According to the agreements the parties will cooperate on possible CO₂ handling at relevant third-party’s premises and on transport to the Northern Lights project.
The memoranda of understanding imply that the parties will:
- Evaluate solutions for CO₂ deliveries and transport.
- Develop a timeline for possible final investment decision and start of operations.
- Cooperate on the CCS dialogue with national authorities and the EU.
According to the WWF, the whole world could get all the power it needs from renewable resources by 2050, ending our reliance on fossil fuels and other depleting resources – but only if the right political, financial and societal decisions are made, and quickly.
Final binding commercial agreements will depend on positive investment decisions for the Northern Lights project, the Norwegian State’s full-scale carbon capture and storage project and for third-party projects.
The partners are currently reducing costs and further developing the Northern Lights project aiming for an investment decision in 2020.“We are also cooperating with the authorities to establish a commercial framework enabling us to pursue the project,” says Sverre Overå, project director for the Northern Lights project.
More than 150 people from Equinor, Total and Shell are currently involved in the Northern Lights project. At the end of 2019, the partnership plans to drill a confirmation well for CO₂ storage in the Johansen formation covered by the Aurora licence (EL001) to study the reservoir’s suitability and capacity for CO₂ storage. Earlier this year the authorities decided to help fund the work on this well.