Canada’s global energy peers have heeded the advise of the IEA and IPCC and are taking action to implement CCUS as a key component of their paths to reduce emissions. Nova Scotia, Canada has significant and unrealized natural advantage in the form of offshore CCS capacity that offers enough storage capacity to sequester and store all of Canada’s emissions for over a hundred years. This allows offshore Nova Scotia to be one of the few margins that can provide net-negative oil and natural gas by offsetting future hydrocarbon CO2 emissions. This presentation analyzes competitiveness gaps between Canada and other jurisdictions, as well as widening gaps that exist within Canada. A series of actionable solutions that are needed to collaboratively bridge these gaps and co-create a reliable, efficient, stable and sustainable energy future will be outlined.

1. www.searcherseismic.com
CCUS Gap Analysis: How We Can Propel Canada
Past Other Jurisdictions
Carbon Neutrality Forum –April 19th, 2023
1

2. Disclaimer & Copyright
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2

3. The need for CCUS is inescapable
 “Reaching net zero will be virtually impossible without CCUS”
– IEA, 2020 Special Report “CCUS in Clean Energy Transitions” (1)
Latest IPCC report (March 2023):
"Net zero CO2 energy systems entail: a substantial reduction in
overall fossil fuel use, minimal use of unabated fossil fuels, and use of Carbon
Capture and Storage in the remaining fossil fuel systems” (2)
CCUS becomes more important as a contributor to net zero over time:
 A faster transition requires more CCUS
 Moving the net-zero goalposts from 2070 to 2050 would require almost 50%
more CCUS deployment)
IEA, 2020 Special Report “CCUS in Clean Energy Transitions (3)
Even if all our energy needs were met with clean sources, CCUS will still be needed to achieve deep
carbon reductions – CarbonNEXT CCUS: The Case for Canada, November 2022 (4)
3
IEA (2022) "World CO2 emissions reductions from CCUS by
technology readiness category in the Sustainable Development
Scenario relative to the Stated Policies Scenario, 2018-2070“.
(X Axis = Gt Co2)

4. CASE STUDY #1: Norway
 Longship Project:
 - A Full Chain CCUS Project (5)
 2 CO2 capture facilities + a CO2 transport and storage hub (6)
- Includes Northern Lights:
o a collaboration between Equinor, Shell and Total (7)
o 1st licence for CO₂ storage on the Norwegian
Continental Shelf
Phase 1: 1.5 million tonnes CO2/ year.
Phase 2: 5 million tonnes CO2/year (8)
Set up to receive CO2 from neighbouring countries (9)
August 2022: Drilling of injection well and backup well
completed (10)
Carbon capture and storage operations are scheduled to
begin in 2024 (on schedule) (11)
Image from Equinor: https://www.equinor.com/energy/northern-lights 4

5. Norway: First Mover Advantage
 Ripple effects: The stated aim of Longship is
"to pave way for new CCS projects, so that
the probability of achieving the goals in the
Paris Agreement increases" (12)
 This is already happening:
Northern Lights is directly linked to
development of at least 9 additional capture
facilities across Europe (13), which "would
probably not have materialized" otherwise
(14) - (IEA Energy Technology Perspectives 2020:
Special Report on Carbon Capture Utilisation and Storage
CCUS in clean energy transitions)
 Government has invested roughly USD 2
billion in Northern Lights – 80 per cent of
the total budget for the first 10 years. (15)
 For the Longship program, the state’s share
of the costs is estimated to be NOK 16.8
billion (about CAD $ 2.2 billion). The state
covers around two thirds of the costs of
this project. (16)
Source: Norwegian Ministry of Petroleum and Energy. Presented as part of March 13,
2023 Online Event: “CCS Commercial and Regulatory Frameworks: Lessons Learned
from CCS Front-runners in Norway”. (17)
5

