Carbon Capture, Storage and Utilization

Oil-Rig

We need a new approach to carbon dioxide. Achieving net zero requires more than just cutting emissions – it demands smart carbon management. This means avoiding emissions where possible, preventing their escape, storing them safely, and finding ways to reuse them.

Our CCS ambitions

Carbon Capture, Storage and Utilization (CCS/CCU) is a crucial part of this strategy, helping us transform carbon from a waste emission into a valuable asset. It works by capturing carbon at its source and turning it into safely transportable carbon dioxide, which then can be stored in the earth or used to create new products like synthetic fuels and materials.  

We are transforming into a leading provider of solutions for the sustainable energy transition, with CCS and CCU as key components of this mission.  

“CCS is not a ‘nice-to-have’, but a ‘must-have’ to meet the European climate targets and effectively address the pressing challenges of climate change. At OMV, we have the subsurface expertise, capability, capacity and innovative mindset to unlock new carbon opportunities.”

Berislav Gašo
OMV Executive Vice President Energy


To achieve our net-zero goals, we will invest around EUR 5bn in low-carbon initiatives, including CCS. For CCS we intend to offset absolute emissions both from captive use and third parties. By 2030, we aim to store ~3mn metric tons of CO2 per year, which corresponds to a target market share of 10% in the European Union. 3mn metric tons are equivalent to the emissions of 6 cement plants or 12% of Austria's annual industrial emissions. Our main focus is on the North Sea, where we hold two storage licenses with partners. We are also evaluating onshore and offshore opportunities in Central and Eastern Europe.

CCS is essential for achieving net zero

CCS solutions capture CO2 where it is emitted. Its state is then converted into liquid or gaseous for safe transportation, before it is stored underground. As a technology that reduces the amount of CO2 released into the air, CCS has to be an essential part of our strategy for reaching net zero.       

We are well placed to deliver on the benefits of CCS

With our existing reservoir and subsurface capabilities, we have the expertise to develop and expand CCS solutions. In collaboration with Aker BP ASA, we have been awarded the “Poseidon” license for CCS in Norway, with the potential to store over 5mn metric tons of CO2 per year. In partnership with Vår Energi and Lime Petroleum AS, we were awarded a second CO2 storage license. The license, called Iroko, is located in the Central Norwegian North Sea and can store around 215 million metric tons of CO2, with the injection capacity expected to exceed 7.5 million metric tons of CO2 per year. We are also evaluating new license opportunitiesin the North Sea and Central and Eastern Europe to further expand our CCS activities.

A safe, proven technology

CCS has a long track record of safety, having been used since the 1970s. Once injected into the earth, CO2 gradually dissolves and solidifies, becoming a permanent part of the rock formation, ensuring safe long-term storage. In the EU, safety is further ensured by a requirement for CCS sites to be monitored for 30 years (Directive 2009/31/EC of the European Parliament, April 23, 2009).

Partnership, investment and innovation

We are calling for partnerships across the value chain to build a strong network of expertise. These collaborative efforts will help to unlock innovation and enable projects with the necessary scale and investment to achieve real progress. 

How does CCS/CCU work?

Carbon Capture and Storage (CCS) is simply the opposite of an oil and gas project: reinjecting emissions, through liquid carbon dioxide, back into the earth. Carbon Capture and Utilization (CCU) goes a step further by converting captured CO2 into valuable new products and materials. Together, CCS and CCU help reduce atmospheric carbon levels and create new resources.

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Steps: from above – to below – and beyond 

From above

  • Carbon capture/sequestration:
    Capturing and separating carbon dioxide from industrial exhausts 
  • Compression:
    Captured carbon dioxide is compressed and converted into a liquid or gas 
  • Transport:
    Transport to storage or utilization site via pipeline, ship or rail 

To below 

  • Storage and monitoring: 
    Injection of CO2 in an offshore or onshore underground reservoir with an overlying tight cap rock that ensures safe and permanent storage under permanent monitoring 

And beyond 

  • Utilization: 
    Utilization involves converting carbon dioxide captured from industrial, biogenic or atmospheric sources into valuable products 

CCS project Poseidon 

Aker BP ASA and OMV (Norge) AS have entered into a collaboration agreement for CCS and have been awarded a license under the CO2 storage regulations on the Norwegian Continental Shelf (NCS). 

