TotalEnergies, through its affiliate TotalEnergies E&P Denmark, has entered into a Farm-Down Agreement with CarbonVault, the Danish affiliate of the German cement producer SCHWENK. Under this agreement, TotalEnergies E&P Denmark will hold a 45% interest in the Bifrost Carbon Capture and Storage (CCS) Project as the operator, alongside CarbonVault (35%) and Nordsøfonden (20%).
The Bifrost Project, which comprises two CO2 offshore storage licenses located approximately 200 kilometers west of the Danish coast, is part of TotalEnergies’ North Sea CCS portfolio.
SCHWENK is committed to the decarbonisation of its activities in Europe and chose Bifrost to be its preferred solution to store its future emissions. This partnership within the Bifrost Project illustrates how TotalEnergies can contribute to its customers’ own emissions reduction by combining the decarbonisation roadmap of an industrial emitter with the capabilities of a CCS developer.
“We look forward to working with our new partner to ensure the successful deployment of the Bifrost Project, a cornerstone of Denmark’s national ambition to establish a European hub for CO2 storage,” said Arnaud Le Foll, Senior Vice-President New Business – Carbon Neutrality at TotalEnergies.
Completion of the transaction is subject to customary conditions, including regulatory approvals.
TotalEnergies’ focus is first to avoid emissions and then to reduce them by developing and deploying a systematic approach, asset-by-asset, to implement the best available technologies. For its residual emissions and the emissions of its customers, the company is developing industrial projects for carbon storage.
Backed by core competencies in large-scale project management, gas processing and geosciences, TotalEnergies is on track to enable significant decarbonisation of European businesses through projects such as Northern Lights in Norway, NEP in the United Kingdom, Bayou-Bend in the US, Aramis in the Netherlands and Bifrost in Denmark.
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