Repsol, Cox Oil eye Gulf of Mexico CCS
Spanish energy firm Repsol has signed a deal with US firm Cox Oil to evaluate opportunities for carbon capture and storage (CCS) in the Gulf of Mexico area, the companies said on November 18.
The partnership brings together Cox's offshore expertise and Repsol's technical knowledge, the pair said. The plan is to capture and transport CO2 from industrial sources and store it offshore.
Cox Oil produces oil and gas at 66 fields in the Gulf of Mexico. The CEO of its Carbon-Zero subsidiary, which is implementing the project with Repsol, Ken Jackson, said the goal was "to enhance our communities with energy supplied with the lowest carbon footprint possible."
Repsol is already working on a CCS project in Indonesia at the onshore Sakakemang field. The company was the first major oil and gas firm to declare a 2050 net-zero ambition in late 2019, and is targeting a 55% cut in emissions from its facilities by 2030. It also plans to have 20 GW of renewable energy capacity up and running by then.