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Aker BP and OMV to cooperate for carbon capture and storage

Aker BP, one of the largest independent oil companies in Europe and OMV (Norge), one of Austria’s largest listed industrial companies, have entered into a collaboration agreement for carbon capture and storage (CCS) and have been awarded a licence in accordance with the CO2 Storage Regulations on the Norwegian Continental Shelf (NCS).

“We expect CCS to play a key role in the transition to a low-carbon energy future, and the NCS holds significant potential for carbon storage,” said Karl Johnny Hersvik, CEO of Aker BP. “As a leading operator on the NCS, Aker BP is well positioned to take an active role in this area. This licence award provides us with an opportunity to explore both the technical and commercial potential of carbon storage. We look forward to collaborating with our partners to develop this into a sustainable and profitable business.”

“With this licence award, which will materialise our collaboration with Aker BP, we will invest and leverage our expertise to expand into CCS activities offshore Norway. Safe and permanent storage of CO2 is one major pillar of the strategy for OMV to become carbon neutral by 2050”, added Alfred Stern, CEO and Chairman of the Executive Board of OMV.

The licence awarded to Aker BP and OMV is located in the Norwegian North Sea and will be named Poseidon. Aker BP (60 per cent) and OMV (Norge) (40 per cent) have an interest in the licence, which will be operated by Aker BP. The licence comes with a work program which includes a 3D seismic acquisition and a drill or drop decision by 2025.

The Poseidon licence could potentially provide storage of more than 5 million tons of CO2 per year. The intention is to inject CO2 captured from multiple identified industrial emitters in North-West Europe, including from Borealis’ various industrial sites in Europe.

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