Norway makes more strides on offshore storage of greenhouse gas CO2

by Daniel J. Graeber
Washington DC (UPI) Aug 18, 2023
The Norwegian government said Friday that three energy companies were awarded acreage in the North Sea to store carbon dioxide, a potent greenhouse gas.

"Awarding new licenses allows Norway to contribute an important role in establishing a commercial large-scale carbon capture for European emissions sources," Energy Minister Terje Aasland said Friday.

Norwegian energy company Sval Energi, carbon storage company Storegge and the Norwegian subsidiary of Europe's Neptune Energy were awarded licenses for CO2 storage in the North Sea.

Companies and economies pursuing a cleaner future can store CO2 in underground geological formations or send it off to end users such as the beverage industry.

Five companies, all either Norwegian or Norwegian divisions of European companies, already submitted applications in March to Norway's Ministry of Petroleum and Energy to store CO2 in Norwegian waters of the North Sea.

Last week, the U.S. Department of Energy announced $1.2 billion in climate funding was available for two commercial-scale direct air capture, or DAC, facilities in Texas and Louisiana that will help reduce the concentration of CO2 in the atmosphere.

The initiative is funded through President Joe Biden's Bipartisan Infrastructure Law and is part of the Regional Direct Air Capture Hubs program, which aims to build a national network of carbon removal sites to mitigate the escalating climate crisis.

Norway is ahead of the game in carbon storage. Norwegian energy company Equinor joined Shell and TotalEnergies in 2018 in agreeing on the Northern Lights carbon storage facility in the North Sea, which came as a result of Norway's first-ever license for offshore carbon storage.

The nation's energy regulator believes the North Sea has the potential to store more than 80 billion tons of CO2, which is the equivalent of 1,000 years worth of Norwegian emissions.

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Artificial Intelligence Analysis

Defense Industry Analyst: 9/10

Stock Market Analyst: 8/10

General Industry Analyst: 8/10

Analyst

Summary

: The Norwegian government recently awarded acreage in the North Sea to three energy companies for the storage of carbon dioxide, a potent greenhouse gas. Norway is leading the charge in carbon storage, with Norwegian energy company Equinor joining Shell and TotalEnergies in 2018 in agreeing on the Northern Lights carbon storage facility in the North Sea. The nations energy regulator believes the North Sea has the potential to store more than 80 billion tons of CO2, which is the equivalent of 1,000 years worth of Norwegian emissions. Last week, the U.S. Department of Energy announced $

• 1.2 billion in climate funding was available for two commercial scale direct air capture facilities in Texas and Louisiana that will help reduce the concentration of CO2 in the atmosphere. This initiative is funded through President Joe Bidens Bipartisan Infrastructure Law and is part of the Regional Direct Air Capture Hubs program, which aims to build a national network of carbon removal sites to mitigate the escalating climate crisis.For the defense industry, this is a positive development as it demonstrates the commitment of the Norwegian government and various energy companies to reduce greenhouse gas emissions. This could potentially create new business opportunities for defense companies as they may be called upon to provide technology and services related to carbon capture and storage. For the stock market, this could lead to more investments in companies that are involved in carbon storage and carbon removal projects. Finally, for the general industry, this initiative could lead to more efficient and effective ways to reduce carbon emissions.When comparing this articles content with significant events and trends in the space and defense industry over the past 25 years, it is clear that Norway has been ahead of the game when it comes to carbon storage. This could potentially lead to other countries looking to Norway for guidance and inspiration when it comes to reducing carbon emissions and creating more sustainable energy sources.Investigative

  Question:

  • 1. What other countries are looking to Norway as an example for carbon storage and carbon removal?

  • 2. How will the Regional Direct Air Capture Hubs program help reduce the concentration of CO2 in the atmosphere?

  • 3.
  What technological advances have been made in the past 25 years that have enabled Norway to be a leader in carbon storage?

  4. What other industries can benefit from the storage of carbon dioxide?

  5. What are the potential risks associated with carbon storage in the North Sea?

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