This collaboration aims to potentially reduce CO2 emissions from FPSOs by as much as 70%.

A total of 14 companies have been awarded 21 carbon storage licenses, following the initial results announced in May, which saw one new license and two additional firms included.

The two companies have been working together to establish Italy's first CCS project offshore from Ravenna, with ambitious plans for a CCS hub in the Adriatic Sea.

Through a newly established agreement with CapeOmega Carbon Storage, TotalEnergies is set to acquire CapeOmega's 40% participating interest in a CO2 storage exploration license situated offshore Norway.

The project, named "Porthos," is intended to be Europe's largest carbon capture and storage facility and is projected to reduce the country's annual CO2 emissions by approximately 2% over a 15-year period starting in 2026.

Wintershall Dea's Camelot license introduces a projected annual storage capacity of up to 6 million tonnes, poised to significantly contribute to CO2 abatement potential in the UK.

This development comes after the partners secured a license through the inaugural competitive carbon storage license round conducted by the North Sea Transition Authority.

The Acorn project, based at St Fergus near Peterhead, will play a crucial role in capturing and storing industrial emissions from the central belt to the north-east in depleted oil and gas reservoirs offshore

This move emphasizes the region's role in the UK's broader energy security plans and accompanies the confirmation of 100 new North Sea oil and gas licenses.