NextDecade Corporation and Oxy Low Carbon Ventures (OLCV), announced that they have executed a term sheet for the offtake and permanent geologic storage of CO2, says a press release published on Businesswire.
Terms Of Agreement
Under the terms of the agreement, OLCV will offtake and transport CO2 from the Rio Grande LNG project and permanently sequester it in an underground geologic formation in the Rio Grande Valley, where there is vast CO2 storage capacity, pursuant to a CO2 Offtake Agreement and a Sequestration and Monitoring Agreement to be negotiated by the parties.
“We are pleased to be working with OLCV to design, construct, and operate a CO2 pipeline and permanent storage facility in South Texas,” said Matt Schatzman, NextDecade’s Chairman, and Chief Executive Officer. “OLCV’s expertise and reliability complement the transformative and impactful contributions our NEXT Carbon Solutions business is making to the global energy industry, and in particular the proprietary processes we are advancing to lower the cost of utilizing CCS technology.”
“We are excited to partner with NextDecade to enable the supply of low-carbon natural gas to international markets. Signing this agreement is an important milestone in scaling up OLCV’s pure sequestration business and providing services to help others achieve their net-zero goals,” said Richard Jackson, Occidental’s President, Operations, U.S. Onshore Resources, and Carbon Management. “The CO2 sequestration facility proposed for South Texas is a great example of the many sequestration hubs that OLCV plans to develop across the United States, and eventually around the globe.”
NextDecade Corporation
NextDecade Corporation (NextDecade) is committed to providing the world access to cleaner energy. NextDecade, through its wholly-owned subsidiaries Rio Grande LNG and NEXT Carbon Solutions, is developing a 27 mtpa LNG export project in South Texas along with one of the largest carbon capture and storage projects in North America.
LNG project
The Rio Grande LNG project is expected to be the largest and greenest U.S. LNG export solution linking Permian Basin and Eagle Ford Shale natural gas to the global LNG market. NextDecade’s common stock is listed on the Nasdaq Stock Market under the symbol “NEXT.” NextDecade is headquartered in Houston, Texas.
Oxy Low Carbon Ventures
Oxy Low Carbon Ventures, LLC (OLCV) is a subsidiary of Occidental, an international energy company with assets in the United States, Middle East, Africa, and Latin America. OLCV is focused on advancing cutting-edge, low-carbon technologies and business solutions that enhance Occidental’s business while reducing emissions.
OLCV also invests in the development of low-carbon fuels and products, as well as sequestration services to support carbon capture projects globally.
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Source: Businesswire
