Noreco: Successful Grant of EUDP Funding from Danish Authorities for CCS Project Bifrost

"We are proud to announce the successful grant of EUDP funding for Project Bifrost. Our assets in the Danish North Sea, especially the unique pipeline infrastructure, have the potential to be an important enabler for establishing Denmark as a CCS hub. The use of existing infrastructure for carbon capture and storage is a highly attractive alternative from both a climate and economic perspective when oil and gas production gradually cease," said John Hulme, Chief Operating Officer in Noreco. ...

"We are proud to announce the successful grant of EUDP funding for Project Bifrost. Our assets in the Danish North Sea, especially the unique pipeline infrastructure, have the potential to be an important enabler for establishing Denmark as a CCS hub. The use of existing infrastructure for carbon capture and storage is a highly attractive alternative from both a climate and economic perspective when oil and gas production gradually cease," said John Hulme, Chief Operating Officer in Noreco.

"This evening's announcement is an important step for Noreco, both as a partner in Project Bifrost and as an independent player with strong energy transition ambitions. We believe the future needs a balanced energy mix that safeguards access to reliable and affordable energy sources. We are committed to helping deliver this through our participation in the Tyra redevelopment, which will produce enough gas to power the equivalent of 1.5 million homes in Denmark with 30% lower emissions. We expect CCS to play an increasingly important role in the future and the granting of EUDP funding will strongly support Noreco and our Project Bifrost partners in delivering a concept for the DUC that continues our contribution to the energy transition while also unlocking long-term value for our shareholders," said Euan Shirlaw, Acting Managing Director & CFO in Noreco  

Facts: 

The Bifrost CCS partnership consists of the Danish Underground Consortium (Noreco 36.8%, TotalEnergies 43.2% and Nordsøfonden 20%) who produces 85% of the oil and 97% of the gas from the Danish North Sea, Ørsted who is owner of the pipelines connecting the DUC fields to shore, and The Technical University of Denmark who will be academic partner.

Contact:

Cathrine Torgersen, EVP Investor Relations & Communications
Email: [email protected] 
Phone: +47 915 28 501

About Norwegian Energy Company ASA:

Noreco is a publicly owned company with focus on the oil, gas and offshore industry. The Company's shares are listed on the Oslo Stock Exchange (ticker NOR). For further information, please visit: www.noreco.com.

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https://news.cision.com/noreco/r/noreco--successful-grant-of-eudp-funding-from-danish-authorities-for-ccs-project-bifrost,c3468415

About Norwegian Energy Company ASA:

Noreco is a publicly owned company with focus on the oil, gas and offshore industry. The Company's shares are listed on the Oslo Stock Exchange (ticker NOR). For further information, please visit: www.noreco.com.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/noreco/r/noreco--successful-grant-of-eudp-funding-from-danish-authorities-for-ccs-project-bifrost,c3468415

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/noreco/r/noreco--successful-grant-of-eudp-funding-from-danish-authorities-for-ccs-project-bifrost,c3468415