Equinor Acquires Stake in US Carbon Capture and Storage Project
August 28 2023 - 8:32AM
Dow Jones News
By Dominic Chopping
Equinor said it has acquired a 25% stake in Bayou Bend CCS, a
carbon capture and storage project on the Texas Gulf coast.
The project's location will provide a potential decarbonization
option for industries such as refining, cement, steel, chemicals,
and manufacturing and supports Equinor's ambition to mature and
develop 15-30 million metric tons of carbon dioxide transport and
storage capacity a year by 2035, it said.
Equinor has acquired its 25% share through the purchase of Texas
Carbon 1, a subsidiary of carbon capture and storage project
development and finance company Carbonvert. Chevron is the operator
of the project with a 50% interest, and Talos Energy holds 25%.
Financial terms weren't disclosed.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
August 28, 2023 08:17 ET (12:17 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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