Black Stone Minerals LP is eyeing opportunities to develop large-scale solar projects on its upstream acreage. (Source: Shutterstock.com)
Black Stone Minerals LP is eyeing opportunities to develop large-scale solar projects on its upstream acreage.
Black Stone and Boston-based renewable energy developer Longroad Energy inked a multi-year transaction that provides Longroad with exclusive access to several thousand Black Stone acres across 12 states.
The framework would enable Longroad to potentially develop utility-scale solar energy projects while preserving Black Stone’s ability to co-develop its mineral and subsurface rights.
Fowler Carter, director of new ventures for Black Stone, said Black Stone’s relationship with Longroad first began with a mineral transaction as part of developing Longroad’s Umbriel Solar project in Polk County, Texas.
“The Longroad team has ambitious goals focused on developing renewable energy projects on surface rights, a strategy that is complementary to our holdings,” Carter said in a July 18 news release. “This unique transaction allows Black Stone to optimize our assets, giving us exposure to the attractive utility-scale solar market, while at the same time preserving our underlying mineral rights.”
Financial terms of the transaction were not disclosed.
As of the end of 2022, Black Stone Minerals owned interests in about 16.8 million gross acres, with an average 43.5% ownership interest in that acreage, according to the company’s latest annual report.
The company owns interests in active plays including the Permian Basin, the Williston Basin, the Eagle Ford Shale and the Haynesville/Bossier plays.
“The certainty and structure afforded by this agreement will allow Longroad and Black Stone to transact efficiently and repeatedly,” Adam Horwitz said, vice president of origination and development at Longroad. “We look forward to working closely with the Black Stone team to deliver a new renewable energy value stream to their existing portfolio.”
Recommended Reading
Now, the Uinta: Drillers are Taking Utah’s Oily Stacked Pay Horizontal, at Last
2024-10-04 - Recently unconstrained by new rail capacity, operators are now putting laterals into the oily, western side of this long-producing basin that comes with little associated gas and little water, making it compete with the Permian Basin.
Exxon Plans Longest 20,000-Ft Wells on Pioneer’s Midland Asset
2024-11-04 - Exxon Mobil has already drilled some of the longest wells in the New Mexico Delaware Basin. Now, the Texas-based supermajor looks to go longer on Pioneer’s Midland Basin asset.
E&P Highlights: Sept. 9, 2024
2024-09-09 - Here’s a roundup of the latest E&P headlines, with Talos Energy announcing a new discovery and Trillion Energy achieving gas production from a revitalized field.
APA, TotalEnergies Aim for 'New Dawn' in Suriname with Massive GranMorgu Project
2024-10-01 - APA Corp. and TotalEnergies announced a $10.5 billion final investment decision for the GranMorgu project located offshore Suriname in Block 58. First production to come from a 220,000 bbl/d FPSO is slated to flow in 2028.
Nabors Takes to Global Expansion in 3Q as Rig Count Shrinks in Lower 48
2024-10-25 - Nabors Industries saw broad growth across key international geographies in third-quarter 2024, with more rig deployments expected.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.