INPEX Idemitsu Norge AS (“IIN”) acquires a 30 % non-operated stake in Trudvang CCS Project from Sval Energi

IIN has entered into an agreement to acquire a 30 % equity stake in the Trudvang Carbon Capture and Storage (CCS) project from Sval Energi. Following Hywind Tampen, this marks IIN’s second entry into a decarbonization initiative.

The Trudvang CCS license, located east of the Sleipner field in the North Sea, is designed for permanently storing CO₂ in the Utsira Formation, a saline aquifer that has demonstrated its effectiveness for CO₂ storage over the past 25 years.

The project aims to provide storage for captured CO₂ from industrial emitters across Europe to be transported via ships or pipelines to Norway for injection into the Utsira reservoir. The initiative targets an annual storage capacity of 9 million tonnes of CO₂, with the potential to store over 225 million tonnes over a 25-year period.

Subject to approval from the Ministry for the ongoing transaction with Sval Energi, the Trudvang CCS partnership will consist of Vår Energi (operator, 40 %), IIN (30 %), and Storegga (30 %). The first injection is planned for 2029.

Participation in the Trudvang CCS project positions IIN for strategic growth opportunities on the NCS, enabling involvement as a partner or operator in future CCS-focused projects, whether through organic development or M&A. This early entry supports IIN’s competitiveness in a rapidly evolving licensing landscape, as mid-to-large companies accelerate their advancements in CCS.

Through participating in Trudvang CCS, IIN reinforces its commitment to sustainable energy solutions and positions itself as a credible partner in the transition to a low-carbon future.