Norway Offers North Sea Gas Fields for European CO₂ Storage
Norway, a major natural gas exporter, is now offering its empty North Sea gas fields as CO2 storage sites for Europe. The Greensand project, launched in March 2023, is already safely transporting and storing CO2 from Belgium to a former Danish oil field. Meanwhile, the Norwegian Petroleum Directorate is pushing oil companies to explore Enhanced Oil Recovery (EOR) schemes with CO2.
Norway is actively promoting Carbon Capture and Sequestration (CCS) to create a market for buying European-generated CO2. However, Erika Bellmann of WWF has raised concerns about potential lock-in effects from these CO2 projects. Despite this, Germany has shown support for Norway's CCS plans, with intentions to build CCS terminals along the Rhine River.
Equinor, Norway's state oil company, is diversifying its investments, exploring both fossil fuels and renewables. This shift is significant given Norway's status as the third largest global natural gas exporter, with Germany being its biggest customer. Norway's oil production has been declining, dropping from a peak of 181 million cubic meters in 2000 to 92 million cubic meters in 2017. Yet, the country aims to squeeze more fossil fuels from declining reserves using imported greenhouse gases for EOR with CO2.
Norway, with its vast renewable energy resources - about 98% of its electricity comes from renewables, primarily hydro facilities - is seeking financial support from the EU's Innovation Fund for its CCS project. By offering CO2 storage and promoting CCS, Norway is positioning itself as a key player in Europe's efforts to reduce greenhouse gas emissions.
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