REG-TOTAL Total: Go-ahead From the Norwegian Authorities for the Northern Lights CO2 Sequestration Project

TotalEnergies SEAnnouncement

15/12/2020 12:15

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Total: Go-ahead From the Norwegian Authorities for the Northern Lights CO2
Sequestration Project

 

Total (Paris:FP) (LSE:TTA) (NYSE:TOT):

Following a vote in the Norwegian parliament, the Government of the Kingdom of
Norway announced its approval of the final investment decision for the
Northern Lights project, enabling the shipping, reception and sequestration of
CO2 in geological strata in the Northern North Sea, approximately 2,600 meters
below the seabed.

This approval demonstrates the Norwegian government's strong support for the
development of a Carbon Capture and Sequestration (CCS) value chain, which is
essential if Europe is to achieve its carbon neutrality targets. With mergers
clearances process underway, it will enable Total, Equinor, and Shell, the
partners in this project, to launch the construction phase of Northern Lights.

“The development of the carbon capture and sequestration value chain is
essential to decarbonize Europe's industries. We are a long-standing partner
of Norway, a pioneer country which has more than 20 years of experience in
CCS, and today we thank its government for making possible the final
investment decision to develop Northern Lights,” said Patrick Pouyanné,
Chairman and CEO of Total. “CCS is key to achieving carbon neutrality in
Europe and is fully part of our Climate Ambition to get to net zero emissions
by 2050”.

“Carbon capture and storage (CCS) is important to achieve the goals of the
Paris Agreement. "Longship" is the largest climate project ever in the
Norwegian industry and will contribute substantially to the development of CCS
as an efficient mitigation measure. Working together with the industry, the
step-by-step approach has confirmed that the project is feasible. I want to
thank the Northern Lights partners Equinor, Shell and Total - and I am looking
forward to our continued cooperation,” says Minister of Petroleum and
Energy, Tina Bru.

“Northern Lights is a true pioneering project and the first of its kind
offering a solution to cut emissions from industrial sources in Norway and
Europe. With all necessary approvals in place, we are ready to start
construction of what will be an important part of the climate solution. I want
to thank the Norwegian government and for the broad political support in
making this a reality. I am certain that we together with our partners and
suppliers will make this project a success,” says Equinor CEO Anders Opedal.

“The Norwegian government’s initiative and support for what will be the
world’s first open source CO2, transport and storage project shows real
vision and commitment. Northern Lights is designed to provide a service to
industrial emitters who can now take action on emissions that can’t be
avoided. This is key to bringing real progress towards tackling climate
change. Shell will play our part in making this a reality,” says Shell CEO
Ben van Beurden.

The Northern Lights Project

Equinor, Shell and Total made a conditional investment decision on the
Northern Lights CO2 transport and storage project in May 2020. The project
partners are now in the process of establishing a Joint Venture(1), which will
be responsible for all project activities, including business development.

The Northern Lights project includes the development and operation of CO2
transport and storage facilities, open to third parties. It will be the first
ever cross-border, open-source CO2 transport and storage infrastructure
network and offers European industrial emitters the opportunity to store their
CO2 safely and permanently underground. Phase one of the project will be
completed in 2024 with a capacity of up to 1.5 million tonnes of CO2 per year.

Facts and figures


 * The Northern Lights project is part of the Norwegian full-scale carbon capture
and storage (CCS) project “Langskip (Longship),” supported by the
Norwegian government. The project will initially include capture of CO2 from
Norwegian industrial capture sources. The Northern Lights project comprises
transportation, receipt and permanent storage of CO2 in a reservoir in the
northern North Sea.

 * A white paper concerning Longship will be debated in January and, then, the
Plan for Development and Operation will be finally approved.

 * Initially, Northern Lights includes capacity to transport, inject and store up
to 1.5 million tonnes of CO2 per year. Once the CO2 is captured onshore, it
will be transported by newly designed ships, injected and permanently stored
2,600 meters below the seabed of the North Sea.

 * The facilities are scheduled to be operational in 2024.

 * The CO2 receiving terminal will be located at the premises of Naturgassparken
industrial area in the municipality of Øygarden in Western Norway. 

 * Exploitation license EL001 "Aurora" was awarded in January 2019.

 * In March 2020, the Eos confirmation well was successfully drilled and
completed, confirming the reservoir characteristics and storage capacity.

 * Plans exist to increase the capacity to 5 million tons per year through
additional phases of development and an increasing customer base.

About Total

Total is a broad energy company that produces and markets fuels, natural gas
and electricity. Our 100,000 employees are committed to better energy that is
more affordable, more reliable, cleaner and accessible to as many people as
possible. Active in more than 130 countries, our ambition is to become the
responsible energy major.

* * * * *

Cautionary Note

This press release, from which no legal consequences may be drawn, is for
information purposes only. The entities in which TOTAL SE directly or
indirectly owns investments are separate legal entities. TOTAL SE has no
liability for their acts or omissions. In this document, the terms
“Total”, “Total Group” and Group are sometimes used for convenience.
Likewise, the words “we”, “us” and “our” may also be used to refer
to subsidiaries in general or to those who work for them.

This document may contain forward-looking information and statements that are
based on a number of economic data and assumptions made in a given economic,
competitive and regulatory environment. They may prove to be inaccurate in the
future and are subject to a number of risk factors. Neither TOTAL SE nor any
of its subsidiaries assumes any obligation to update publicly any
forward-looking information or statement, objectives or trends contained in
this document whether as a result of new information, future events or
otherwise.

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(1) Subject to merger clearance

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(mailto:presse@total.com) l @TotalPress

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