6. Case Study #2: USA
April 2020: ExxonMobil announced CCUS Innovation Zone (Houston Area CCS Innovation Hub) (18)
• Now a consortium of 14 companies including Shell, Chevron, Marathon Petroleum. (19)
• Could become the world's largest carbon capture and storage (CCS) project (20)
• 2030: Up to 50 million tonnes of CO2 per year, undefined number of offshore injection
wells. (21)
• 2040: Consortium estimates that volume could double to 100 mtpa (million tonnes of CO2
a year) (22)
• carbon capture and storage plan that could effectively decarbonize major industrial areas
like the Houston Ship Channel. (23)
• project's estimated $100-billion price tag will depend on an unspecified amount of federal
funding (24)
March 29, 2023: Exxon Mobil - high bidder on 69 offshore blocks to store
CO2 underground during govt oil and gas lease sale. (25)(Focus was on
depleted reservoir in shallow waters, close to large US refining and
petrochemical complexes)
 2021: The U.S. emitted 6.3 billion metric tons of CO2 equivalent
(US EPA, 2023) (26)
 2022: Global energy-related CO2 emissions grew by 0.9%,
reaching a new high of over 36.8 Gt. (IEA, March 2023) (27)
Image from ExxonMobil, “Houston Carbon Capture and Storage Gains Industry
Support, Now Needs Policy Support” Sept. 23, 2021.
Accessed April 2023 via https://corporate.exxonmobil.com/what-we-do/delivering-
industrial-solutions/carbon-capture-and-storage/houston-ccs-gains-industry-support
Adapted and accessed from BOEM ArcGIS Interactive Map: Oil
and Gas Lease Sale 259, March 29 2023. (Accessed April 2023
at https://www.boem.gov/oil-gas-energy/leasing/lease-sale-259
6

7. USA: PULLING OUT IN FRONT - multiple emerging hubs
 May 2022: Chevron acquired 50% of Bayou Bend Project (Talus,
Carbonvert) (28)
 Chevron’s first CCS project in an entirely offshore environment.
(29)
 Chevron: $30 million of gross upfront cash + $20 million of gross
capital cost reimbursement to cover capital expenditures through
the project’s final investment decision (“FID”). (30)
 Initial 40,000 acres located in Texas state-controlled waters (31)
 March 6 2023: Bayou Bend Expansion Announced (32)
 Now encompasses 140,000 acres of sequestration
space (33)
 Now enough to store 1 billion metric tonnes of
CO2 (34)
 First injection planned for 2026 (35)
Map from Chevron press release for Bayou Bend Expansion, March
6, 2023. Accessed April 2023 at https://chevroncorp.gcs-
web.com/news-releases/news-release-details/bayou-bend-
expands-carbon-capture-project-onshore-southeast
7

8. Financing: A regional comparison of Canada’s Peers
NORWAY:
 Up to $35 billion in CCS development spending
available in Europe specifically targeted for projects
in the North Sea in Norway, the UK, Denmark, and
the Netherlands (36)
For the Longship program, the state’s share of the
costs is estimated to be NOK 16.8B (~CAD 2.2B)
(State covers about 2/3 of project cost). (37)
Government directly invested ~ 2 billion USD in
Northern Lights (80 per cent of the total budget for
the first 10 years). (38)
Direct government support to fund FEED studies for
large scale CCS (39)
The most important support is proactive partnership:
Closer to public private partnership
Custom risk-sharing agreements (e.g. Longship)
Support to expand CCS and establish supply chain
USA:
WIDE eligibility (seen as competitive advantage):
 Incentives both CO2-EOR and geological storage (40)
 USD $85 / tonne of CO2 for permanently stored CO2 (41)
 USD $60 / tonne of CO2 for EOR / enhanced oil recovery (42)
 Flexible and Bankable:
 Earlier monetization, Direct Pay options, Tax Exempt CCUS Bonds (43,44)
 Stackable with other credits and forms of support
 Targeted support for feasibility and FEED studies for CCUS (45,46)
 DOE CarbonSAFE Initative (47)
 DOE-funded program focused on the development of geological storage sites
with the potential to store at least 50 Mt CO2.
 (GOM covered by 2 CarbonSAFE feasibility studies) (48)
 IRA is complementary and additive to bigger USA industrial strategy (1.2 trillion
also known as the Infrastructure Investment and Jobs Act) (49)
 Includes over US$12 billion to be spent on CCS over the next five years
(Global CCS Institute, 2022 Knowledge Report) (50) 8

9. How does Canada Compare?
 Canada's CCUS Investment Tax Credit:
 much narrower eligibility: More focus on equipment than CO2 that is permanently stored or used (51)
 CO2 for EOR is ineligible (52)
 EOR is currently the only carbon industry of scale!
 Critical feasibility, FEED studies are ineligible (53)
 Transferability restrictions are built-in: (54)
 subsequent purchasers of eligible equipment cannot claim the CCUS Tax Credit if the credit has already
been claimed by a previous owner
 Application - based funding, bankability and confidence gap
 Additional supports are coming:
 Two new CCA (capital cost allowance) classes will be established for expenses relating to CO2 storage: (55)
 100 % for exploration expenses,
 30% for development expenses.
Based on Exhibit 30, Carbonomics (56)
https://www.goldmansachs.com/insights/pages/gs-
research/carbonomics-affordability/report.pdf
USA is strongly
favoring CCUS
9
Weyburn-Midale
CO2 Project

