Equinor offered CO2 storage license offshore Norway

The Norwegian authorities have offered Equinor Low Carbon Solution AS an exploration license in the North Sea for CO₂ storage.

It represents the eighth time that the government has awarded offshore acreage for this purpose in accordance with Norway’s CO₂ storage regulations.

The EXL014 license encompasses blocks 8/5, 8/6, 8/8, 8/9, 8/12, 9/7 and 9/10, and it runs potentially for six years.

During the initial exploration phase, Equinor must perform geological and geophysical studies including 3D geo- and reservoir modeling, and other investigations to reduce the risk related to CO₂ leakage.

If the company then decides to progress to Phase 2, obligations will include drilling one exploratory wells, conceptual field development studies and selection of the preferred concept.

If the company then opts to enter the third and final phase, it must prepare a plan for development​ and operation (PDO), take FID, and either submit a PDO or withdraw.