Occidental’s 1PointFive Wins $36 Million DOE funding for CO2 Sequestration Hubs
(P&GJ) — 1PointFive, a subsidiary of Occidental, has secured $36 million in funding from the U.S. Department of Energy (DOE) to develop two carbon sequestration hubs in Texas and Louisiana.
The funding, awarded under Phase III of the DOE’s Carbon Storage Assurance Facility Enterprise (CarbonSAFE) Initiative, will support the Bluebonnet and Magnolia Sequestration Hubs.
Located in Chambers County, Texas, and Allen Parish, Louisiana, the sequestration hubs aim to provide large-scale CO2 storage for industrial sources of emissions. The project combines infrastructure and permits to help industries meet decarbonization goals.
“We are leveraging over 50 years of carbon management expertise to deliver solutions that aid in industrial decarbonization,” said Jeff Alvarez, President of 1PointFive Sequestration. “Partnering with the Department of Energy allows us to accelerate progress and unlock the potential of CCS (carbon capture and storage) to support climate goals.”
The DOE funding will be used for site characterization, permitting, and environmental approvals. 1PointFive also plans to launch a community benefit program, focusing on education and building relationships with local stakeholders.
Related News
Related News
- Trump Aims to Revive 1,200-Mile Keystone XL Pipeline Despite Major Challenges
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
- ConocoPhillips Eyes Sale of $1 Billion Permian Assets Amid Marathon Acquisition
- ONEOK Agrees to Sell Interstate Gas Pipelines to DT Midstream for $1.2 Billion
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- U.S. LNG Export Growth Faces Uncertainty as Trump’s Tariff Proposal Looms, Analysts Say
- Tullow Oil on Track to Deliver $600 Million Free Cash Flow Over Next 2 Years
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- GOP Lawmakers Slam New York for Blocking $500 Million Pipeline Project
- Texas Oil Company Challenges $250 Million Insurance Collateral Demand for Pipeline, Offshore Operations
Comments