Carbon Zero US, an affiliate of Cox Oil, signed an agreement with the international energy company Repsol. The deal will lay a foundation for both companies to seek opportunities to develop Carbon Capture and Sequestration solutions along the US Gulf Coast.
Firstly, under the terms of the agreement, the companies will share technical knowledge and resources to evaluate potential projects that would combine the offshore expertise and operations of Cox Oil with Repsol’s global experience with CCS projects.
Moreover, Repsol was the first oil and gas company in the world to announce a net-zero emissions target by 2050. It is also developing the first CCS project in Indonesia at its onshore Sakakemang field.
On the other hand, Carbon Zero would capture, transport, and sequester CO2 from industrial point source emitters to underground reservoirs in the Gulf of Mexico. In fact, the company has already solicited emitters to join its efforts to sequester CO2 offshore and away from populated areas responsibly.
In addition, the consortium will also focus on capturing and storing emissions in Louisiana; where Cox Oil has existing operations in the shallow waters of the US Gulf of Mexico.
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Carbon Zero and Repsol to expand innovative CCS solutions along a key location
Furthermore, the US Gulf Coast location is a prime one for offshore carbon capture projects. Indeed, it concentrates on some of the nation’s largest power generation, industrial, and petrochemical facilities. There are also many smaller, private emitters that local CCS projects could serve.
Consequently, the US Gulf Coast is the perfect place to launch the partnership. In fact, the Gulf Coast’s critical industrial network is immediately adjacent to a natural carbon storage area; in shallow waters off the Louisiana coast.
About the matter, Ken Jackson, CEO of Carbon-Zero, stated. “Our goal is to enhance our communities with energy supplied with the lowest carbon footprint possible. This consortium allows us to expand our commitment to remove emissions from critical infrastructure in our community.”
On the other hand, Tomas Zapata, Repsol’s Exploration Americas Director, said. “Repsol is proud to be a global leader in the development of innovative technology to drive the energy transition, including projects like CCS aimed at reducing emissions across multiple sectors and industries.”
Finally, he remarked. “We look forward to bringing our international experience and knowledge to the consortium to advance our shared sustainability objectives in the United States, which is a core region for Repsol.”
