe.
Four new blocks were offered in the North Sea and 10 in the Norwegian Sea, the statement said.
“Predictable access to (a) new exploration area is crucial for further development of the petroleum industry. It enables us to maintain activity and value creation on the Norwegian shelf and in the supplier industry,” Norway’s Oil and Energy Minister Tina Bru said in a statement.
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