A new carbon sequestration agreement between BKV Corporation, NuQuest Energy and the State of Louisiana will see the trio working on the development of facilities to permanently sequester carbon dioxide from local emissions sources.
The State of Louisiana granted the carbon storage and sequestration rights on approximately 21,000 acres of land in St. Charles and Jefferson Parishes to High West Sequestration. The location is well suited for targeted CO2 capture and sequestration efforts, with an estimated 22 million metric tons (MMT) annually, within a 15-mile radius from various emissions points.
The High West storage site also has the potential for significant CO2 storage, estimated to be between 140MMT to 1,000MMT of CO2e. This, however, is still subject to further evaluation, planning and development design decisions.
Under the agreement, High West Sequestration – a wholly owned subsidiary of BKV Corporation – will dispose of CO2 waste from local emissions sources via permanent sequestration through injection wells on the aforementioned site.
“It is critical that companies in our industry work together with various emitters and other industries to bring actionable change and move large-scale carbon reduction projects forward,” said Chris Kalnin, chief executive officer, BKV. “This partnership allows us to move forward with significant sequestration efforts and brings us one step closer to the production of measured net zero natural gas, a carbon neutral natural gas product.”
BKV previously launched a dedicated CCUS business line called BKV dCarbon Ventures, and is equipping it with the resources required to evaluate and build a pipeline of feasible CCUS projects. The company has placed a strategic focus on permanent sequestration of point-source emissions.
“This agreement reinforces our commitment to leading the way in the production of measured net-zero natural gas,” BKV Vice President dCarbon Ventures Lauren Read said. “We look forward to being a leader in CCUS in Louisiana and working with the State, NuQuest, and other like-minded companies, who are ready to address climate change head-on.”