Sandnes, Norway 12 December 2024: Vår Energi ASA (OSE:VAR) confirms the
operatorship of the Trudvang CO2 storage licence in the North Sea is to be
transferred from Sval Energi AS to Vår Energi CCS AS. Vår Energi CCS AS also
increases its stake in the licence from 30 to 40 percent.
The Trudvang storage licence has the potential to store up to nine million
tonnes of CO2 annually for at least 25 years, a total of 225 million tonnes,
with indications that the storage potential could be even higher.
Vår Energi's COO Torger Rød said:
We are pleased to secure our second operatorship of a CO2 storage licence in
Norway and wish to explore the possibility to establish viable and commercial
business models together with partners and relevant stakeholders. The North Sea
has great potential to become a hub for carbon storage, given the proximity to
CO2 emitters and the geology which is suitable for carbon storage.
Vår Energi CCS AS, a wholly owned subsidiary of Vår Energi ASA, was also awarded
the operatorship of the Iroko carbon storage licence earlier this year. Going
forward the company will assess both licences for carbon storage and mature
potential development and value chain models.
The Trudvang storage licence is located in the North Sea, east of the Sleipner
field, where CO2 has been safely stored in the Utsira formation for over two
decades.
The transaction and transfer of operatorship is contingent upon authority
approval.
Licence partners in the Trudvang storage licence post completion of the
transaction will be Vår Energi CCS AS 40%, INPEX Idemitsu Norge AS 30%, Storegga
Norge AS 30%.
Contact
Investor relations
Ida Marie Fjellheim, VP Investor Relations
+47 90509291
ida.fjellheim@varenergi.no
Media relations
Liv Jannie Omdal, VP Communications
+4797667137
liv.omdal@varenergi.no
About Vår Energi
Vår Energi is a leading independent upstream oil and gas company on the
Norwegian continental shelf (NCS). We are committed to deliver a better future
through responsible value driven growth based on over 50 years of NCS
operations, a robust and diversified asset portfolio with ongoing development
projects, and a strong exploration track record. Our ambition is to be the
safest operator on the NCS, the partner of choice, an ESG leader with a tangible
plan to reduce emissions from our operations by more than 50% within 2030.
Vår Energi has around 1400 employees and equity stakes in 42 producing fields.
We have our headquarters outside Stavanger, Norway, with offices in Oslo,
Hammerfest and Florø.