Northern Lights

The Northern Lights project will disclose data sets from the confirmation Well 31/5-7 Eos drilled in the North Sea and completed earlier this year.

The memorandum of understanding with Microsoft follows a conditional investment decision in May that Equinor, Shell, and Total made for the carbon capture and storage project.

The memorandum of understanding with Microsoft follows a conditional investment decision made in May by Equinor, Shell, and Total. Pending Norwegian government approval, the final investment decision for the project is expected in late 2020 with startup expected in 2024.

An independent study pegged the cost of the project at about $2.6 billion, 80% of which Norway’s government planned to fund. The ministry said there is uncertainty about Northern Lights’ benefits and that it could prove to be unprofitable.

An investment decision this year would sanction Norway’s first CO2 storage project. Phase 1 is expected to be operational in 2024.