TotalEnergies, through its affiliate TotalEnergies E&P Denmark, has entered into a Farm-Down Agreement with CarbonVault, the Danish affiliate of the German cement producer SCHWENK. The agreement establishes SCHWENK as a partner and future customer in the Bifrost Carbon Capture and Storage (CCS) Project in the Danish North Sea.
The transaction, which is subject to customary regulatory approvals, sees TotalEnergies E&P Denmark retain a 45% interest and remain as the project operator. The remaining interests are held by CarbonVault (35%) and Nordsøfonden (20%).
Bifrost Becomes a Decarbonization Solution
The Bifrost Project comprises two CO2 offshore storage licenses situated approximately 200 kilometers west of the Danish coast. It is a key component of TotalEnergies’ wider North Sea CCS portfolio.
The partnership is a direct result of SCHWENK’s commitment to decarbonizing its industrial activities in Europe. SCHWENK has selected Bifrost as its preferred solution for storing its future CO2 emissions.
This collaboration illustrates a strategy where TotalEnergies combines its capabilities as a CCS developer with the decarbonization roadmap of an industrial emitter, contributing to its customers’ own emissions reduction efforts.
Arnaud Le Foll, Senior Vice-President New Business – Carbon Neutrality at TotalEnergies, said: “We look forward to working with our new partner to ensure the successful deployment of the Bifrost Project, a cornerstone of Denmark’s national ambition to establish a European hub for CO2 storage.”
