Shares of Shell PLC (SHEL), TotalEnergies SE (TTE), and Equinor ASA (EQNR) experienced a downward trend on Thursday following the announcement of the completion of a joint carbon dioxide (CO2) storage project. The project, known as the Northern Lights Joint Venture, is located in Norway and includes a terminal for receiving CO2 shipments. A 100-kilometer subsea pipeline transports the captured CO2 to an offshore storage site. Advanced subsea injection systems are employed to safely and permanently store the CO2 in a reservoir 2,600 meters below the seabed.
The Northern Lights project holds significance as the world’s first commercial CO2 transportation and storage initiative. “Carbon capture and storage plays a crucial role in helping society achieve the goals of the Paris Agreement,” stated Anna Mascolo, Shell’s executive vice president.
However, amidst this development, other North Sea projects involving Shell and Equinor face legal challenges from climate campaign groups Uplift and Greenpeace, according to the BBC. These groups, concerned about the environmental impact of fossil fuel development, are challenging the Rosebank and Jackdaw projects. The situation suggests that these projects might require reapplying for planning permission if a Labour government takes office, as it is expected to be more opposed to domestic fossil fuel development compared to the Conservative government.
On a brighter note, Shell secured a bid for a shallow water block in Trinidad and Tobago, beating out offers from BP and EOG Resources, as reported by Reuters.
At the end of the trading day on Thursday, Shell shares were down 3.54% at $65.59, TotalEnergies shares decreased by 1.45% to $65.83, and Equinor shares experienced a decline of 2.78% to $24.11.
