Northern Lights

The facility for open-source carbon capture, transport, and storage has been completed.

Government grants and tax incentives will drive carbon capture, storage, and/or utilization projects in the next decade as the industry seeks profitable business model.

The memorandum of understanding aims to improve digital work flows in the emerging carbon capture and storage industry.

Equinor will use the semisubmersible rig Transocean Enabler, which is already under contract, for the work planned for later this year.

The first phase of the project is set for completion in 2024. As a part of the project, Equinor, Shell, and Total will establish a new joint-venture enterprise. Equinor has awarded two EPC contracts.

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.