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1 min read | july 05, 2022
Chevron and partners Talos and Carbonvert plan to develop the Bayou Bend Carbon Capture and Sequestration hub, which is seeking to be one of the first offshore carbon dioxide storage projects in the United States. The offshore hub will be located in the U.S. Gulf of Mexico off the coast of Jefferson County in Southeast Texas.
Early estimates show a potential storage capacity between 225 million and 275 million metric tons of carbon dioxide from industrial operations in the area. For comparison, the U.S. environmental Protection Agency estimates that an average gas-powered car that gets 22 miles per gallon emits about 5 tons (about 4.5 metric tons) of carbon dioxide a year.
The storage complex is being developed on land leased from the Texas General Land Office. The lease provides the partners with the exclusive right to permanently store CO2 in a subsurface reservoir located in state waters off the coast of Jefferson County.
"It's the only offshore lease solely for carbon capture in the U.S. We expect the project will allow Chevron and its partners to advance their lower carbon goals," said David Tatum, Chevron's general manager for carbon capture, utilization and storage.
Chevron holds a 50% stake in the venture, while Talos and Carbonvert each hold 25%. Talos, an independent exploration and energy production company, will serve as the operator. Carbonvert is a carbon capture and storage project development finance company.
The hub is to be located off the coast of Jefferson County near the major industrial areas of Port Arthur and Beaumont, Texas that are home to petrochemical production, power plants, refineries and other energy-intensive sectors that lack lower carbon solutions.
The site covers more than 40,000 acres just offshore.
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Chevron Corporation published this content on 05 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 July 2022 22:13:06 UTC.
