TotalEnergies (TTE) and its partners Equinor (EQNR) and Shell (SHEL) approved an investment of 7.5 billion Norwegian kroner ($715.1 million) for the second phase of the Northern Lights carbon capture and storage project in Norway.
The expansion is expected to boost carbon dioxide storage capacity to 5 million tons annually by 2028 from 1.5 million, TotalEnergies said Thursday in a statement.
The first phase of the project is complete and will launch this summer, starting with CO2 transport from Heidelberg Materials' Brevik, Norway, plant to be stored 2,600 meters beneath the seabed off western Norway, TotalEnergies said.
Phase 2 follows a 15-year agreement with Stockholm Exergi to store 900,000 tons of biogenic CO2 starting in 2028.
Northern Lights is in advanced discussions with several large European industrial customers for the remaining storage capacity, TotalEnergies said.
Shares of TotalEnergies rose 0.9%, Shell gained 0.8% and Equinor advanced 1.2%.
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