Equinor secures first CCS exploration permit in Denmark

Economy Materials 20 June 2024 14:19 (UTC +04:00)
Maryana Ahmadova
Maryana Ahmadova
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BAKU, Azerbaijan, June 20. Equinor, along with partners Ørsted and Nordsøfonden, has been granted its inaugural Carbon Capture and Storage (CCS) exploration permit in Denmark, Trend reports.

The consortium is set to commence surveys to evaluate the potential of converting the onshore license in North West Zealand into a secure CO2 storage facility.

The partners were appointed permit holders for the CO2 Storage Kalundborg project, featuring a reservoir approximately 1,400 meters underground, with a capacity to potentially store up to 12 million tons of CO2 annually.

Pending successful development and approval by Danish authorities over the coming years, the partnership aims to initiate CO2 storage operations by the end of this decade. Equinor holds a 60-percent stake in the exploration license, with Ørsted owning 20 percent and the Danish state represented by Nordsøfonden holding the remaining 20 percent.

Equinor anticipates initial project returns of 4-8 percent, with further potential for value enhancement as commercial markets evolve.