STOREGGA AND SVAL ENERGI JOIN FORCES TO EXPLORE CARBON STORAGE ON THE NORWEGIAN CONTINENTAL SHELF

24 November London: Storegga, the independent UK company pioneering carbon reduction and removal for a net zero world, is pleased to announce that it has entered into an agreement with Sval Energi (“Sval”) to explore joint business opportunities for carbon storage on the Norwegian Continental Shelf (“NCS”).

The purpose of the agreement is to establish a common platform to secure the award of CO2 storage licenses on the NCS through identifying carbon storage opportunities and building a robust business case.

Storegga and Sval’s complementary skills and expertise position the alliance at the forefront of exploring for CO2 storage projects in Norway. As lead developer of the Acorn CCS project, one of the most advanced, large-scale CCS projects in Europe, Storegga has end-to-end CCS project experience and expertise in CCS project management. Sval brings a nimble and commercially adept organisation with deep operational subsurface knowledge of the NCS.

Nick Cooper, Chief Executive Officer at Storegga said: “We look forward to building a strong partnership with Sval to facilitate the rapid, cost-effective delivery of CCS clusters in Norway’s continental shelf.  The CCS value chain starts with secure geological storage and then building the infrastructure to provide emitters with the access to carbon sequestration. As like-minded organisations, Sval and Storegga share a vision to make this happen.”

Nikolai Lyngø, CEO at Sval Energi, said: “We are excited to team up with Storegga to explore joint projects and to establish a position in the CCS value chain. Through their projects, Storegga has exceptional insights, competency and connections within the CCS industry.  This agreement brings us closer to delivering on our ambitions and will help mature decarbonisation initiatives in Norway.”

For further information please contact:

Camarco (PR and Media)

Monique Perks, Tom Huddart, Billy Clegg, Emily Hall

Tel: 020 3757 4983

Madano (Public Affairs)

Andrew Turner, Neil Stockley, James Watson

Tel: 07702 962043

Notes to Editors:

ABOUT STOREGGA  

Storegga is an independent, UK-based carbon management business at the forefront of the global Net Zero strategy. Storegga champions and delivers carbon capture and storage (“CCS”), hydrogen, and other subsurface renewable projects to accelerate carbon emission reductions and removals.

Storegga is the lead developer of the UK’s Acorn Carbon Capture and Storage (“CCS”) and Hydrogen project, providing essential infrastructure to help the UK meet its net zero targets.

The Acorn Project will provide critical backbone infrastructure for the Scottish Cluster. The Scottish Cluster unites communities, industries and businesses to deliver CCS, hydrogen and other low carbon technologies, supporting Scotland, the UK and Europe to meet net zero goals.

Storegga has partnered with leading engineering and technology groups at the forefront of their fields to accelerate infrastructure development. The Company has partnered with Carbon Engineering to develop Direct Air Capture (“DAC”) in the UK.

Storegga:(https://www.storegga.earth/)

For more information on the Acorn CCS and Hydrogen Project, please visit: About Acorn – Acorn CCS - https://theacornproject.uk/about/

ABOUT SVAL ENERGI

Sval Energi is a privately owned Norwegian energy company. Backed by the leading energy investor HitecVision, Sval Energi is building a strong portfolio combining oil and gas resources with decarbonisation value. Sval Energi aims to be a significant Norwegian player in the energy sector. 

www.sval-energi.no

Abdelkarim Abbou, SVP Infrastructure & Renewables, abdelkarim.abbou@sval-energi.no #Tel: +47 414 99 435