CALGARY, Alberta, Aug. 01, 2024 (GLOBE NEWSWIRE) -- 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.
