The potential for the North Sea to establish itself as a carbon capture hub received a major boost yesterday, after Norwegian energy giant Statoil secured a deal to assess the feasibility of a number of prospective storage sites.
The company confirmed it has signed a contract with the Norwegian government to conduct three carbon storage studies in the country's territorial waters.
The Norwegian oil giant, which was the only bidder for the NOK 35 million (£2.7m) contract, said the deal marked an important step towards delivering large scale carbon capture and storage (CCS) projects as the industry moves from R&D projects to real world deployment.
"Statoil's expertise in CO2 monitoring and subsurface mapping can offer attractive long-term business opportunities and a scalable solution for Europe's CO2 reduction initiatives," said Stephen Bull, Statoil's senior vice president for offshore wind and carbon capture and storage (CCS), in a statement.
The results from the studies, which will look at various development concepts and are due to be completed by June 1st, will be used to inform the Norwegian government as it works on plans for a full-scale carbon capture and CCS plant.
Statoil - which is majority owned by the Norwegian state - is currently involved in four large-scale CCS projects, including a 20 per cent stake in Technology Centre Mongstad, the world's largest carbon capture test site.
The news represents a boost to a wider CCS industry that has endured a number of setbacks in recent months.
While the Paris climate change agreement relies heavily on as yet undeveloped technologies to remove large quantities of carbon dioxide from the atmosphere in the future, few countries named CCS in their national plans submitted before the conference.
Moreover, the UK government halted its own £1bn CCS competition in November just five weeks before the deadline for bids - a move which commentators described as 'devastating' to the industry.
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