Sval Energi AS Selects CMG’s Integrated CCS Workflow for Trudvang CO2 Storage Project
August 01 2024 - 3:01PM
Computer Modelling Group Ltd. (“CMG” or the “Company”) (TSX: CMG)
is pleased to announce that its comprehensive carbon capture and
storage (CCS) solution has been selected by Sval Energi AS to
support the Trudvang project, located in the Norwegian North Sea.
The Trudvang project involves capturing CO2 from
several industrial emission sources in Northern Europe and
transporting it, either via ships or pipeline, to the Trudvang
store for injection and permanent storage beneath the seabed. The
project has the potential to store nine million tons of CO2
annually and is targeting to start storing CO2 in 2029.
Sval Energi AS, as the operator of the Trudvang
exploration license, manages and oversees all aspects of CO2
transportation and storage in collaboration with the license
partners Vår Energi ASA and Storegga Norge AS. The project's
success hinges on integrating every facet of the CCS value chain,
from subsurface to surface, to ensure reliable, risk free, CO2
storage and operational excellence. This necessitates a
comprehensive solution capable of addressing both short-term
issues, including well start-up, and long-term challenges such as
forecasting CO2 injection conditions for permanent storage.
The integrated CCS workflow, powered by CMG’s
CoFlowTM, CO2LINK, and GEMTM, and Kongsberg Digital’s LedaFlow®,
combines reservoir simulation, geochemistry and geomechanics,
steady-state and transient wellbore analysis, and surface pipeline
network simulation into one comprehensive, interactive CO2 model.
This integrated approach provides a holistic view of the entire CO2
storage process, allowing operators to optimize the design and
operation of storage sites, ensuring that CO2 is injected safely
and stored permanently. Further, it helps mitigate risks, improve
efficiency, and reduce costs by allowing for better planning and
decision-making throughout the project's lifecycle.
“We are pleased to support Sval Energi AS in
this significant project,” said Pramod Jain, CEO of CMG. “Having an
integrated model during the initial planning stages will set the
project up for success. In the long-term, CMG’s CCS workflow
solution can continue to support the optimal operation of the
project, limiting cost and risk while ensuring it moves forward
with its vision of contributing to a more sustainable future.”
The Trudvang project is the first to benefit
from the joint industry project spearheaded by CMG and Kongsberg
Digital, resulting in the development of CO2LINK. Now a key part of
the CMG CCS workflow, CO2LINK integrates Kongsberg’s advanced
transient multiphase flow simulation with CMG’s industry-leading
software for complex subsurface carbon storage.
More information about the Trudvang Project can
be found here.
About CMG
CMG (TSX: CMG) is a global software and
consulting company that combines science and technology with deep
industry expertise to solve complex subsurface and surface
challenges for the new energy industry around the world. CMG is
headquartered in Calgary, AB, with offices in Houston, Oxford,
Dubai, Bogota, Rio de Janeiro, Bengaluru, and Kuala Lumpur. For
more information, please visit www.cmgl.ca.
Cautionary Note Regarding Forward Looking
Information
Certain statements contained in this press
release constitute forward-looking information. These statements
relate to future events or future performance. The use of any of
the words “potential”, “target”, “optimize”, “benefit”, and similar
expressions and statements relating to matters that are not
historical facts are intended to identify forward-looking
information and are based on CMG’s assumptions or beliefs as to the
outcome or timing of such future events. In particular, this press
release contains forward-looking information relating to, among
other things, the expected benefits in use of newly developed
software products. Various assumptions are applied in setting such
expectations, including, but without limitation, on the benefits of
the successful integration of various software products, the
operational benefits and the potential cost savings relating to the
integration and use of these products. Although such statements are
based on the reasonable assumptions of CMG’s management, there can
be no assurance that any conclusions will prove to be accurate. The
forward-looking information contained in this press release is made
as of the date hereof. Except as required by applicable securities
laws, CMG is not obligated to update or revise any forward-looking
information, whether as a result of new information, future events,
or otherwise. Because of the risks and assumptions contained
herein, investors should not place undue reliance on
forward-looking information.
For investor inquiries, please contact:
Kim MacEachern
Director, Investor Relations
cmg-investors@cmgl.ca
For media inquiries, please contact:
marketing@cmgl.ca
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