Shell, TotalEnergies, Equinor Complete Carbon Storage Project: Exec Says Joint Venture Plays 'Vital' Environmental Role

Shell PLC SHEL, TotalEnergies SE TTE and, Equinor ASA EQNR shares are trading lower Thursday after the companies announced the completion of a joint-CO2 shipment project.

The project, dubbed the the Northern Lights Joint Venture in Norway, includes a terminal to receive CO2 shipments, a 100 km subsea pipeline to transport the CO2 to an offshore storage site.

It also includes subsea injection systems designed to safely and permanently store CO2 in a reservoir 2,600 meters below the seabed.

Northern Lights is considered the world's first commercial CO2 transportation and storage project.

"Carbon capture and storage has a vital role to play in helping society achieve the goals of the Paris Agreement,” Shell executive vice president Anna Mascolo said.

Also Read: Shell Braces For Tropical Storm 35: Prepares Major Gulf Of Mexico Oil Fields For Shut Down

Separately, the Rosebank and Jackdaw projects in the North Sea of Equinor and Shell, respectively, are reportedly facing legal challenges from climate campaign groups Uplift and Greenpeace, BBC reported.

The situation suggests that these projects may need to reapply for planning permission if a Labour government comes into power, as it is likely to be more opposed to domestic fossil fuel development compared to its Conservative predecessor.

Also, Trinidad and Tobago reportedly chose Shell as the preferred bidder for a shallow water block, surpassing offers from BP and EOG Resources, as per Reuters.

Price Action: At last check Thursday,

• Shell shares are down 3.54%at 65.59
• TotalEnergies down 1.45% at $65.83
• Equinor is down 2.78% at $24.11

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