INPEX Corporation has announced a significant step into the carbon capture and storage (CCS) sector in Europe through its wholly-owned subsidiary, INPEX Idemitsu Norge AS (IIN).

The company has signed a sales and purchase agreement with Sval Energi AS to acquire a 30 per cent stake in Sval’s 40 per cent equity in the Trudvang CCS Project, marking INPEX‘s first involvement in CCS on the continent.

This transaction is contingent upon fulfilling certain conditions, including regulatory approvals.

The Trudvang CCS Project, located in the northern North Sea within Exploration Licence (EXL) 007, aims to store over 200 million tonnes of CO2.

Situated approximately 15 kilometres east of the established Sleipner CCS Project — which has successfully injected and stored CO2 for over two decades — Trudvang will utilise the same reservoir, enhancing expectations for stable and long-term storage operations.

The project is designed to inject around nine million tonnes of CO2 annually, potentially sequestering a total of at least 225 million tonnes over its operational lifespan.

INPEX’s involvement in Trudvang aligns with its broader strategy to contribute to a net zero carbon society by 2050 while meeting global energy demands.

The company’s Long-term Strategy and Medium-term Business Plan, known as INPEX Vision@2022, identifies carbon capture, utilisation, and storage (CCUS) as one of five key business areas aimed at achieving an annual CO2 injection target of 2.5 million tonnes or more by 2030.

Following the equity transfer, the ownership structure of the Trudvang project will see Vår Energi ASA as the operator with a 40 per cent stake, while Storegga Norge AS and INPEX will each hold 30 per cent.

The first injection of CO2 is anticipated to commence in 2029, underscoring the project’s potential to significantly impact Norway’s emissions reduction efforts.