TotalEnergies, through its affiliate TotalEnergies E&P Denmark, has entered into a Farm-Down Agreement with CarbonVault, the Danish affiliate of the German cement producer SCHWENK. Under this agreement, TotalEnergies E&P Denmark will hold a 45% interest in the Bifrost Carbon Capture and Storage (CCS) Project as the operator, alongside CarbonVault (35%) and Nordsøfonden (20%).
The Bifrost Project, which comprises two CO2 offshore storage licenses located approximately 200 kilometers west of the Danish coast, is part of TotalEnergies’ North Sea CCS portfolio.
SCHWENK is committed to the decarbonization of its activities in Europe and chose Bifrost to be its preferred solution to store its future emissions. This partnership within the Bifrost Project illustrates how TotalEnergies can contribute to its customers’ own emissions reduction by combining the decarbonization roadmap of an industrial emitter with the capabilities of a CCS developer.
“We look forward to working with our new partner to ensure the successful deployment of the Bifrost Project, a cornerstone of Denmark’s national ambition to establish a European hub for CO₂ storage,” said Arnaud Le Foll, Senior Vice-President New Business – Carbon Neutrality at TotalEnergies.
Completion of the transaction is subject to customary conditions, including regulatory approvals.
Source: worldoil.com