EU Awards €223 Million for Norway CO2 Storage Project
The funding supports the Atlas project, which aims to develop carbon transport and storage infrastructure in the North Sea.
Updated on Oct. 20, 2026 in Oil and Gas
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The European Union has awarded €223 million to Aker BP and Höegh Evi to support the Atlas carbon capture and storage project. This initiative will establish critical infrastructure on the Norwegian Continental Shelf to store captured CO2.
Why it matters
This project provides European industries with permanent CO2 storage capacity and economies of scale, helping the region advance its decarbonization targets. It serves as a key piece of infrastructure for managing industrial emissions through carbon sequestration.
The Atlas project is designed to store 6 million tons of CO2 annually, with the potential to scale to 10 million tons. The site is located in a saline aquifer 2,000 meters beneath the seabed.
The players
Aker BP
This Norwegian oil and gas company operates the EXL011 site and serves as a lead developer for the carbon storage project.
Höegh Evi
This company acts as a partner in the development of CO2 transport and storage infrastructure for the Atlas project.
ORLEN Upstream Norway
A subsidiary of the Polish energy group, this entity holds a 20% ownership stake in the EXL011 storage site.
The details
CO2 will be collected at regional hubs and transported by dedicated maritime carriers before being injected into subsea infrastructure. The EXL011 site driving this initiative is held 80% by Aker BP and 20% by ORLEN Upstream Norway.
Timeline
April 2026: Project confirmed as EU Project of Mutual Interest.
2028: Targeted date for final investment decision.
2031: Targeted date for first CO2 injection.
Market Landscape
This investment accelerates the development of industrial-scale carbon capture across Europe by integrating storage as a standardized service. It positions Norwegian infrastructure as a central hub for industrial emissions management against emerging regional alternatives.
For industrial businesses, this project creates a viable pathway to meet emissions mandates through centralized, long-term storage access. The infrastructure ensures that large-scale decarbonization efforts have a technically verified destination for captured carbon.
The takeaway
The Atlas project represents a significant shift toward commercializing carbon transport by leveraging maritime logistics for cross-border storage. Companies operating within the EU industrial sector should track this timeline to assess future emissions compliance costs.
What happens next
A final investment decision for the Atlas project is scheduled for 2028, followed by the target for first CO2 injection in 2031.
Further reading
For broader developments in carbon management, visit the Oil and Gas section.
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