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Enterprise-Oxy-Low-Carbon-Ventures-Will -oin-Efforts-on-Houston-Area-CO2-Project

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.

If you wish to learn more about CO2 and carbon storage projects in the O&G industry or just want to get a better hold on renewable and ESG data, contact our Houston sales office or SCHEDULE A DEMO to learn how Rextag can help you leverage energy data for your business.

Tel. +1 713-203-3128

Email: treitmeier@hartenergy.com

Co-Location Energy Infrastructure Analysis at Your Fingertips

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Your team’s ESG performance can be greatly improved applying the asset co-location analysis within upstream or midstream use cases. This has been a topic for a discussion at Rextag’s ‘Is ESG Improvement Next Door?’ webinar. We reviewed some cases like curbing gas flaring or renewable energy sourcing to power the fossil fuel infrastructure. Many combinations are available with access to the data Rextag provides on wells, acreages, power lines, substations, and such renewable infrastructure as wind turbines, methane landfills, etc.

It’s all about the ESG (and RSG): Southwestern Energy and Kinder Morgan stroke a deal for gas transportation

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Southwestern Energy Co. signed an agreement with Kinder Morgan Inc. for the transportation of responsibly sourced natural #gas (RSG) to the Northeast markets. Tennessee Gas Pipeline, a subsidiary of Kinder Morgan, will be carrying out this notion come November. This move proves yet again, that the energy market is tilting towards sustainability and renewability.

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Shareholder’s payout target was increased by 50% after the largest U.S. independent oil producer surpassed Wall Street’s earnings estimates on growing energy prices, said Houston-based Conoco Phillips Co. on Aug. 4. Due to Western sanctions on major producer Russia throttling energy supply amid a rebound in demand from pandemic lows, oil and gas #prices have soared. Crude has been trading more than 25% higher since the start of the year and results also benefited from high natural gas prices. Meanwhile, shares were down a fraction, to $91.03, in early trading but are up about 26% year to date. Conoco Phillips stated, that the average price obtained for a barrel of oil and gas accelerated 77% from a year earlier to $88.57. The company acknowledges that it has not hedged any of its oil and gas sales to make the most of higher market prices. The capacity of 1.69 million boe/d was in line with Wall Street estimates, however, the company expected the current quarter’s output would be between 1.71 million and 1.76 million boe/d.

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California oil joint venture, Aera Energy, of Exxon Mobil Corp. and ShellPlc is being sold to German asset manager IKAV, according to the agreement of Sept. 1. Shell noted that the sale of its 51.8% membership interest in Aera Energy is for a total consideration of about $2 billion in cash with additional contingent payments based on future oil prices, subject to regulatory approval. However, the total transaction value was not disclosed. Being one of California’s largest oil and gas producers, Aera Energy accounts for nearly 25% of the state’s production. The sale by Exxon Mobil and Shell ends a 25-year-long partnership in California, meanwhile, it persists a streak of divestments of mature oil and gas properties by the two supermajors. Aera Energy LLC operates about 13,000 wells in the San Joaquin Valley in California, producing oil and associated gas. In 2021, Aera took out about 95,000 boe/d. Exxon Mobil’s interests in the Aera oil-production operation in California contained a 48.2% share of Aera Energy LLC and a 50% share of Aera Energy Services Co. held by Mobil California Exploration & Producing Co. Moreover, Exxon Mobil affiliates have signed a separate agreement for the sale of an associated loading facility and pipeline system. The sale effectively ends Shell’s upstream position in California. The company reported that the divestiture is valued to result in a post-tax impairment of $300 million to $400 million, subject to adjustments.

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The completion of the merger between Centennial Resource Development Inc. and Colgate Energy Partners II LLC happened on Sept. 1, sealing the debut of Permian Resources Corp., which is considered the largest pure-play E&P company in the Delaware Basin. Permian Resources’ idea was to combine two successful E&P companies, creating a better, stronger, and more strategically compelling company. Centennial and Colgate announced an agreement to merge in May, denying rumors that Colgate, a privately held independent Midland-based company, had been seeking an IPO. The merger estimated Colgate at about $3.9 billion and consists of 269.3 million shares of Centennial stock, $525 million of cash, and the assumption of approximately $1.4 billion of Colgate’s outstanding net debt. Permian Resources, being the combined company, has a deep inventory of “high-quality” drilling locations on around 180,000 net acres the companies anticipate will provide more than $1 billion of free cash flow in 2023 at current strip prices, in accordance with the company release on Sept. 1.

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