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PARIS - TotalEnergies has signed a Farm-Down Agreement with CarbonVault, a Danish affiliate of German cement producer SCHWENK, for its Bifrost Carbon Capture and Storage (CCS) project in Denmark, according to a press release statement.
Under the agreement, TotalEnergies E&P Denmark will maintain a 45% interest and operate the project, while CarbonVault will hold 35% and Nordsøfonden will retain 20%. The Bifrost Project includes two CO2 offshore storage licenses located about 200 kilometers west of Denmark’s coast.
SCHWENK, seeking to reduce carbon emissions from its European operations, has selected Bifrost as its preferred solution for storing future emissions. The partnership demonstrates how TotalEnergies can support industrial customers’ decarbonization efforts by combining emission reduction plans with CCS development capabilities.
"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.
The transaction remains subject to regulatory approvals and other customary conditions.
The Bifrost Project forms part of TotalEnergies’ North Sea CCS portfolio, which includes other European carbon storage initiatives such as Northern Lights in Norway, NEP in the United Kingdom, and Aramis in the Netherlands, as well as Bayou-Bend in the United States.
TotalEnergies describes its approach to emissions as first avoiding them, then reducing them through technological improvements, and finally developing carbon storage projects for residual emissions from its operations and those of its customers.
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