10. Regulatory and Legislation Gaps: Regional Comparison
Canada, Norway and USA have recognized that the regulatory CCUS framework still needs to be improved and optimized
Norway and USA:
- aggressively moving ahead to address regulatory gaps, reduce bottlenecking, speed up permitting
Norway is a case study in the value of being proactive:
1st to develop offshore CO2 storage
 Norway didn't wait for a regulatory process or a business case, it moved ahead with demonstration project to co-
create both:
 EU Commission has designated Northern Lights to be a Project of Common Interest: (57)
 "Projects of common interest (PCIs) are key infrastructure projects, which will help Member States to physically
integrate their energy markets, enable them to diversify their energy sources and help bring an end to the energy
isolation“
 March 2023: EU Net Zero Industry Act: Draft regulation in EU, targets a 50 MT CO2/year storage obligation to oil and
gas producers!) (58,59)
10

11. Regulatory and Legislation Gaps:
 Like Canada, the USA currently has no regulatory framework in place for permanent CO2 storage in federal
waters (60)
 Lack of clarity on regulation is still a risk and threat to offshore CCUS development in the USA – it may cause
delay (61)
 The USA is working to address these gaps ASAP:
 The Infrastructure Investment and Jobs Act, signed into law in November 2021, required the US Department of Interior to
develop new regulations for offshore CCS projects by November 2022. (62)(Work is still in progress)
 Projects are already moving forward:
 CCUS development is moving forward in shallow waters in Texas. This includes the Houston Channel etc - major areas of
development that aligns with a series of recent green lights
 States are moving forward:
 Texas and Louisiana are stepping up efforts to assume regulatory authority of Carbon Capture and Storage (CCS) projects.
 Texas state-controlled waters extend 9 miles form shore (3 miles for Louisiana) (63,64)
 North Dakota Department of Mineral Resources now estimates that the permit for a Class VI well could issued 7 months after receipt of a
complete application (65)
11

12. Nova Scotia: Opportunity and Challenge
 WORLD CLASS OPPORTUNITY
Nova Scotia’s depleted offshore oil/gas fields have significant
potential CO2 storage capacity. It is estimated that there is enough
capacity to sequester over 100 years of Canadian emissions
(personal correspondence with relevant authorities, April 2023)
 CHALLENGES:
Canadian CCUS Policy (and support) within Canada is uneven:
“Eligible use" includes dedicated geological storage or storage in
concrete. However, qualified dedicated geological storage only
applies in jurisdictions determined to have sufficient regulations
for ensuring permanent CO2 storage – Alberta and Saskatchewan.
(66)
In November 2022, BC was deemed as an eligible jurisdiction under the
proposed Carbon Capture Utilization and Storage Investment Tax Credit
(CCUS ITC). (67)
Budget 2023 proposes to add British Columbia as an eligible jurisdiction
for dedicated geological storage, applicable to expenses incurred on or
after January 1, 2022 (68)
World class resources and opportunity are currently
unrecognized in Eastern Canada - by design
From “Opportunities Galore: Recent Call For
Bids Offer Lots Of Potential For Nova Scotia
Offshore” Jan. 30, 2023. Accessed April 2023 via
https://www.dailyoilbulletin.com/article/2023/1/30
/opportunities-galore-recent-call-for-bids-offer-lo/
12

13. Communication and Trust: The Most Critical Infrastructure
 “Canada is the top-ranking nation in the GCCSI CCS Readiness index, meaning that it has been identified as a leader in promoting and
deploying CCS. It is only lacking a strong policy to help drive investment for rapid deployment on a commercial scale.” (OCGI, 2022) (69)
 “Government leadership and co-ordination are vitally important to the early development of CCUS hubs in most regions, notably in
supporting or underwriting investment in new CO2 transport and storage infrastructure” (IEA, 2020) (70)
 “Collaboration is a key means by which the viability of CCUS offshore NL can be improved. In this context, collaboration means
operators, regulators, contractors, and government working together” (Net Zero Project white paper, 2023) (71)
 Norway actively took on a coordinating role and shared risk - specifically because of investment barriers in industry, on the basis of a
recognized need to develop a full scale project. (72)
 “The Longship project has been developed through a step-by-step project development process, with several decision points for both
industry and government. Gassnova believes this approach has been instrumental in gradually building trust between the public and
private sectors before final investment decisions were made.” (CCS Norway, 2023) (73)
 “Stakeholders involved in the CCS project Longship all highlight trust as a prerequisite for the success of the project. Longship is being
realized even though important regulatory issues have not yet been clarified, and it is unclear how the authorities will enforce the
regulations.” (CCS Norway, “Regulatory Lessons Learned from Longship”, 2023) (74)
 Urgently needed innovation requires us to collaborate:
 “Scale-up is not limited by geology or engineering. Advances in understanding storage complex geology, subsurface fluid
dynamics, and seismic risk underpin new engineering strategies including the development of multi-site, basin scale, storage resource
management. Instead, economic and societal constraints pose barriers to project development” (Krevor et al., 2023) (75)
13

