Nordsøfonden will be state participant in carbon storage in Denmark

22-06-2022

Today, with the announcement of a new political agreement Socialdemokratiet, Venstre, Socialistisk Folkeparti, Radikale Venstre, Enhedslisten, Det Konservative Folkeparti, Dansk Folkeparti, Liberal Alliance and Alternativet has laid down a set of key framework conditions intended to support the development of carbon storage in Denmark.

Today, with the announcement of a new political agreement has laid down a set of key framework conditions intended to support the development of carbon storage in Denmark.

Through the agreement, it has been decided that the Danish state will be partner in licences for carbon storage in Denmark. The Danish underground is a common resource, and state participation will help guarantee the state’s insight into and influence on the activities. Furthermore, it will ensure that Danish society gets a share in any tangible benefits of carbon storage.

The parties to the agreement are in accord that in practice, the state ownership is to be placed in the hands of Nordsøfonden, which, through its participation in oil and gas activities, is considered to have the requisite experience and skills to safeguard the state’s interests.

“We look forward to generate the greatest possible value for Danish society from these carbon activities. At Nordsøfonden, we possess interdisciplinary knowledge of the Danish underground through our role as a consistent participant in the field of oil and gas, and we have already identified numerous points of potential synergy between the two areas,” says Birgitta Jacobsen, CEO of Nordsøfonden.

Nordsøfonden’s participation in Danish carbon activities requires an amendment to the law concerning Nordsøfonden and Nordsøenheden, and it is expected that the relevant process will be completed around the turn of the year. Nordsøfonden will then be in a position to participate in the licences that are expected to be assigned in early 2023, when the first licensing round for carbon storage projects is likely to be held.

“We are keen to help develop a completely new business area in Denmark, and subsequently to play a role in connection with the ownership and monitoring of the carbon dioxide captured and stored. In this way, Nordsøfonden can assist in supporting the Danish climate goals while simultaneously supplying Denmark and the rest of Europe with energy,” concludes Birgitta Jacobsen. 

 

Read the whole agreement here (Danish only).

Contact

Birgitta Jacobsen
CEO