Corpus Christi Carbon Storage Hub Awarded to World-Class Team Led by Repsol
- The project will create a globally competitive carbon storage hub that can provide significant economic and environmental benefits to local communities, the Port of Corpus Christi, the State of Texas, and society at large.
- Equity interests in the partnership will be 40% Repsol (Operator), 40% Carbonvert, 10% MEPUSA, and 10% POSCO.
- The project is expected to have a combined storage capacity of more than 600 million metric tons of CO2.
- None.
South Texas Heavy Industry and State Schools Receive Boost Through Mega-Scale Regional Decarbonization Project
The project will be located in proximity to over 35 million metric tons per year of existing industrial emissions within 100 miles of the storage sites and more than 20 million metric tons per year of anticipated greenfield project emissions expected by 2035 to create a globally competitive carbon storage hub that can provide significant economic and environmental benefits to local communities, the Port of
On August 22nd, the Texas School Land Board unanimously approved awarding leases of the Port Arkansas North and Mustang Island tracts to the partnership, subject to the execution of final leases, which made the partnership the sole awardee in the region. Both tracts lie within Repsol’s licensed seismic database and based on the favorable subsurface geology of the area, Repsol expects the tracts to have a combined storage capacity of more than 600 million metric tons of CO2.
David Ramos, Geological Low Carbon Solutions Director for Repsol said: “Repsol is excited to lead and operate this project that will ultimately add to our strong presence in the country through our O&G operations and Low Carbon projects.
The consortium will now enter a negotiation stage with the Texas GLO based on terms the partnership submitted along with the original request by the GLO. Final terms are subject to approval of the Texas School Land Board.
Carbonvert CEO Alex Tiller sees this project as a boost for
Kazuhiko Gomi, President & CEO of MEPUSA said: ”Mitsui sees the
Jhoon Soo Jho, Head of E&P Business Division for POSCO International: “I am pleased that through this project, we are taking the first step towards a successful business with trusted partners. This CCS project will make a significant contribution to achieve global carbon reduction and a sustainable society, making it a very meaningful endeavor. With this project as a catalyst, POSCO International will accelerate the expansion of its eco-friendly portfolio and continue to discover businesses that are in compliance with our corporate citizenship initiative for both the global and local communities.”
ABOUT REPSOL
Repsol is a global multi-energy company that is leading the energy transition with its ambition of achieving zero net emissions by 2050. Present throughout the energy value chain, the company employs 24,000 people worldwide and distributes its products in nearly 100 countries to around 24 million customers. The company is deploying an integrated model of decarbonization technologies based on enhanced efficiency, increased renewable power generation capacity, production of renewable fuels, development of new customer solutions, the circular economy, and driving breakthrough projects to reduce the industry's carbon footprint, including carbon capture and storage. Repsol has set a target to reduce the carbon intensity of its upstream activity by
ABOUT CARBONVERT
Carbonvert Inc. is a carbon capture and storage project development and finance company that simplifies decarbonization for industrial facilities. Carbonvert was established in 2020 by Alex Tiller and Jan Sherman, veterans of the renewable and conventional energy sectors to manage the financial and technical complexities of CCS project development. Our executives have 70+ years of combined experience developing large-scale projects, financing tax advantaged projects, and structuring over
ABOUT MEPUSA
Mitsui E&P
ABOUT POSCO
POSCO Group is a global leading steelmaker, recognized as the world's most competitive steelmaker for 13 consecutive years according to the World Steel Dynamics and provider of eco-friendly future materials with its philosophy of Corporate Citizenship. As a major affiliate of POSCO Holdings Inc. (NYSE: PKX, KRX: 005490), POSCO International Corporation (KRX: 047050) has two major business sectors divided into energy such as E&P and LNG businesses, and global trading including steel, agriculture and eco-friendly materials. Posco International has established the fundamental roadmap to the Net-zero Commitment 2050. This roadmap includes a mid-to-long-term strategy to further elaborate on and pursue the vision of Carbon Neutrality by 2050. POSCO International Corporation has the ambition to reduce from the baseline emissions,
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Media contacts:
Repsol
Press contact
prensa@repsol.com
www.repsol.com
Tel. + 34 91 753 87 87
Carbonvert
Amanda Biggs
amanda@carbonvert.com
Tel. 720-642-9610
Mitsui E&P
David
d.bowden@mitsui-ep.com
www.mitsui-ep.com
Tel. 713-306-5561
POSCO International
Young-taek Ko
youngko@poscointl.com
www.poscointl.com
Tel. Tel: +82-2-759-2103
Source: Carbonvert Inc.