14. Recommendations and Solutions
 We need a made-in-Canada approach.
 Cannot compete with USA in terms of investment
 New support is a good step forward: e.g. Energy Innovation Program - Carbon capture, utilization and storage RD&D Call –
 Open EOI for Storage & Transportation Focus Area
 The push towards government financing is often not about financial benefit as much as it is about certainty:
 Will goalposts shift? (e.g. towards direct air capture or bioenergy at the expense of CO2 capture from industry?)
 Certainty (in the form of GUARANTEED grants, credits, etc.) is needed for corporations to move towards FIDs
 (A forecasted carbon price – however high - is not sufficient to assure companies that captured emissions will have value.)
 We must use existing resources:
 Expertise, academia – all the knowledge we are bringing together today
 Important to build upon work that has already been done:
 The IEA’s “model legislative text”:
 A reference for authorities that are developing tailored CCUS legislation in national and regional contexts
 Joint venture consortium (CCS Nova Scotia, the Province, Nova Scotia Power Inc. and Dalhousie University) has done an integrated risk assessment and management framework for
capture, transport and storage that integrates overarching issues of the environment regulatory and legal, public awareness and risk management”
 CSA standard Z741 for geological storage of CO2
 This is Canada’s first CCS standard for geological storage
 Specifically intended to help Canada and the U.S. remain internationally competitive
 Cited as a key factor in recent decision to approve BC as a prescribed jurisdiction under the federal CCUS investment tax credit.
 Jurisdictional scans are important and proven tools – especially useful given how fast different frameworks are evolvin
 We should capitalize on knowledge-sharing, “lessons learned” from other countries:
 Norway has offered to share lessons learned/offer support for governments who are working towards getting regulations in place to facilitate CCUS projects
 this is especially important for Eastern Canada as we work towards offshore CCUS
 (E.g Norway has a MOU with USA) 14

15. Recommendations and Potential Solutions
 Need to co-create a roadmap for offshore implementation
 Most immediate need is to establish ongoing communication channels – required for future collaboration
 Determine who will take active roles and ongoing responsibility? (Table a commission?)
 Collaboration must happen across stakeholder groups - including early and ongoing public engagement .
 Public support must be earned
 We will be unable to develop CCUS without first developing a collaborative framework that is informed by our shared knowledge
 E.g. Incentives must be grounded in appreciation of project scales, realistic time scales
 Bankability gap must be urgently addressed:
 USA has successfully created an investible price on carbon and a framework that alleviates risk for projects. It is becoming self evident that this is
enough to encourage emitters to move forward with projects.
 Governments should recognize the need for greater certainty + standing fiduciary duties of corporate boards
 While “contracts for difference” should be useful tools for us in Canada, there is no clarity on expected timing
 Streamlining will be required given competitive strength in USA
 IEA (2022) outlines key “Priority actions for policy makers and legislators”, including: (76)
 Recommendation that countries lacking a comprehensive CCUS framework consider “one off” or project-specific legislation to facilitate the development of CCUS projects.
 “Consider preferential rights and administrative arrangements for early CCUS projects identified as being of strategic interest.”
“In the CCS case, we have to build the business case…we need customers and authorities to build
the business cases hand in hand. The way we build them is by moving forward.” – Per Sandberg,
Equinor, participating in online Global CCS Institute event, March 13, 2023. (77) 15

