This initiative aims to play a pivotal role in supporting the decarbonization efforts in the Asia-Pacific region and advancing net-zero goals.

The farmout agreement, pending regulatory approval, marks SEEL’s debut in the UK carbon storage sector, joining CCL and license operator Perenco in a strategic decarbonization initiative.

Carbon Catalyst, the original licensee, has completed the farmout of a 10% working interest to Wintershall Dea, marking the latter's second venture into a UK CCS project.

The collaboration represents a milestone in the country's commitment to reducing emissions and fostering a more environmentally friendly industrial landscape.

These organizational changes underscore Sawan's commitment to driving the company's focus toward higher-margin ventures, maintaining stable oil output, and expanding natural gas production.

This development follows the final investment decision (FID) made for the project, underscoring the nation's commitment to sustainability and environmental responsibility.

The approvals of these surplus credits shed light on the loopholes within the British net zero framework.

The estimated project cost stands at $1.37 billion (EUR 1.3 billion), with construction scheduled to commence in Rotterdam by 2024.

While the NPD did not disclose the names of the companies involved, their applications represent a step toward advancing carbon capture and storage solutions to combat climate change and reduce greenhouse gas emissions in Norway and the wider global context.

Fourteen companies have been awarded 21 licenses, covering approximately 12,000 square kilometers of depleted oil and gas reservoirs and saline aquifers.