Natural Resource Partners L.P. and Oxy Low Carbon Ventures Enter into CO2 Sequestration Agreement
October 27 2022 - 5:00PM
Business Wire
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.
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the full release here:
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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.
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.
AIR TO FUELS™ is a registered trademark of Carbon Engineering
Ltd.
Forward-Looking Statements
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20221027005983/en/
NRP Investors Contact Tiffany Sammis 713-751-7515
tsammis@nrplp.com Occidental Contacts Media Eric
Moses 713-497-2017 eric_moses@oxy.com Investors Jeff Alvarez
713-215-7864 jeff_alvarez@oxy.com
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