Enbridge Inc. joined Occidental's subsidiary Oxy Low Carbon Ventures (OLCV) in a partnership to develop a carbon sequestration hub on the Texas Gulf Coast, a press release announced on Nov. 30.
Located near Corpus Christi, Texas, the hub would allow CO2 point source emitters in the area to transport and sequester nearby carbon emissions, improving the environmental impact of the Texas Gulf Coast.
Through a letter of intent signed to explore by both companies, OLCV would develop, construct and operate the sequestration facilities while Enbridge would develop, construct and operate pipeline facilities, advancing both the sequestration hub and the affiliated transportation infrastructure.
"This is a unique opportunity for two organizations to pair complementary skill sets in a way that decarbonizes our own facilities and provides a platform for our industrial neighbors who are also seeking to reduce their emissions," Enbridge executive vice president and president of liquids pipelines Colin Gruending commented in the release.
Both companies will collaboratively market the sequestration and pipeline transportation services to Ingleside and Corpus Christi-based third-party CO2 emitters.
Enbridge and OLCV are both hoping that the facility will help advance their own carbon management ambitions along with those of their customers.
"This collaboration will help accelerate the path to net zero not only for ourselves, but for other organizations who are exploring end-to-end solutions to capture, transport and permanently store CO2," OLCV president and general manager of sequestration Jeff Alvarez added in the press statement.
Recommended Reading
Crescent Energy Closes $905MM Acquisition in Central Eagle Ford
2025-01-31 - Crescent Energy’s cash-and-stock acquisition of Carnelian Energy Capital Management-backed Ridgemar Energy includes potential contingency payments of up to $170 million through 2027.
Petro-Victory Buys Oil Fields in Brazil’s Potiguar Basin
2025-02-10 - Petro-Victory Energy is growing its footprint in Brazil’s onshore Potiguar Basin with 13 new blocks, the company said Feb. 10.
Report: Diamondback in Talks to Buy Double Eagle IV for ~$5B
2025-02-14 - Diamondback Energy is reportedly in talks to potentially buy fellow Permian producer Double Eagle IV. A deal could be valued at over $5 billion.
Apollo Funds Acquires NatGas Treatment Provider Bold Production Services
2025-02-12 - Funds managed by Apollo Global Management Inc. have acquired a majority interest in Bold Production Services LLC, a provider of natural gas treatment solutions.
DNO to Buy Sval Energi for $450MM, Quadruple North Sea Output
2025-03-07 - Norwegian oil and gas producer DNO ASA will acquire Sval Energi Group AS’ shares from private equity firm HitecVision.
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.