OSLO, Norway, Dec. 9, 2021 /PRNewswire/ -- Norwegian Energy
Company ASA ("Noreco" or the "Company") is together with its
partners in Project Bifrost pleased to announce the successful
award of funding under the 'Energy Technology Development and
Demonstration Programme' (EUDP), a Danish public subsidy scheme.
Project Bifrost's funding request of DKK 75
million was met in full by the Danish authorities and is a
key enabler in maturing a CO2 transportation and storage concept in
the Danish North Sea.
The scope of the project, which commences in 2022, includes the
development and selection of the CO2 transport and storage concept
at the Danish Underground Consortium (the "DUC") Harald field
in the Danish North Sea. The Bifrost storage will have an expected
startup storage capacity of 3 million metric tons of CO2 per year
(m/tpa). In addition, Project Bifrost includes a study to qualify
the potential use of additional DUC North Sea reservoirs as they
become available, as well as the possibility to use the existing
pipeline infrastructure connecting the DUC fields to Denmark. Reusing the pipeline infrastructure
to Danish shore could become the core of a national CO2
transportation system, and is a first step to connect to a future
European cost and climate efficient CO2 transportation system. This
will be matured towards a final investment decision (FID) if the
development and demonstration program proves successful.
"We are proud to announce the successful grant of EUDP
funding for Project Bifrost. Our assets in the Danish North Sea,
especially the unique pipeline infrastructure, have the potential
to be an important enabler for establishing Denmark as a CCS hub. The use of existing
infrastructure for carbon capture and storage is a highly
attractive alternative from both a climate and economic perspective
when oil and gas production gradually cease," said John Hulme, Chief Operating Officer in
Noreco.
"This evening's announcement is an important step for Noreco,
both as a partner in Project Bifrost and as an independent player
with strong energy transition ambitions. We believe the future
needs a balanced energy mix that safeguards access to reliable and
affordable energy sources. We are committed to helping deliver this
through our participation in the Tyra redevelopment, which will
produce enough gas to power the equivalent of 1.5 million homes in
Denmark with 30% lower emissions.
We expect CCS to play an increasingly important role in the future
and the granting of EUDP funding will strongly support Noreco and
our Project Bifrost partners in delivering a concept for the DUC
that continues our contribution to the energy transition while also
unlocking long-term value for our shareholders," said
Euan Shirlaw, Acting Managing
Director & CFO in Noreco
Facts:
The Bifrost CCS partnership consists of the Danish Underground
Consortium (Noreco 36.8%, TotalEnergies 43.2% and Nordsøfonden 20%)
who produces 85% of the oil and 97% of the gas from the Danish
North Sea, Ørsted who is owner of the pipelines connecting the DUC
fields to shore, and The Technical University
of Denmark who will be academic partner.
Contact:
Cathrine Torgersen, EVP Investor
Relations & Communications
Email: ct@noreco.com
Phone: +47 915 28 501
About Norwegian Energy Company ASA:
Noreco is a publicly owned company with focus on the oil, gas
and offshore industry. The Company's shares are listed on the Oslo
Stock Exchange (ticker NOR). For further information, please visit:
www.noreco.com.
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