Equinor buys into CCS project

Equinor acquires stake in Bayou Bend CCS Project. (Image: Equinor)

Equinor has acquired a 25% interest in Bayou Bend CCS LLC, positioned to be one of the largest US carbon capture and storage projects located along the Gulf Coast in Southeast Texas.

“Commercial CCS solutions are critical for hard-to-abate industries to meet their climate ambitions while maintaining their activity,” said Grete Tveit, senior vice president for Low Carbon Solutions in Equinor. “Entering Bayou Bend strengthens our low carbon solutions portfolio and supports our ambition to mature and develop 15-30 million tonnes of equity CO2 transport and storage capacity per year by 2035. Our experience from developing carbon storage projects can help advance decarbonization efforts in one of the largest industrial corridors in the U.S.”

Bayou Bend is positioned to be one of the largest CCS solutions in the US for industrial emitters, with nearly 140,000 gross acres of pore space for permanent CO2 sequestration and gross potential storage resources of more than one billion metric tons. The Bayou Bend total acreage includes nearly 100,000 gross acres onshore in Chambers and Jefferson Counties, Texas, and approximately 40,000 gross acres offshore Beaumont and Port Arthur, Texas.

Bayou Bend is a joint venture between Chevron U.S.A. Inc., through its Chevron New Energies division, Talos Energy Inc., through its Talos Low Carbon Solutions division, and Equinor. Equinor acquired its 25 percent share through the purchase of Texas Carbon 1 LLC, a subsidiary of Carbonvert. Chevron is the operator with 50 percent interest, and Talos holds 25% interest.