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10/14, 7:37 PM (Source: TeleTrader)
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Microsoft, Equinor partner on Northern Lights CSS project

Microsoft Corp signed a memorandum of understanding with Norway’s petroleum refining company Equinor on Wednesday in order to explore ways to support the Northern Lights carbon capture and storage (CCS) project as a technology partner, the Norwegian company stated. Equinor is developing the project in partnership with Shell and Total as equal operators.

Microsoft President Brad Smith stated that the company’s goal is "not only to contribute our technology and know-how but explore how new solutions like the Northern Lights project can help us meet our own carbon-negative goals by 2030."

It is expected that the Norwegian government covers around 80% of the 6.9 billion Norwegian crowns ($751 million) cost of the CO2 deposit’s first stage, which would enable storage of 1.5 million CO2 tonnes per year.

Breaking the News / TF