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Enterprise, Oxy Low Carbon Ventures Will Join Efforts on Houston Area CO2 Project04/29/2022
Oxy Low Carbon Ventures and Enterprise Products Operating will partner in order to provide services to carbon emitters from Houston to Port Arthur, Texas, due to the development of CO2 transportation and sequestration.
A letter of intent for a potential CO2 transportation and sequestration solution was inked on April 25 by Oxy Low Carbon Ventures (OLCV) and Enterprise Products Operating LLC (Enterprise). This joint project could primarily be focused on providing services to emitters in the industrial corridors from the greater Houston to Beaumont/Port Arthur in Texas, a region that is filled with refineries and petrochemical plants.
Due to the press release, the initiative would combine Enterprise’s leadership position in the midstream energy sector with OLCV’s extensive experience in subsurface characterization and CO2 sequestration.
“We look forward to collaborating with Enterprise to develop a sequestration solution to help industrial emitters reach their net-zero goals,” said Richard Jackson, Occidental president of U.S. onshore resources and carbon management and operations. “We believe that our low-carbon strategy enhances Oxy’s business value and creates a path to net-zero for ourselves while providing organizations everywhere with the tools they need to achieve net-zero or net-negative emissions.”
No financial terms were disclosed in the announcement. Nevertheless, Occidental's latest annual report noted that OLCV plans to invest approximately $300 million into the development and commercialization of new technologies and low-carbon business models in 2022.
It’s an international energy company with assets primarily in the United States, the Middle East and North Africa. OLCV is focused on advancing cutting-edge, low-carbon technologies and business solutions that enhance Oxy’s business while reducing emissions. Therefore, OLCV also invests in the development of low-carbon fuels and products, as well as sequestration services to support carbon capture projects globally.
Enterprise would develop the CO2 aggregation and transportation network utilizing a combination of new and existing pipelines along with its expansive Gulf Coast footprint. OLCV, through its 1PointFive business unit, is developing sequestration hubs on the Gulf Coast and across the U.S., some of them are thought to be anchored by direct air capture facilities. The hubs will provide access to high-quality pore space for industrial plants trying to find a way to capture their carbon emissions and efficient transportation infrastructure, bringing more options to emitters looking to explore viable carbon management strategies. The partnership’s assets include more than 50,000 miles of pipelines; over 260 million barrels of storage capacity for NGLs, crude oil, refined products and petrochemicals; and 14 billion cubic feet of natural gas storage capacity.
Both companies have begun exploring the commercialization of the potential joint service for these carbon emitters. “For many years, Enterprise and Oxy have successfully collaborated in developing traditional oil and gas projects," A.J. “Jim” Teague, co-CEO of Enterprise’s general partner, commented. “We are excited to evolve that relationship with OLCV to provide reliable and cost-efficient CO2 transportation and sequestration services to advance a low-carbon economy for the energy capital of the world.”
Moreover, it is noticed that Oxy is one of only three oil and gas companies aspiring to set emissions reduction aims which are quite ambitious to reach Net Zero by 2050 and the alignment with TPI’s 1.5°C benchmark.
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