1PointFive, a subsidiary of Occidental’s (NYSE: OXY) Low Carbon
Ventures (OLCV) business, and Manulife Investment Management today
announced that OLCV and Manulife entered into a lease agreement for
approximately 27,000 acres of timberland in Western Louisiana. The
agreement provides 1PointFive with access to subsurface pore space
and surface rights to develop and operate a carbon sequestration
hub, with access to permanently store industrial carbon emissions.
Two Class VI injection permits, required by the EPA for geologic
sequestration, have already been filed for the site.
The lease agreement is a pivotal step in 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.
Manulife Investment Management’s acreage offers excellent
storage capacity within proximity to point source industrial
emitters, who would otherwise emit carbon dioxide to the
atmosphere. 1PointFive would also like to recognize New Dawn
Energy, which is a Manulife land lease partner, and has been
cooperative and supportive of the project.
“We are excited to join with Manulife and lease the acreage to
develop a hub that will provide sequestration infrastructure and
services for industrial emitters and 1PointFive’s future DAC
facilities,” said Dr. Doug Conquest, Vice President, OLCV. “This
agreement strengthens our CCUS position and advances
commercial-scale decarbonization solutions in line with Oxy’s
net-zero goals.”
“We understand the importance our forests and underlying land
play as a natural climate solution in decarbonization,” said
Eduardo Hernandez, Managing Director and Global Head of Timberland
Operations at Manulife Investment Management. “We focus on
sustainably managing our forests for climate-positive and
nature-positive impact, and we are excited to find additional
opportunities to continue this work for clients.”
1PointFive and Manulife Investment Management are also exploring
other locations and projects throughout the region and country with
the potential to add additional acreage for carbon removal and
sequestration. 1PointFive adheres to U.S. Environmental Protection
Agency (EPA) standards for monitoring, reporting and verifying
(MRV) the amount, safety and permanence of CO2 stored through
secure geologic sequestration. The company and its affiliates hold
three EPA-approved MRV plans for geologic sequestration. 1PointFive
will apply this expertise toward the safe design and operation of
the project.
Manulife Investment Management manages approximately 6 million
acres of timberland across the United States, Canada, New Zealand,
Australia, Brazil, and Chile. It also oversees approximately
400,000 acres of prime farmland in major agricultural regions of
the United States and in Canada, Chile, and Australia.
About 1PointFive 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.
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.
About Manulife Investment
Management Manulife Investment Management is the
global brand for the global wealth and asset management segment of
Manulife Financial Corporation. We draw on more than a century of
financial stewardship and the full resources of our parent company
to serve individuals, institutions, and retirement plan members
worldwide. Headquartered in Toronto, our leading capabilities in
public and private markets are strengthened by an investment
footprint that spans 19 geographies. We complement these
capabilities by providing access to a network of unaffiliated asset
managers from around the world. We’re committed to investing
responsibly across our businesses. We develop innovative global
frameworks for sustainable investing, collaboratively engage with
companies in our securities portfolios, and maintain a high
standard of stewardship where we own and operate assets, and we
believe in supporting financial well-being through our workplace
retirement plans. Today, plan sponsors around the world rely on our
retirement plan administration and investment expertise to help
their employees plan for, save for, and live a better retirement.
Not all offerings are available in all jurisdictions. For
additional information, please visit manulifeim.com.
Forward-Looking Statements This news release
contains “forward-looking statements” within the meaning of the
"safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995, including those relating to OLCV’s strategy,
1PointFive’s strategy’s impact on the environment, the agreement’s
benefits and related impact on carbon emissions, and 1PointFive’s
plans to build, acquire and operate multiple sequestration hubs as
part of Oxy’s net-zero strategy. These statements are based on
Oxy’s current expectations, beliefs, plans, estimates, and
forecasts. All statements other than statements of historical fact
are forward-looking statements for purposes of federal and state
securities laws. Words such as “will,” “may,” “expect,” “plan,” or
similar expressions that convey the prospective nature of events or
outcomes are generally indicative of forward-looking statements.
You should not place undue reliance on these forward-looking
statements, which speak only as of the date of this news release.
Unless legally required, Oxy does not undertake any obligation to
update, modify, or withdraw any forward-looking statements as a
result of new information, future events, or otherwise.
These statements are not guarantees of future performance as
they involve assumptions that may prove to be incorrect and risks
and uncertainties, including those that are beyond Oxy’s control.
Factors that may cause actual results to differ materially from
forward-looking statements include Oxy’s, OLCV’s and 1PointFive’s
ability to access necessary technology, to develop and employ
existing or new technology on a commercial scale, to acquire
requisite pore space, to access capital, to collaborate with third
parties and customers, and to receive approvals from regulatory
bodies, as well as market conditions, geopolitical events, and
scientific developments. Additional factors that may affect
1PointFive’s ability to build, acquire and operate multiple
sequestration hubs can be found in Oxy’s public disclosure and its
filings with the U.S. Securities and Exchange Commission (SEC),
which may be accessed at Oxy’s website at oxy.com or the SEC’s
website at sec.gov. Information included herein is not necessarily
material to an investor in Oxy’s securities.
1PointFive media relations contactEric Moses
Phone: +1 (713) 497-2017Email: eric_moses@oxy.com
1PointFive investor relations contactJeff
AlvarezPhone: +1 (713) 215-7864 Email: jeff_alvarez@oxy.com
Manulife Investment Management media relations
contactElizabeth BartlettEmail:
Elizabeth_Bartlett@manulife.com
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