The agreement was reached amid continued efforts to reduce greenhouse gas emissions. (Source: Shutterstock)
Timberlands owner Weyerhaeuser Co. partnered with carbon capture company Lapis Energy to explore carbon sequestration on 187,500 acres across Arkansas, Louisiana and Mississippi.
The acreage includes five potential carbon sequestration sites, Lapis said in a Feb. 27 news release. As part of the two-year exclusive exploration agreement, Lapis will determine the sequestration potential of each site.
“Lapis believes these sites provide a competitive and advantaged option for our growing customer base north of the Gulf Coast,” Lapis Energy CEO Reg Manhas said.
The agreement was reached amid continued efforts to reduce greenhouse gas emissions. Carbon capture and storage technologies are expected to play a critical role in lowering emissions, including from large-scale industrial emitters north of the Gulf Coast.
Lapis, which is building a portfolio of carbon capture and storage (CCS) projects across the U.S., will have the option to move the sites into full-scale development agreements and complete the work required to permit, build and operate permanent CO2 sequestration sites, following the completion of technical and commercial assessments, according to the release.
“This exploration agreement represents a unique opportunity to scale our CCS offerings and build our climate solutions portfolio more broadly,” said Russell Hagen, senior vice president and chief development officer for Weyerhaeuser, which owns the acreage. “We look forward to working with Lapis to unlock the value of CCS development across our ownership in the U.S. South and help other companies reduce their carbon footprint.”
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