AkerBP ASA and OMV (Norge) AS have entered into a collaboration agreement for carbon capture and storage (CCS) and have been awarded a licence in accordance with the CO2<\/sub> Storage Regulations on the Norwegian Continental Shelf (NCS).<\/strong><\/p>\n\n\n\n \u201cWe expect CCS to play a key role in the transition to a low-carbon energy future, and the NCS holds significant potential for carbon storage. As a leading operator on the NCS, AkerBP is well positioned to take an active role in this area. This licence award provides us with an opportunity to explore both the technical and commercial potential of carbon storage. We look forward to collaborating with our partners to develop this into a sustainable and profitable business\u201d, says Karl Johnny Hersvik, CEO in AkerBP<\/strong>.<\/p> \u201cWith this licence award, which will materialize our collaboration with AkerBP, we will invest and leverage our expertise to expand into CCS activities offshore Norway. Safe and permanent storage of CO2<\/sub> is one major pillar of the strategy for OMV to become carbon neutral by 2050\u201d, says Alfred Stern, CEO and Chairman of the Executive Board of OMV<\/strong>.<\/p><\/blockquote>\n\n\n\n The licence awarded to AkerBP and OMV is located in the Norwegian North Sea and will be named Poseidon. AkerBP (60%) and OMV (Norge) AS (40%) have interest in the licence, which will be operated by AkerBP. The licence comes with a work program which includes a 3D seismic acquisition and a drill or drop decision by 2025.<\/p>\n\n\n\n The Poseidon licence could potentially provide storage of more than 5 million tons CO2<\/sub> per year. The intention is to inject CO2<\/sub> captured from multiple identified industrial emitters in North-West Europe, including from Borealis\u2019 various industrial sites in Europe. <\/p>\n\n\n\n AkerBP and OMV (Norge) AS have entered, as Poseidon partners, into a collaboration agreement with H\u00f6egh LNG to provide the marine CO2<\/sub> infrastructure required to collect, aggregate, and transport the CO2<\/sub> from emitters on the European continent to the NCS. H\u00f6egh LNG has developed cost efficient marine CCS solutions based on its experience as one of the world\u2019s largest and most technically advanced operators of LNG infrastructure that includes Floating Storage and Regasification terminals such as the three fast track floating LNG import terminals which were completed last year in Germany. <\/p>\n\n\n\n AkerBP is evaluating CO2<\/sub> storage opportunities on the NCS as a potential new business opportunity and a potential decarbonisation lever for AkerBP in the longer term. The award of the Poseidon licence represents the first milestone to assess and mature CO2<\/sub> storage resources, in support of the deployment of CCS within North-West Europe. Aker BP has in-depth expertise in reservoir management, drilling and wells and logistics offshore Norway. <\/p>\n\n\n\n