By Maitane Sardon

 

Energy majors Equinor, Shell and Total said Friday that they will jointly invest in a project to store and transport CO2 in Norway.

The project, called Northern Lights, is part of the Norwegian government's goal to develop a full-scale carbon capture and storage value chain in the Scandinavian country by 2024.

The companies said they will invest an initial amount of 6.9 billion Norwegian kroner ($676.7 million) and that the project will be developed in two phases. During the first phase, up to 1.5 million tons of CO2 a year will be captured and stored.

The project has to receive a positive final investment decision from the Norwegian government this year and will be operational in 2024.

 

Write to Maitane Sardon at maitane.sardon@wsj.com

 

(END) Dow Jones Newswires

May 15, 2020 12:10 ET (16:10 GMT)

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