TotalEnergies Partners with CarbonVault in Bifrost CCS Project
- TotalEnergies holds a 45% interest in the Bifrost CCS Project.
- The project includes two CO2 offshore storage licenses 200 km west of Denmark.
- CarbonVault holds a 35% stake, and Nordsøfonden holds 20%.
- Completion is subject to regulatory approvals.
Project Overview
TotalEnergies, through its affiliate TotalEnergies E&P Denmark, has entered into a Farm-Down Agreement with CarbonVault, a Danish affiliate of the German cement producer SCHWENK. This agreement involves the Bifrost Carbon Capture and Storage (CCS) Project, where TotalEnergies will hold a 45% interest as the operator, alongside CarbonVault with 35% and Nordsøfonden with 20%.
Project Details
The Bifrost Project includes two CO2 offshore storage licenses located approximately 200 kilometers west of the Danish coast. It is part of TotalEnergies’ North Sea CCS portfolio, aimed at supporting decarbonization efforts.
Partnership Goals
SCHWENK is focused on reducing its carbon footprint in Europe and has selected the Bifrost Project as its preferred solution for storing future emissions. This collaboration demonstrates how TotalEnergies can assist industrial emitters in reducing emissions by leveraging its CCS development capabilities.
Next Steps
The completion of the transaction is contingent upon customary conditions, including obtaining regulatory approvals. The project is a key component of Denmark’s national strategy to establish a European hub for CO2 storage.
Source: TotalEnergies