By Victor Uchechukwu
Energy Window International (Media) has just gathered that TotalEnergies has entered, through its affiliate TotalEnergies E&P Denmark, into a Farm-Down Agreement with CarbonVault, the Danish affiliate of the German cement producer SCHWENK. TotalEnergies E&P Denmark, under the pact, 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 consists in two CO2 offshore storage licenses and located approximately 200 kilometers west of the Danish coast, is part of TotalEnergies’ North Sea CCS portfolio.
SCHWENK, as EWI Publishers has learnt, is committed to the decarbonization of its activities in Europe and so has chosen Bifrost to be its preferred solution to store its future emissions. The French energy giant said it has long been seeking for the best ways of contributing to its customers’ own emissions reduction as it pursues achievement of its decarbonization process as spelt out in its decarbonization roadmap.
“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,” says Arnaud Le Foll, Senior Vice-President New Business – Carbon Neutrality at TotalEnergies.
However completion of the transaction is still a subject of customary conditions, including regulatory approvals.