Altera Instrastructure has applied for a CO2 storage license offshore in Norway, a project the shuttle tanker owner believes is key to its future.

The company said on Wednesday that it and German oil and gas producer Wintershall Dea applied for the license together as part of its Stella Maris CCS, or carbon capture and storage, project, allowing it to collect, transport, inject and store 10m tonnes of CO2 each year if accepted.