TotalEnergies, through its affiliate TotalEnergies E&P Denmark, has signed a Farm-Down Agreement with CarbonVault, the Danish subsidiary of German cement producer SCHWENK. This agreement gives TotalEnergies E&P Denmark a 45% interest in the Bifrost Carbon Capture and Storage (CCS) Project as operator. The other partners are CarbonVault with 35% and Nordsøfonden with 20%.
The Bifrost Project includes two offshore CO2 storage licenses located about 200 kilometers west of Denmark’s coast. It is part of TotalEnergies’ North Sea CCS portfolio.
SCHWENK has chosen Bifrost as its preferred solution to store future emissions, reflecting its commitment to decarbonizing activities in Europe. This partnership aims to align SCHWENK’s decarbonization plans with the technical capabilities of a CCS developer.
“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 completion of this transaction depends on standard conditions such as regulatory approvals.
TotalEnergies states that it focuses first on avoiding emissions and then reducing them by applying best available technologies asset-by-asset. For residual emissions from both itself and customers, the company is developing industrial carbon storage projects. Its expertise in large-scale project management and geosciences supports initiatives like Northern Lights in Norway, NEP in the United Kingdom, Bayou-Bend in the US, Aramis in the Netherlands, and Bifrost in Denmark.
TotalEnergies operates globally across about 120 countries with more than 100,000 employees engaged in providing reliable and sustainable energy including oil, biofuels, natural gas, biogas, low-carbon hydrogen, renewables and electricity.
Completion of this agreement remains subject to regulatory approval processes.
