Denmark has Granted the First CO2 Storage Licences in the North Sea
Denmark has made history by granting the first-ever licences for the capture and storage of carbon in the North Sea to INEOS Energy, TotalEnergies, and Wintershall Dea. With a vision to become net zero in carbon emissions by 2045, Denmark is pushing for the use of Carbon Capture and Storage (CCS) technology, which eliminates CO2 from the atmosphere and stows them away underground.
The endorsement of CCS has seen an upsurge in Europe in recent times as corporations and governments try to diminish emissions to attain their climate targets.
The collaboration between Wintershall and INEOS – called the Greensand project – aims to store up to 1.5 million tons of CO2 in depleted oil and gas reservoirs of the North Sea by 2025 and gradually increase the capacity to 8 million tons a year by 2030.
TotalEnergies’ Bifrost project aims to inject up to 3 million tonnes of CO2 in a derelict oil and gas field beginning 2027, escalating to 5 million tonnes by 2030. In total, the investment for these projects amounts to 602 million Danish crowns ($88 million), with the Danish government taking responsibility for nearly half of the expense.