Oilfield services major Baker Hughes and Norwegian carbon capture and storage developer Borg CO2 have signed a memorandum of understanding (MOU) to collaborate on a CCS project to serve as a hub for the decarbonization of industrial sites in the Viken region of Norway.

Baker Hughes said on Tuesday that the project would capture and store up to 90 per cent of the CO2 emissions from the involved industrial sites and contribute to the Paris Agreement goals, the United Nations Sustainable Development Goals, and the Norwegian national emissions reduction targets.