HOUSTON, March 6,
2023 /PRNewswire/ -- Bayou Bend CCS LLC ("Bayou
Bend"), a carbon capture and sequestration project located along
the Texas Gulf Coast, announced today an expansion of its carbon
dioxide ("CO2") storage footprint through the acquisition of nearly
100,000 acres onshore in Chambers
and Jefferson Counties,
Texas. The increased acreage
positions Bayou Bend to be one of the largest carbon storage
projects in the United States.
Combined with the previously announced approximately 40,000
acres offshore Beaumont and
Port Arthur, Texas, the expanded
Bayou Bend project now encompasses nearly 140,000 acres of pore
space for permanent CO2 sequestration. The total acreage holds a
gross storage capacity of more than one billion metric tons,
positioning Bayou Bend to be a leading carbon transportation and
storage solution for industrial emitters located in the Houston
Ship Channel and Beaumont /
Port Arthur region, one of the
largest industrial corridors in the country.
Bayou Bend is a joint venture between Chevron U.S.A. Inc. ("Chevron"), through its Chevron
New Energies division, Talos Energy Inc. (NYSE: TALO) ("Talos"),
through its Talos Low Carbon Solutions division, and Carbonvert,
Inc. ("Carbonvert"). Equity interests in Bayou Bend remain 50
percent Chevron, 25 percent Talos and 25 percent Carbonvert.
Effective March 1, 2023, Chevron
became the operator of the LLC.
Robin Fielder, Executive Vice
President – Low Carbon Strategy and Chief Sustainability Officer of
Talos, said: "We are excited about Bayou Bend and building the best
regional carbon sequestration hub with the right storage
infrastructure adjacent to two major Southeast Texas industrial corridors. Our
partnership is committed to developing safe, reliable,
cost-effective decarbonization solutions while enabling continued
economic growth in the region. Today's announcement solidifies
Bayou Bend's position as Southeast
Texas's leading carbon sequestration project."
Chris Powers, Vice President,
CCUS, Chevron New Energies, said: "Delivering CCUS and other lower
carbon solutions to harder-to-abate industries is fundamental to
Chevron New Energies' mission. As a Southeast Texas native, I know how vital these
industries are to our local communities and their economies. With
this expansion, Bayou Bend is positioned to offer CCUS solutions
across a broad region of the Gulf Coast, from Houston to Orange and into western Louisiana."
Alex Tiller, President and CEO of
Carbonvert, said: "Expanding Bayou Bend, alongside our partners
Chevron and Talos, is Carbonvert's next step to enabling critical
large-scale carbon removal and reduction projects. This expansion
sets us up well to achieve Carbonvert's goal of sequestering 100
million tonnes before 2032 and underscores our position as one of
the leading independent, pure-play carbon capture and storage
developers in the world. We are grateful for the opportunity to
serve such an important community in Southeast Texas and the greater Gulf Coast
economy."
Jefferson County Judge Jeff
Branick said: "We are pleased that Chevron, Talos, and
Carbonvert are progressing – and expanding – Bayou Bend in
Jefferson County and the greater
Golden Triangle area. This project has the potential to further
enhance the economic strength of our community, and we look forward
to working with the venture in their endeavor."
Chambers County Judge Jimmy
Sylvia said: "The expansion of Bayou Bend into Chambers County presents the region with a
significant opportunity to ensure the continued economic vitality
of the eastern Houston Ship Channel, Mont
Belvieu area and eastern Chambers
County for years to come. We look forward to our partnership
with the developers."
Winnie Area Chamber of Commerce
Executive Director Debbie Breaux
said: "Southeast Texas is home to
some of the state's most vital industries and we are excited about
the opportunity to work with Chevron, Talos, and Carbonvert.
Projects like Bayou Bend are directly linked to our mission of
providing a desirable quality of life and economic environment, and
we look forward to continued collaboration."
In 2021, Talos and Carbonvert were selected as the winning
bidders for the Texas General Land Office's Jefferson County, Texas, carbon storage lease,
located in state waters offshore Beaumont and Port
Arthur, Texas. It remains the first and only offshore lease
in the U.S. dedicated to CO2 sequestration. Chevron joined the
Bayou Bend joint venture in May
2022.
Contacts:
Talos
Sergio
Maiworm
investor@talosenergy.com
Chevron
Kelly Russell
KellyRussell@chevron.com
Carbonvert
Amanda
Biggs
amanda@carbonvert.com
About Talos Energy
Talos Energy (NYSE: TALO) is a technically driven independent
exploration and production company focused on safely and
efficiently maximizing long-term value through its operations,
currently in the United States and
offshore Mexico, both upstream
through oil and gas exploration and production and downstream
through the development of future carbon capture and storage
opportunities. As one of the Gulf of
Mexico's largest public independent producers, we leverage
decades of technical and offshore operational expertise towards the
acquisition, exploration and development of assets in key
geological trends that are present in many offshore basins around
the world. With a focus on environmental stewardship, we are also
utilizing our expertise to explore opportunities to reduce
industrial emissions through our carbon capture and storage
initiatives along the U.S. Gulf Coast and Gulf of Mexico. For more information, visit
www.talosenergy.com.
About Chevron
Chevron (NYSE: CVX) is one of the world's leading integrated
energy companies. We believe affordable, reliable, and ever-cleaner
energy is essential to achieving a more prosperous and sustainable
world. Chevron produces crude oil and natural gas; manufactures
transportation fuels, lubricants, petrochemicals and additives; and
develops technologies that enhance our business and the industry.
We are focused on lowering the carbon intensity in our operations
and growing lower carbon businesses along with our traditional
business lines. For more information, please visit
www.chevron.com.
About Carbonvert
Carbonvert Inc. is a carbon capture and storage project
development and finance company that simplifies decarbonization for
industrial clients. Carbonvert was established in late 2020 by
Alex Tiller and Jan Sherman, veterans of the renewable and
conventional energy sectors to manage the financial and technical
complexities of CCS project development. Our executives have
decades of experience developing projects, financing tax advantaged
projects, trading carbon offsets, and structuring over $4 billion in infrastructure investments,
including equity, tax equity, and debt for large assets.
Carbonvert's senior team has extensive experience with large-scale
CO2 projects and have designed, secured environmental and CO2
storage permits, and completed and operated large-scale carbon
capture, transportation, and storage projects notably Petra Nova
CCS in Thompsons, Texas, Quest CCS
in Alberta, Canada, and In Salah
in Algeria. For more information,
visit www.carbonvert.com.
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SOURCE Talos Energy