OSLO, Norway, Jan. 4 (UPI) -- Norwegian energy company Statoil said it was tasked by the government in Oslo to study ways to store carbon dioxide on the country's continental shelf.
The company, in a statement sent to UPI, said it was awarded a contract from the Norwegian Ministry of Petroleum and Energy to carry out feasibility studies at three offshore locations. It marks what may be the first study of its kind in Europe.
"We are excited about these studies which may potentially lead to new CO2 storage opportunities on the Norwegian continental shelf," Stephen Bull, a senior vice president for carbon storage at Statoil, said. "Statoil's expertise in CO2 monitoring and subsurface mapping can offer attractive long-term business opportunities and a scalable solution for Europe's CO2 reduction initiatives."
Statoil last year joined nine of the world's largest oil and gas companies in pledging to play a constructive role in reducing the intensity of global greenhouse gas emissions.
Through the Oil and Gas Climate Initiative, the companies said they're committed to "significant actions" to cut greenhouse gas emissions from their operations. The 10 companies combined for about 10 percent of all global energy supplies and said they've reduced their greenhouse gas emissions by around 20 percent over the last 10 years.
Statoil valued the government contract at around $3.9 million. Work will be completed by June 1 at three study locations. The company said the results will form the basis for the government's next steps on full-scale carbon capture and storage in Norway.
In a 2013 study, the International Energy Agency described carbon capture and storage as a "necessary addition" to other low-carbon energy technologies meant to drive down global greenhouse gas emissions.