In a significant step toward its sustainability goals, Rex International Holding’s subsidiary, Lime Petroleum AS, has been awarded a CO2 storage licence for the Iroko area in the North Sea. The Norwegian Ministry of Energy granted the licence on 20 June 2024, in partnership with OMV Norge AS and Vår Energi ASA, marking a major milestone in the company’s commitment to a net-zero future.
The Iroko area, located about 130 kilometres west of Haugesund, offers a substantial carbon storage capacity. It is projected to store up to 7.5 million tonnes of CO2 annually for at least 30 years, amounting to a total of approximately 215 million tonnes of carbon over its
operational lifespan. Vår Energi will operate the storage site, with Lime holding a 30% stake alongside OMV Norge (30%) and Vår Energi (40%).
Lars Hübert, CEO of Lime Petroleum, expressed his enthusiasm for this project, stating, "We’ve been working closely with our partners on this initiative for quite some time, and receiving this CO2 storage licence is a key milestone for us. It brings us closer to realising our vision of a net-zero future while ensuring a sustainable energy supply."
The project positions Lime and its partners at the forefront of carbon capture and storage efforts, contributing to global climate goals while strengthening their presence in the North Sea energy sector.