INPEX CORPORATION (INPEX) announced that through INPEX
Idemitsu Norge AS (IIN), a wholly owned local subsidiary of INPEX Norway, it has reached an
agreement with Sval Energi AS (Sval) and signed a sales and purchase agreement to acquire
30 percent of Sval’s 40 percent equity in the Trudvang CCS Project (Exploration License (EXL)
007) as a non-operating partner. The transaction is expected to be completed upon fulfillment
of conditions precedent including approval of the authorities. Joining the project marks INPEX’s
first foray into the carbon capture and storage (CCS) business in Europe. Through IIN, INPEX
is currently involved in numerous crude oil and natural gas projects in the northern Norwegian
Sea, northern North Sea and Barents Sea.
Trudvang CCS is a large-scale CCS project that aims to cumulatively store over 200 million
tons of CO2 within Exploration License (EXL) 007 located in the northern North Sea
approximately 15 kilometers east of the Sleipner CCS Project, which has a track record of
injecting and storing CO2 for over 20 years. Trudvang CCS will inject CO2 into the same
reservoir as Sleipner CCS, raising expectations for stable and long-term injection and storage
operations.
INPEX is working actively to redevelop the energy landscape for the purpose of helping create
a net zero carbon society by 2050 while meeting energy demand in Japan and around the
world. The company’s Long-term Strategy and Medium-term Business Plan (INPEX
Vision@2022) announced in February 2022 positions CCUS as one of the five net zero
business areas and sets a target of achieving an annual CO2 injection volume of 2.5 million
tons or more by around 2030. INPEX seeks to become a leading company in the field of CCUS
by pursuing technical development and commercialization.
Trudvang CCS Project Overview
License title EXL007
License location Northern North Sea
License surface area 1,075 square kilometers
Partners and participating interest
(Before equity transfer)
Sval (Operator): 40 percent
Vår Energi ASA: 30 percent
Storegga Norge AS: 30 percent
Partners and participating interest
(After equity transfer)
Vår Energi ASA (Operator): 40 percent
Storegga Norge AS: 30 percent
IIN: 30 percent
