TotalEnergies has strengthened its North Sea carbon storage portfolio with a new partnership aimed at advancing a major offshore carbon capture and storage (CCS) development in Denmark.
Through its affiliate, TotalEnergies E&P Denmark, the company has signed a Farm-Down Agreement with CarbonVault, the Danish affiliate of German cement producer SCHWENK.
Under the deal, TotalEnergies E&P Denmark will take a 45 per cent operating stake in the Bifrost CCS Project, with CarbonVault retaining a 35 per cent interest and state-owned Nordsøfonden holding 20 per cent.
The Bifrost Project covers two offshore CO₂ storage licences located roughly 200 kilometres west of the Danish coastline in the North Sea.
The project aims to contribute to Denmark’s and Europe’s broader decarbonisation efforts by developing significant offshore storage capacity for industrial carbon emissions.
The collaboration is part of SCHWENK’s long-term strategy to reduce the carbon footprint of its cement operations across Europe.
The company has selected Bifrost as its preferred storage solution for capturing and permanently storing its future process emissions.
By aligning an industrial emitter’s decarbonisation pathway with the technical expertise and project delivery capabilities of a CCS operator, the partnership is positioned as a model for accelerating large-scale emissions reduction.
“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 Bifrost Project forms part of TotalEnergies’ broader efforts to repurpose existing North Sea infrastructure and offshore geological formations for carbon storage, leveraging decades of oil and gas engineering and operational experience.
The company has identified the North Sea basin as a key growth area for its CCS business, citing its favourable geology, mature offshore infrastructure, and central location within European industrial emission clusters.
With two CO₂ storage licences secured, Bifrost is expected to provide substantial long-term storage capacity, enabling regional decarbonisation initiatives, particularly for heavy industries such as cement, steel, and refining.
Once operational, the facility could become a strategic component of Denmark’s push to become a central carbon storage hub for Europe, supporting cross-border transport and storage of CO₂ from neighbouring countries.
Projects like Bifrost build on the operational and subsurface expertise developed in oil and gas operations, with geological storage of CO₂ requiring similar reservoir characterisation, drilling, and offshore construction capabilities.
TotalEnergies’ role as operator is expected to be critical in managing both the technical execution and regulatory compliance of the project, ensuring safe and permanent storage in depleted hydrocarbon reservoirs or suitable deep saline aquifers.
The transaction between TotalEnergies and CarbonVault remains subject to customary regulatory approvals before completion.
Once sanctioned, the partners will move towards project definition and execution phases, focusing on licence development, environmental assessments, and infrastructure planning for offshore injection and monitoring systems.
For Denmark, the Bifrost Project represents not only a step towards achieving national climate targets but also an opportunity to leverage its offshore oil and gas legacy in the emerging CCS market, positioning the country at the forefront of Europe’s energy transition.
