Oxy Low Carbon Ventures, Natural Resource sign CO2 sequestration pact

Occidental’s Low Carbon Ventures (OLCV) subsidiary and Natural Resource Partners (NRP) have signed an agreement for the evaluation and development of a permanent carbon dioxide (CO₂) sequestration hub in Texas, the companies said on October 27.

The agreement provides OLCV with the exclusive rights to develop a CO₂ sequestration hub on approximately 65,000 acres of pore space controlled by NRP. The site offers proximity to a large number of industrial CO₂ emissions, the companies said.

The approximate total CO₂ storage potential of this location is at least 500mn metric tons. OLCV expects the development of the project will be completed by its subsidiary 1PointFive.

NRP currently has approximately 140,000 acres of pore space under lease for carbon sequestration with a total estimated storage capacity of 800mn metric tons of CO_2.