Provides approximately 65,000 acres to expand OLCV’s carbon sequestration hubs
Natural Resource Partners L.P. (NYSE: NRP) (“NRP”) and Occidental’s (NYSE: OXY) Low Carbon Ventures (OLCV) subsidiary, today announced the execution of an agreement for the evaluation and potential development of a permanent carbon dioxide (CO2) sequestration hub located in southeast Texas. OLCV expects the development of the project will be completed by its subsidiary 1PointFive.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221027005983/en/
The agreement provides OLCV with the exclusive rights to develop a CO2 sequestration hub on approximately 65,000 acres of pore space controlled by NRP. The site offers proximity to a large number of industrial CO2 emissions. The approximate total CO2 storage potential of this location is at least 500 million metric tons. The agreement advances OLCV’s and 1PointFive’s strategic vision to develop carbon capture and sequestration hubs, some of which are expected to be anchored by Direct Air Capture (DAC) facilities.
“We are pleased to partner with OLCV on NRP’s second transaction to utilize our acreage for permanent subsurface carbon dioxide sequestration,” said Craig Nunez, NRP President and Chief Operating Officer. “OLCV’s expertise in carbon management will provide important benefits to the environment and expand our carbon neutral portfolio. NRP currently has approximately 140,000 acres of pore space under lease for carbon sequestration with a total estimated storage capacity of 800 million metric tons of CO2. We continue to evaluate carbon sequestration opportunities on the approximately 3.3 million acres of additional carbon sequestration rights we own across the Gulf Coast.”
“We look forward to working with Natural Resource Partners L.P. as we advance our sequestration hubs that will provide industrial emitters with an economic and practical solution to capture and securely store CO2,” said Dr. Doug Conquest, Vice President, Oxy Low Carbon Ventures. “This agreement furthers our commercial-scale decarbonization solutions as we work to achieve net zero and help others do the same.”
About Natural Resource Partners L.P.
Natural Resource Partners L.P., a master limited partnership headquartered in Houston, TX, is a diversified natural resource company that owns, manages and leases a diversified portfolio of properties in the United States including coal, industrial minerals and other natural resources, as well as rights to conduct carbon sequestration and renewable energy activities. NRP also owns an equity investment in Sisecam Wyoming LLC, one of the world’s lowest-cost producers of soda ash.
Further information about NRP is available on the partnership’s website at http://www.nrplp.com.
About Oxy Low Carbon Ventures (OLCV)
Oxy Low Carbon Ventures, LLC (OLCV) is a subsidiary of Occidental (Oxy), an international energy company with assets primarily in the United States, the Middle East and North Africa. OLCV is focused on advancing cutting-edge, low-carbon technologies and business solutions that enhance Oxy’s business while reducing emissions. OLCV also invests in the development of low-carbon fuels and products, as well as sequestration services to support carbon capture projects globally. Visit Carbon Innovation on oxy.com for more information.
1PointFive is a Carbon Capture, Utilization and Sequestration (CCUS) platform that is working to help curb global temperature rise to 1.5°C by 2050 through the deployment of decarbonization solutions, including Carbon Engineering's Direct Air Capture (DAC) and AIR TO FUELS™ technologies alongside geologic sequestration hubs. More at 1PointFive.com.
AIR TO FUELS™ is a registered trademark of Carbon Engineering Ltd.
This press release includes “forward-looking statements” as defined by the Securities and Exchange Commission. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the Partnership based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Partnership. These risks include, among other things, statements regarding: the effects of the global COVID-19 pandemic; future distributions on the Partnership’s common and preferred units; the Partnership's business strategy; its liquidity and access to capital and financing sources; its financial strategy; prices of and demand for coal, trona and soda ash, and other natural resources; estimated revenues, expenses and results of operations; projected future performance by the Partnership's lessees, including Foresight Energy; Sisecam Wyoming LLC’s trona mining and soda ash refinery operations; distributions from the soda ash joint venture; the impact of governmental policies, laws and regulations, as well as regulatory and legal proceedings involving the Partnership, and of scheduled or potential regulatory or legal changes; global and U.S. economic conditions; and other factors detailed in Natural Resource Partners’ Securities and Exchange Commission filings. Natural Resource Partners L.P. has no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.