Occidental Petroleum's subsidiary, Oxy Low Carbon Ventures, will evaluate and potentially develop a permanent CO2 sequestration hub with Natural Resource Partners LP, according to a company press statement on Oct. 27.

Through an agreement between the two companies, Oxy will have exclusive rights to develop the sequestration hub on Natural Resource's 65,000 acres of pore space, located within proximity to copious amounts of CO2 emissions.

Located in southeast Texas and comprised of at least 500 million metric tons, the potential hub would be developed and completed by 1PointFive, Oxy's carbon capture, utilization and sequestration subsidiary, Occidental said in the release.

“We look forward to working with Natural Resource Partners LP as we advance our sequestration hubs that will provide industrial emitters with an economic and practical solution to capture and securely store CO2,” Oxy Low Carbon Ventures vice president Dr. Doug Conquest commented in the release.

The agreement will advance Oxy's carbon capture and sequestration efforts, as well as further Oxy Low Carbon Ventures' commercial-sale decarbonization solutions, Conquest continued.

"NRP currently has approximately 140,000 acres of pore space under lease for carbon sequestration with a total estimated storage capacity of 800 million metric tons of CO2," Natural Resources president and CEO Craig Nunez said in the release.

"We continue to evaluate carbon sequestration opportunities on the approximately 3.3 million acres of additional carbon sequestration rights we own across the Gulf Coast,” he continued, adding that the company is enthusiastic about expanding its carbon neutral portfolio.

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