NextDecade Corporation, the Houston-based energy company, announced last Friday it’s launching the greenest liquified natural gas (LNG) project in the world, through its new venture NEXT Carbon Solutions LLC.
Firstly, NEXT Carbon Solutions will be a wholly owned subsidiary of NextDecade. It will develop one of the largest carbon capture and storage (CCS) projects in North America at NextDecade’s Rio Grande LNG project.
Secondly, the Rio Grande Energy project will be the world’s greenest LNG project; it will link the Permian Basin and the Eagle Ford Shale natural gas to the global LNG market; with a strict process of carbon capture to reduce almost 90% of the related emissions.
Thirdly, the project will also help other energy companies to reduce their greenhouse gas (GHG) emissions, related with the production, transportation, and use of natural gas; while generating verifiable carbon offsets to support companies in their efforts to achieve net-zero.
Moreover, the Rio Grande CCS will be designed to capture and store geologically more than five million tons of CO2 per year. Next Carbon Solutions will develop it with an investment of $63 to $74 per metric ton of CO2 before the benefits of tax credits.
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NextDecade with pivotal solution for sustainable LNG
Consequently, the project will be the greenest and one of the most commercially attractive projects in the world; as it seeks to produce responsibly sourced natural gas (RSG) and the lowest lifecycle GHG LNG on an FOB basis.
In addition, “to realize the significant benefits associated with co-development of Rio Grande LNG and the CCS project, NextDecade anticipates achieving FID on a minimum of two trains at Rio Grande LNG in 2021; and FID on the CCS project soon after FID at Rio Grande LNG.” The statement reads.
Moreover, Matt Schatzman, NextDecade’s CEO, said. “The launch of NEXT Carbon Solutions comes at a pivotal time for our nation and the world; we are eager to demonstrate the transformative and impactful contributions this business will make to the global energy industry; and the quest toward a net-zero future.”
He also remarked. “NextDecade will be a leader in the sustainable production of LNG to be exported from the U.S. Gulf Coast; providing clean energy security to global markets, especially those that have historically relied on coal and other carbon-intensive fuels; to generate electricity and industrial process heat.”