OMVKY Omv Ag Bearer (PK)

By Dominic Chopping

Aker BP ASA said Friday that it has entered into a collaboration agreement with OMV AG for carbon capture and storage and have been awarded a license on the Norwegian continental shelf.

The license is located in the Norwegian North Sea and will be called Poseidon, with the Norwegian oil and gas company holding a 60% interest and OMV (Norge) AS holding 40%. It comes with a work program which includes 3D seismic data acquisition and a decision to proceed with drilling or drop the project by 2025.

The company said Poseidon could potentially provide storage of more than 5 million tons of carbon dioxide a year.

"We expect CCS to play a key role in the transition to a low-carbon energy future, and the NCS holds significant potential for carbon storage," Aker BP Chief Executive Karl Johnny Hersvik said.

"This license award provides us with an opportunity to explore both the technical and commercial potential of carbon storage."

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

March 31, 2023 05:19 ET (09:19 GMT)

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