16. Conclusions
 There is no such thing as net zero without CCUS. (Big projects are coming online, MUCH more is needed to meet
targets)
 Canadian policy should be aligned accordingly
 Smart policy should be tied to achievable results – meaning that it should be co-created
 Need for a national CCUS strategy that includes ALL of Canada
 Key role of federal government to act as an enabler (and address existing gaps between eastern Canada versus
western provinces)
 We do not have to start from scratch, but we must begin with building trust through collaboration
 Urgent need for recognition/action (and communication) to take advantage of knowledge transfer
 With CCUS, high standards and an enduring commitment to energy transition, offshore Nova Scotia can be more
competitive than other regions. Eastern Canadian offshore energy resources can endure and be recognized as among
the most “future fit” in the world.
16

17. Questions and Thank You
 George Kovacic - Searcher Advisor
 g.kovacic@searcherseismic.com
17
 Jennifer Turner – External Expert
 Jenniferturner.comms@gmail.com

18. References
 1. IEA (2020), CCUS in Clean Energy Transitions, IEA, Paris https://www.iea.org/reports/ccus-in-clean-energy-transitions License: CC BY 4.0. Accessed April 2023.
 2. IPCC AR6 Synthesis Report (SYR), Longer Version (page 70), March 2023. Accessible online at https://report.ipcc.ch/ar6syr/pdf/IPCC_AR6_SYR_LongerReport.pdf Accessed April
2023.
 3. Please see reference number 1
 4. CarbonNEXT CCUS: The Case for Canada, November 2022. (Page 13). Accessed and downloaded in April 2023 via Carbon Management Canada at https://cmcghg.com/ccus-the-case-
for-canada/
 5. CCS Norway. “The CCS Chain” Accessed April 2023 via https://ccsnorway.com/full-scale-capture-transport-and-storage/
 6. IEA (2020), CCUS in Clean Energy Transitions, IEA, Paris https://www.iea.org/reports/ccus-in-clean-energy-transitions. Page 139. Accessed April 2023.
 7. IEA, (2021) “CCUS Around the World”. Accessed April 2023 via https://www.iea.org/reports/ccus-around-the-world/northern-lights
 8. Northern Lights, “Accelerating Decarbonization” Report. June 2021. Accessed April 2023 at https://norlights.com/wp-content/uploads/2021/08/Northern-Lights_brochure-June-2021-1-
1.pdf
 9. CCS Norway, “The Longship CCS Project”. Accessed April 2023 at https://ccsnorway.com/the-project/
 10. CCS Norway, “Carbon storage well drilling complete”, Nov. 11, 2022. Accessed April 2023 at https://ccsnorway.com/carbon-storage-well-drilling-complete/
 11. TotalEnergies, “Northern Lights, the first major carbon capture and storage project in Norway”. Accessed April 2023 at https://totalenergies.com/projects/carbon-neutrality/northern-
lights-first-major-carbon-capture-and-storage-project-norway
 12. Gassnova. “Longship CCS Project” Accessed April 2023 via https://gassnova.no/en/full-scale-
ccs#:~:text=Adherence%20to%20the%20CCS%20project%20Longship&text=The%20aim%20of%20the%20project,usual%20for%20an%20industrial%20project
 13. Northern Lights PCI (2020) “CCS and the EU COVID-19 Recovery Plan - The positive economic impact of a European CCS ecosystem” . Cited via IEA (2020), CCUS in Clean Energy
Transitions, IEA, Paris https://www.iea.org/reports/ccus-in-clean-energy-transitions License: CC BY 4.0. Accessed April 2023.
18

