Talos Energy wins carbon capture and sequestration bid for a site in Texas

Talos Energy upstream

Talos Energy, the independent oil producer based in Houston, announced today it has won a bid for a carbon capture and sequestration site; which locates in Texas. Talos participated in the bid along with its partner Carbonvert Inc.

Firstly, the carbon capture site locates in Jefferson County, Texas; near Beaumont and Port Arthur. The bidder was the Texas General Land Office. The award will place Talos among a very select group of domestic independent energy companies with a physical project site dedicated to carbon sequestration and storage.

Secondly, Talos and Carbonvert will bring a unique and collective experience of a top-tier Gulf of Mexico oil and gas operator with carbon capture, renewables, and financial expertise.

Thirdly, according to the statement, Talos won the bid among twelve submissions; the Texas School Land Board unanimously approved the lease to Talos and Carbonvert; which is still subject to finalization of lease terms.

Moreover, the land awarded to the consortium has a total land area of over 40,000 gross acres; the site is already 100% covered by Talos’ existing seismic database, and has a vast potential, as it locates in close proximity to a large concentration of industrial emitters along the Texas and Louisiana Gulf Coast.

Also recommended for you: Imperial Oil draws plan to capture CO2 and producing biofuels. Click here to read.

Talos Energy, to redefine the role of upstream companies

In addition, the company expects to sequester approximately 225 to 275 million metric tons of carbon dioxide from industrial sources in the area. Talos will be the sole operator of the project. About the project’s relevance, Timothy S. Duncan, Talos’ CEO, said. “With this award, we are positioned to become among the first independent U.S. energy companies with an identified site dedicated to carbon sequestration.”

He also remarked. “The Project Site possesses favorable geological characteristics and close commercial proximity to support an attractive project in the future. This is also the first of several steps in our strategy; to build multiple carbon capture and storage sites; along the United States Gulf Coast.”

Furthermore, he remarked. “We want to redefine the role of traditional oil and gas companies; we recognize the need to responsibly develop and produce hydrocarbons; as well as lowering overall emissions in the communities where we work and live.”

Finally, the bid process will now enter into an exclusive phase; where Talos and Carbonvert will negotiate a lease agreement with the GLO staff; based on the terms of the Talos bid and the terms included in the original request for proposal. Final terms are subject to the approval of the Texas School Land Board.

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