DENVER, Nov. 13,
2023 /PRNewswire/ -- BKV Corporation (BKV) and
EnLink Midstream, LLC (NYSE: ENLC) (EnLink) announced today the
initial injection of carbon dioxide (CO2) waste
generated from EnLink's Bridgeport
natural gas processing plant, and neighboring operations, at BKV's
Barnett Zero carbon capture and sequestration (CCS) facility,
marking a major step toward reducing CO2 emissions
associated with BKV's natural gas production in north Texas' Barnett Shale. Barnett Zero is one of
the first purpose-drilled, Class II commercial carbon sequestration
well injecting CO2 waste from natural gas processing
plants in the United States, and
with the initial injection, BKV and EnLink will be among the first
energy companies to have commercial carbon capture and
sequestration operations in the nation.
EnLink will transport the natural gas produced by BKV in the
Barnett to its natural gas processing plant in Bridgeport, Texas, where the CO2
waste stream will be captured and transported to a BKV facility,
compressed, and then sequestered via BKV's nearby underground
injection control well. The project is forecasted to achieve an
average sequestration rate of up to approximately 210,000 metric
tons of CO2e per year over the course of the project
life. The initial CO2 injection at the Barnett Zero
facility recently commenced operations safely and ahead of
schedule.
"We are thrilled to officially commence our Barnett Zero Project
and begin our newest chapter - commercial CCS operations," said
Chris Kalnin, Chief Executive
Officer of BKV. "BKV has an actionable path to net-zero Scope 1, 2
and 3 emissions from its upstream operations by the early 2030s and
is committed to achieving net zero Scope 1 and 2 emissions from its
upstream operations by the end of 2025. Executing at Barnett Zero
and building our CCS business is an important part of this journey
and our mission to deliver a carbon-sequestered natural gas product
to the world."
Through the project, BKV and EnLink will dispose of and
geologically sequester CO2 generated as a byproduct of
the production of BKV's natural gas in the Barnett Shale. BKV
and EnLink aim to reduce greenhouse gas emissions in the atmosphere
by capturing CO2 emitted in connection with natural gas
production activities, both from their own operations and from
third parties.
"This project clearly demonstrates EnLink's commitment to
reducing emissions from our own operations and creating shareholder
value," said Jesse Arenivas, Chief
Executive Officer of EnLink. "The commencement of operations for
the Barnett Zero project with BKV reflects tangible progress on
EnLink's vision to create the future of midstream. EnLink now has
carbon flowing through our pipelines, and I believe this will be
the first of many CCS projects EnLink sees to fruition."
The Class II well and initial CO2 injection at the
Barnett Zero project were approved by the Texas Railroad Commission
and the project's Monitoring, Reporting and Verification Plan was
approved by the United States Environmental Protection Agency in
accordance with Subpart RR of the Greenhouse Gas Reporting Program.
BKV intends to use the Barnett Zero project as a modular prototype
that can repeated and quickly scaled for future Class II and Class
VI wells, as applicable.
BKV forecasts that its second CCS project, referred to as Cotton
Cove, will commence commercial operations by the end of 2024 and
achieve an average sequestration rate of up to approximately 45,000
metric tons of CO2 per year over the course of the
project life. BKV reached internal final investment decision (FID)
on the Cotton Cove project in late 2022 and is developing the
project as a joint venture with Banpu Power US Corporation. BKV is
actively pursuing the expansion of both the Barnett Zero and Cotton
Cove projects, envisioning a future where these initiatives pilot
and scale post-combustion carbon capture technology.
In addition to the Barnett Zero and Cotton Cove projects, BKV
has identified three additional potential natural gas processing
projects aimed at sequestering third-party emissions and expects to
reach FID on such projects in either late 2023 or 2024. If approved
and implemented, these three natural gas processing projects would
provide a combined forecasted annual sequestration volume of at
least approximately 970,000 metric tons per year of captured
CO2e.
About BKV Corporation
Headquartered in
Denver, Colorado, BKV Corporation
(BKV) is a forward-thinking, growth-driven energy company focused
on creating value for its stockholders. BKV's core business is to
produce natural gas from its owned and operated upstream
businesses. BKV (and its predecessor entity) was founded in 2015,
and BKV and its employees are committed to building a different
kind of energy company. BKV is one of the top 20 gas-weighted
natural gas producers in the United
States and the largest natural gas producer by gross
operated volume in the Barnett Shale. BKV Corporation is the parent
company for the BKV family of companies.
About EnLink Midstream
EnLink Midstream reliably
operates a differentiated midstream platform that is built for
long-term, sustainable value creation. EnLink's best-in-class
services span the midstream value chain, providing natural gas,
crude oil, and NGL capabilities, and carbon capture,
transportation, and sequestration services. Our purposely built,
integrated asset platforms are in premier production basins and
core demand centers, including the Permian Basin, Oklahoma, North
Texas, and the Gulf Coast. EnLink's strong financial
foundation and commitment to execution excellence drive competitive
returns and value for our employees, customers, and investors.
Headquartered in Dallas, EnLink is
publicly traded through EnLink Midstream, LLC (NYSE: ENLC).
Visit www.EnLink.com to learn how EnLink connects energy
to life.
Forward-Looking Statements
This communication includes
forward-looking statements. All statements other than statements of
historical fact are "forward-looking statements" for purposes of
federal and state securities laws. Any statements herein regarding
future events, such as carbon emission reduction goals, new
business opportunities, growth objectives and any other statements
that are not historical facts, are forward-looking statements.
These forward-looking statements involve certain risks and
uncertainties, many of which are beyond the parties' control, that
could cause actual results to differ materially from those
indicated in such forward-looking statements, including, but not
limited to risks relating to climate change, regulatory
restrictions and other risks relating to the parties' operations.
These forward-looking statements speak only as of the date of this
communication, and each of BKV and EnLink expressly disclaim any
obligation or undertaking to disseminate any updates or revisions
to any forward-looking statement contained herein.
Contact:
Becky Escott,
BKV Corporation
817.757.2668
media@bkvcorp.com
Megan Wright, EnLink
Midstream
Media Relations
214.721.9694
megan.wright@enlink.com
Brian Brungardt, EnLink
Midstream
Investor Relations
214.721.9353
brian.brungardt@enlink.com
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SOURCE BKV