BKV Corp. and Copenhagen Infrastructure Companions (CIP) have agreed to type a three way partnership (JV) on carbon seize, utilization and storage (CCUS) in america.
Denver, Colorado-based BKV, a producer of pure fuel and energy, will contribute its stakes in current and future CCUS initiatives to the JV. In the meantime vitality transition-focused Danish investor CIP will make investments $500 million within the JV for a stake of 49 p.c.
“BKV has contributed to the JV its possession of the Barnett Zero and Eagle Ford initiatives, and has dedicated to future contributions of CCUS initiatives, associated property and/or money, in change for a 51 p.c curiosity within the JV”, a joint assertion stated.
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The Barnett Zero Mission within the Texan metropolis of Bridgeport has sequestered over 200,000 metric tons of carbon dioxide (CO2) equal emissions because it started operation November 2023. Serving pure fuel processing crops, Barnett Zero has a sequestration charge of about 185,000 metric tons a yr, in line with BKV. It co-owns the challenge with EnLink Midstream LLC.
In the meantime the proposed Eagle Ford Mission, to be constructed at a pure fuel processing plant in South Texas, is predicted to succeed in full operation subsequent yr. BKV, which has partnered with a midstream firm for the challenge, anticipates the sequestration charge to be round 90,000 metric tons every year of CO2 equal. Accepted by BKV December 2024, the challenge has obtained approval from the Texas Railroad Fee for its Class II injection effectively. A monitoring, reporting and verification plan has additionally been submitted to america Environmental Safety Company for approval, in line with BKV.
“The JV will leverage BKV’s standing as an early chief in growing CCUS initiatives whereas benefiting from CIP’s important expertise in growing low-carbon infrastructure initiatives”, the assertion stated. “BKV and CIP anticipate to determine investment-ready initiatives for improvement by the JV, with BKV serving because the operator of the entire JV’s CCUS initiatives”.
BKV chief govt Chris Kalnin stated, “This strategic partnership with CIP, a world-scale asset supervisor of low-carbon infrastructure initiatives, additional strengthens the economics of BKV’s CCUS enterprise whereas enabling the acceleration of its development”.
“This partnership accelerates our efforts to increase into adjoining markets, industries, and geographies”, Kalnin added.
CCUS can also be a part of BKV’s purpose to attain net-zero Scope 1 and Scope 2 emissions for owned and operated upstream and pure fuel midstream operations by the early 2030s.
To contact the creator, electronic mail jov.onsat@rigzone.com
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