The Texas General Land Office (GLO) awarded a Repsol-led partnership a contract for over 140,000 gross acres of pore space owned by of the Permanent School Fund (PSF) for CO2 storage located offshore of Corpus Christi, Texas. The partnership, comprised of Repsol as the operator, Carbonvert (Carbonvert Inc.), MEPUSA (Mitsui E&P USA), and POSCO (POSCO International) bring together their collective experience across oil and gas, carbon capture and storage (CCS), industrial, and renewable projects in the United States and globally. The project will be located in proximity to over 35 million metric tons per year of existing industrial emissions within 100 miles of the storage sites and more than 20 million metric tons per year of anticipated greenfield project emissions expected by 2035 to create a globally competitive carbon storage hub that can provide significant economic and environmental benefits to local communities, the Port of Corpus Christi, the State of Texas, and society at large.

Equity interests in the partnership will be 40 % Repsol (Operator), 40 % Carbonvert, 10 % MEPUSA and 10 % POSCO. On August 22nd, the Texas School Land Board unanimously approved awarding leases of the Port Arkansas North and Mustang Island tracts to the partnership, subject to the execution of final leases, which made the partnership the sole awardee in the region. Both tracts lie within Repsol's licensed seismic database and based on the favorable subsurface geology of the area, Repsol expects the tracts to have a combined storage capacity of more than 600 million metric tons of CO2.

The consortium will now enter a negotiation stage with the Texas GLO based on terms the partnership submitted along with the original request by the GLO. Final terms are subject To Approve the Texas School Land Board.