19. References
 14. IEA (2020), CCUS in Clean Energy Transitions, IEA, Paris https://www.iea.org/reports/ccus-in-clean-energy-transitions License: CC BY 4.0. Accessed April 2023.
 15. Business in Norway, March 25, 2023. “Northern Lights – shared transport and storage infrastructure for Europe’s CO₂ emissions”. Accessed April 2023 via
https://businessnorway.com/articles/northern-lights-shared-transport-and-storage-infrastructure-for-europes-co2-emissions
 16. Institute for Energy Economics and Financial Analysis. April 2022. “Carbon Capture in the Southeast Asian Market Context Sorting out the Myths and Realities in Cost-Sensitive
Markets”. Accessed April 2023 at https://ieefa.org/wp-content/uploads/2022/04/Carbon-Capture-in-the-Southeast-Asian-Market-Context_April-2022.pdf
 17. Norwegian Ministry of Petroleum and Energy. Presented as part of March 13, 2023 Online Event “CCS Commercial and Regulatory Frameworks: Lessons Learned from CCS Front-
runners in Norway”. Hosted by Global CCS Institute. (17)
 18. ExxonMobil. Accessed April 2023 via https://corporate.exxonmobil.com/news/viewpoints/houston-ccs-hub (Subheading “Carbon Capture and Storage in Houston”)
 19 Journal of Petroleum Technology. January 2022. “Shell Signs On With ExxonMobil-Led Effort To Build World's Largest CCS Project” Accessed April 2023 via https://jpt.spe.org/shell-
signs-on-with-exxonmobil-led-effort-to-build-worlds-largest-ccs-project
 20. Please see reference 19
 21. Please see reference 19
 22. As above
 23. Exxon Mobil. Accessed April 2023 via https://corporate.exxonmobil.com/locations/united-states/baytown-operations
 24. Journal of Petroleum Technology. January 2022. “Shell Signs On With ExxonMobil-Led Effort To Build World's Largest CCS Project” Accessed April 2023 via https://jpt.spe.org/shell-
signs-on-with-exxonmobil-led-effort-to-build-worlds-largest-ccs-project
 25. Offshore Energy.” Chevron, ExxonMobil, BP and Shell among highest bidders in Gulf of Mexico oil & gas lease sale” Accessed April 2023 via https://www.offshore-energy.biz/chevron-
exxonmobil-bp-and-shell-among-highest-bidders-in-gulf-of-mexico-oil-gas-lease-sale/
19

20. References
 26. US EPA. 2022.“Inventory of U.S. Greenhouse Gas Emissions and Sinks: 1990-2021” Accessed April 2023 via https://www.epa.gov/ghgemissions/inventory-us-greenhouse-gas-
emissions-and-sinks
 27. IEA. News, March 2, 2023. “Global CO2 emissions rose less than initially feared in 2022 as clean energy growth offset much of the impact of greater coal and oil use” Accessed April
2023 via https://www.iea.org/news/global-co2-emissions-rose-less-than-initially-feared-in-2022-as-clean-energy-growth-offset-much-of-the-impact-of-greater-coal-and-oil-use
 28. Upstream Energy Explained. May 3, 2022. “Chevron wades in to Bayou Bend offshore CCS” Accessed April 2023 via https://www.upstreamonline.com/energy-transition/chevron-wades-
in-to-bayou-bend-offshore-ccs/2-1-1211744
 29. As above
 30. SEC. Exhibit 99-2. May 24, 2022. “Talos, Carbonvert and Chevron Announce Closing of Previously Announced Joint Venture Expansion of the Bayou Bend CCS Project Offshore
Jefferson County, Texas”. Accessed April 2023 via
https://www.sec.gov/Archives/edgar/data/1724965/000119312522157995/d304401dex992.htm#:~:text=Under%20the%20terms%20of%20the,expected%20to%20cover%20Talos%20and
 31. Journal of Petroleum Technology. February 2022. “Talos Eyes Big Carbon Capture Role in the US and Beyond”. Accessed April 2023 via https://jpt.spe.org/talos-eyes-big-carbon-
capture-role-in-the-us-and-beyond
 32. Talos Energy. March 2023. “Bayou Bend Expands Carbon Capture Project to Onshore Southeast Texas” Accessed April 2023 via https://www.prnewswire.com/news-releases/bayou-
bend-expands-carbon-capture-project-to-onshore-southeast-texas-301763377.html
 33. Please see reference 32
 34. Please see reference 32
 35. Energy Intelligence. March 6, 2023. “Chevron Takes Control of Bayou Bend CCS”. Accessed April 2023 via https://www.energyintel.com/00000185-9ef3-d02f-ad9d-9ff3b9260000
 36. Energy Transition. September 2020. “Up to $35 billion in CCS development spending 'up for grabs' in Europe – report”. Accessed April 2023 via
https://www.upstreamonline.com/energy-transition/up-to-35-billion-in-ccs-development-spending-up-for-grabs-in-europe-report/2-1-870697
 37. Institute for Energy Economics and Financial Analysis. April 2022. “Carbon Capture in the Southeast Asian Market Context Sorting out the Myths and Realities in Cost-Sensitive
Markets”. Accessed April 2023 at https://ieefa.org/wp-content/uploads/2022/04/Carbon-Capture-in-the-Southeast-Asian-Market-Context_April-2022.pdf
20

21. References
 38. Business in Norway. March 25, 2023. “Northern Lights – shared transport and storage infrastructure for Europe’s CO₂ emissions”. Accessed April 2023 via
https://businessnorway.com/articles/northern-lights-shared-transport-and-storage-infrastructure-for-europes-co2-emissions
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