Copenhagen: TotalEnergies, through its affiliate TotalEnergies E and P Denmark, has entered into a Farm-Down Agreement with CarbonVault, the Danish affiliate of German cement producer SCHWENK, to jointly work on the Bifrost Carbon Capture and Storage (CCS) Project, Trend reports.

According to Trend News Agency, TotalEnergies E and P Denmark will serve as the operator of the project, holding a 45% stake. CarbonVault will hold a 35% share, while Nords¸fonden will possess the remaining 20%. The Bifrost Project comprises two offshore CO2 storage licenses located roughly 200 kilometers west of the Danish coast, and it is an integral component of TotalEnergies’ North Sea CCS portfolio.

SCHWENK has chosen Bifrost as its preferred method for storing future emissions as part of its commitment to decarbonizing its European operations. This collaboration highlights TotalEnergies’ capability to aid industrial clients in lowering their carbon emissions by integrating a company’s decarbonization strategy with the technological expertise of a CCS developer.

Arnaud Le Foll, Senior Vice-President of New Business – Carbon Neutrality at TotalEnergies, expressed enthusiasm about the partnership, stating, “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.”

The completion of the transaction is contingent upon customary conditions, including regulatory approvals.