Equinor acquires 25% stake in US CCS project
Equinor, a Norwegian energy company, has acquired a 25% stake in the Bayou Bend carbon capture and storage (CCS) project located in Southeast Texas, it announced on August 28. The acquisition was made through the purchase of Texas Carbon 1 LLC, a subsidiary of Carbonvert.
The Bayou Bend CCS project is situated along the Gulf Coast in Southeast Texas and spans both onshore and offshore areas. The total acreage includes about 100,000 gross acres onshore in Chambers and Jefferson Counties, as well as approximately 40,000 gross acres offshore near Beaumont and Port Arthur.
The project's strategic location near major industrial hubs like the Houston Ship Channel and the Beaumont/Port Arthur area positions it as a potential solution for decarbonising industries such as refining, cement, steel, chemicals, and manufacturing, Equinor said.
Equinor's participation in the Bayou Bend CCS project aligns with its broader low carbon solutions portfolio. The company aims to develop and mature between 15 to 30mn tonnes of equity CO2 transport and storage capacity annually by 2035.
Chevron and Talos Energy are the other partners in the Bayou Bend CCS project. Chevron holds a 50% stake and operates the project, while Talos Energy holds the remaining 25% interest.