Vår Energi takes over operatorship of the Trudvang CO2 storage licence

Sandnes, Norway 12 December 2024: Vår Energi ASA (OSE:VAR) confirms the operatorship of the Trudvang CO2 storage licence in the North Sea is to be transferred from Sval Energi AS to Vår Energi CCS AS. Vår Energi CCS AS also increases its stake in the licence from 30 to 40 percent.

The Trudvang storage licence has the potential to store up to nine million tonnes of CO2 annually for at least 25 years, a total of 225 million tonnes, with indications that the storage potential could be even higher.  

Vår Energi’s COO Torger Rød said:

We are pleased to secure our second operatorship of a CO2 storage licence in Norway and wish to explore the possibility to establish viable and commercial business models together with partners and relevant stakeholders. The North Sea has great potential to become a hub for carbon storage, given the proximity to CO2 emitters and the geology which is suitable for carbon storage. 

Vår Energi CCS AS, a wholly owned subsidiary of Vår Energi ASA, was also awarded the operatorship of the Iroko carbon storage licence earlier this year. Going forward the company will assess both licences for carbon storage and mature potential development and value chain models.

The Trudvang storage licence is located in the North Sea, east of the Sleipner field, where CO2 has been safely stored in the Utsira formation for over two decades.  

The transaction and transfer of operatorship is contingent upon authority approval.

Licence partners in the Trudvang storage licence post completion of the transaction will be Vår Energi CCS AS 40%, INPEX Idemitsu Norge AS 30%, Storegga Norge AS 30%.

Contact 

Investor relations 
Ida Marie Fjellheim, VP Investor Relations 
+47 90509291 
ida.fjellheim@varenergi.no 

Media relations 
Liv Jannie Omdal, VP Communications 
+4797667137 
liv.omdal@varenergi.no 

About Vår Energi 

Vår Energi is a leading independent upstream oil and gas company on the Norwegian continental shelf (NCS). We are committed to deliver a better future through responsible value driven growth based on over 50 years of NCS operations, a robust and diversified asset portfolio with ongoing development projects, and a strong exploration track record. Our ambition is to be the safest operator on the NCS, the partner of choice, an ESG leader with a tangible plan to reduce emissions from our operations by more than 50% within 2030.  

Vår Energi has around 1400 employees and equity stakes in 42 producing fields. We have our headquarters outside Stavanger, Norway, with offices in Oslo, Hammerfest and Florø.