Oil majors form CCS pact

Equinor joins Total and Shell in signing an international agreement on CO2 capture and sequestration. The Norwegian state pledges project funding. 

Photo: Jørgen Bratland / PR / Equinor

Thursday, Equinor signed a Memorandum of Understanding (MoU) with seven other European industrial firms regrading a CO2 capture and sequestration (CCS) project in the North Sea.

The companies' bosses are counting on this being the first step in turning CCS into a profitable business. Equinor is leading the efforts, which also include Total and Shell, and is also pleased to welcome other players into the collaboration. These oil companies are banking on CCS becoming a lucrative long-term investment, as soon as the low-hanging fruit have been plucked.

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