TotalEnergies, in partnership with Equinor and Shell, is pioneering the development of Northern Lights, a groundbreaking carbon capture and storage project off the coast of Norway. Approved by the Norwegian government in 2020 and designated as a Project of Common Interest by the European Union, Northern Lights aims to accelerate the decarbonization of heavy industry in Europe by providing a safe and reliable means of transporting and storing CO₂ emissions.
The project, owned in equal shares by the three energy giants, is set to begin carbon transport and storage operations in 2024. During its first phase, Northern Lights will have the capacity to store 1.5 million metric tons of CO₂ per year, with plans to expand up to 5 million metric tons per year as demand increases. The CO₂ will be sequestered in geological layers approximately 2,600 meters below the seabed in the Northern North Sea.
Northern Lights has already secured its first commercial agreement with Yara, an ammonia and fertilizer plant in the Netherlands. Under this agreement, around 800,000 metric tons of CO₂ per year will be captured, compressed, and liquefied at the Yara Sluiskil plant before being transported to the Northern Lights site for permanent storage off the coast of Øygarden in the Norwegian North Sea.
The project's success hinges on TotalEnergies' expertise as a long-standing operator in the North Sea, coupled with its recognized operational and geological skills. The company aims to develop a CO₂ storage capacity of more than 10 million metric tons by 2030, catering to both its own facilities and those of its customers. Europe, particularly the North Sea, plays a central role in TotalEnergies' CCS strategy.
The development of Northern Lights marks a significant milestone in the fight against climate change, as it provides a viable solution for industrial companies to reduce their carbon footprint. By offering a secure and reliable means of transporting and storing CO₂ emissions, the project is expected to attract interest from various industrial sectors across Europe.
As the world transitions towards a low-carbon future, projects like Northern Lights demonstrate the commitment of energy companies to invest in innovative solutions that address the challenges posed by climate change. The collaboration between TotalEnergies, Equinor, and Shell in developing this groundbreaking CCS project serves as a model for future endeavors aimed at reducing greenhouse gas emissions and promoting sustainable development.
The successful implementation of Northern Lights has the potential to pave the way for similar projects worldwide, as countries and industries seek effective means of mitigating their carbon footprint. By harnessing the expertise and resources of leading energy companies, the project is poised to make a significant contribution to the global fight against climate change, while simultaneously supporting the decarbonization efforts of heavy industry in Europe.
NYSE: TTE
Current Price: $58.32
Change: + $0.62 (+1.07%)
Based on the technical analysis model, TotalEnergies' stock is currently in an uptrend, with the price trading above its moving averages. The MACD indicator suggests a bullish momentum, with the MACD line above the signal line. The stock has recently broken through a key resistance level, which now acts as a support level. The Bollinger Bands are expanding, indicating increased volatility and potential for further upward movement. However, investors should monitor the stock closely, as it may face resistance at higher levels. Overall, the technical analysis suggests a positive outlook for TotalEnergies' stock in the near term, supported by the company's involvement in the groundbreaking Northern Lights CCS project.
NYSE: EQNR
Current Price: $29.11
Change: + $0.37 (+1.29%)
Equinor's stock price is trading above its key moving averages, indicating a positive trend. The MACD indicator shows a bullish crossover, suggesting increasing momentum. The stock has recently broken through a significant resistance level, which now acts as a support level, based on Fibonacci retracement. The Bollinger Bands are widening, signaling potential for further upward movement, although the stock may face resistance at higher levels. Overall, the technical analysis suggests a favorable outlook for Equinor's stock, bolstered by the company's participation in the pioneering Northern Lights carbon capture and storage project in Norway.
NYSE: SHEL
Current Price: $60.45
Change: + $0.68 (+1.14%)
Shell's stock is showing a steady uptrend. The stock price is consistently trading above its 50-day and 200-day moving averages, confirming the positive trend. The MACD indicator has recently crossed above the signal line, indicating increasing bullish momentum. The stock has found support at the 38.2% Fibonacci retracement level and is now approaching the upper Bollinger Band, suggesting potential for further upward movement. However, investors should be cautious of possible resistance at higher levels. The technical analysis indicates a positive outlook for Shell's stock, supported by the company's involvement in the groundbreaking Northern Lights carbon capture and storage project in Norway, which demonstrates its commitment to sustainable energy solutions.