The Poseidon license, awarded for an area located in the Norwegian North Sea, has the potential to store over 5mn metric tons of CO2 per year. It is jointly held by Aker BP and OMV (Norge) AS, each with a 50% interest. Aker BP will operate the license, which includes a work program including a 3D seismic acquisition and a drill or drop decision by 2025.

The intention is to inject CO2 captured from multiple industrial emission sites in North West Europe, including several Borealis sites.  

CCS project Iroko

We were awarded with a second CO2 storage license by the Norwegian Ministry of Energy. The license, called Iroko, is located in the Central Norwegian North Sea and can store around 215 million metric tons of CO2, with the injection capacity expected to exceed 7.5 million metric tons of CO2 per year. It will be operated by Vår Energi (40%) in partnership with us (30%) and Lime Petroleum AS (30%).

Your guide to storing COwith us

We’re working towards storing ~3 million tons of CO2 by 2030, with plans to increase this capacity in the future. We currently hold two storage licenses in strategic locations in the Norwegian North Sea, and we’re also exploring the potential of additional sites in Romania and the Black Sea region.

We work closely with CO2-emitting companies throughout Europe who are interested in using our international CCS storage capabilities to support their decarbonization efforts. Our goal is to consolidate emissions from various European sites into strategic storage locations. This collective approach ensures timely access to CO2 transport and storage facilities, and also aligns our common interests. By pooling our resources, we are able to achieve greater efficiencies and economies of scale, effectively reducing both risks and costs.

Our collaboration typically follows these steps:

  • A preliminary discussion to understand your needs
  • Signing of a non-disclosure agreement
  • Exchange of technical and commercial information
  • Agreement of initial, non-binding terms for storage costs and volumes
  • Signing of a fully termed contract 

During the early phase of our collaboration, we focus on these key areas:

  • CO2 source: Understanding where your CO2 comes from and if it includes a biogenic CO2 component
  • Storage quantity: Determining how much CO2 you intend to store
  • Capture start date and technologies: Setting timelines and selecting technologies
  • Transport Facilities: Planning how the CO2 will be transported
  • Funding Support: Identifying if any support is needed to secure funding

For further details, please contact us at energy@omv.com.

Frequently asked questions

  • Why do we need CCS?
    Climate change is humanity's greatest challenge, and CO2 emissions are the main cause. Experts, including the United Nations' Intergovernmental Panel on Climate Change (IPCC) and the International Energy Agency (IEA), recognize that achieving emissions targets will be nearly impossible without large-scale application of CCS
  • Why is CCS a “must-have”  for hard-to-abate industries?
    Hard-to-abate industries, such as cement, have no viable alternatives to CCS for achieving meaningful emissions reductions. This is because CO2 is not only generated through their use of fuels, but also through their production processes 
  • How does CCS/CCU combat climate change?
    CCS captures carbon dioxide from industrial sites, transports it, and stores it in geological formations underground. CCU goes further by converting captured CO2 into valuable products like fuel and materials
  • Is CCS technology safe and proven?
    Yes. CCS has been used safely since the 1970s. Safety is further ensured by ongoing, long-term monitoring of projects
  • What happens to CO2 stored underground? 
    Injected CO2 dissolves in water and sinks due to its density, preventing it from escaping. Over time, it reacts with minerals and becomes a permanent part of the rock formation
  • What is the legal situation in Austria?
    CCS is not permitted in Austria, so we are not working on CCS projects there
  • How many CCS plants are there worldwide?
    According to the Global CCS Institute’s “Global Status of CCS 2023” report, there were 392 projects in the pipeline in July 2023 – a 102% increase from the previous year. Of these, 41 projects were operational, 26 were under construction, and 325 were in development