TotalEnergies Sells Minority Stake in North Sea CCS Project to CarbonVault

(Credit: TotalEnergies)

TotalEnergies, through its affiliate TotalEnergies E&P Denmark, has sold part of its stake in the Bifrost carbon capture and storage (CCS) project to CarbonVault, the Danish affiliate of the German cement producer SCHWENK.

Under this agreement, TotalEnergies E&P Denmark will hold a 45% interest in the Bifrost CCS project as the operator, alongside CarbonVault (35%) and Nordsøfonden (20%).

The Bifrost project, which comprises two CO2 offshore storage licenses located approximately 200 kilometers west of the Danish coast, is part of TotalEnergies’ North Sea CCS portfolio.

SCHWENK is committed to the decarbonization of its activities in Europe and chose Bifrost to be its preferred solution to store its future emissions.

“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,” said Arnaud Le Foll, Senior Vice-President New Business - Carbon Neutrality at TotalEnergies.

Completion of the transaction is subject to customary conditions, including regulatory approvals.