Aker BP and OMV (Norge) AS Ink CCS Deal in Norway

Aker BP and OMV (Norge) AS entered into a collaboration agreement for the Poseidon carbon capture and storage (CCS) license located in the Norwegian North Sea.

The companies have been awarded the license in accordance with the CO₂ storage regulations on the Norwegian Continental Shelf (NCS), Aker BP announced in a March 31 press release.

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

Aker BP will operate the license and hold a 60% interest while its partner OMV (Norge) AS will hold the remaining 40%. The license comes with a work program which includes 3D seismic acquisition and a drill or drop decision by 2025.

Aker BP and OMV (Norge) AS also entered into a collaboration agreement with Höegh LNG to provide the marine CO₂ infrastructure required to collect, aggregate and transport the CO₂ from emitters on the European continent to the NCS.