Oxy Low Carbon Ventures Awarded Project Tundra Carbon Storage Consulting Services Contract
December 15 2020 - 9:00AM
Oxy Low Carbon Ventures, LLC, a subsidiary of Occidental (NYSE:
OXY), announced today it was awarded a contract to provide Carbon
Storage Consulting Services for Project Tundra, an initiative led
by Minnkota Power Cooperative, to build the world’s largest carbon
capture facility at the Milton R. Young Station – a coal-fired
power plant, near Center, North Dakota.
A leader in the multi-disciplinary execution of
carbon management, Oxy Low Carbon Ventures will advise Minnkota on
the safe design and overall requirements of Project Tundra’s
storage facility. Oxy Low Carbon Ventures leverages Occidental’s
40+ years of carbon management expertise, in which it safely
processes, transports and stores approximately 20 million metric
tonnes of carbon dioxide (CO2) annually in its operations.
Occidental has developed standards and protocols
recognized by the U.S. Environmental Protection Agency (EPA) for
monitoring, reporting and verifying the amount, safety and
permanence of CO2 stored through secure geologic sequestration. The
company holds the nation’s first two EPA-approved monitoring,
reporting and verification plans for geologic sequestration through
enhanced oil recovery production. Oxy Low Carbon Ventures will
apply this singular expertise and know-how to advise Minnkota on
the safe design and overall requirements for Project Tundra’s
storage facility.
“Project Tundra is one example of how our
experience in carbon management is helping industry realize its
carbon reduction goals,” said Dr. Doug Conquest, Vice President,
Services, Oxy Low Carbon Ventures. “The potential for underground
sequestration of CO2 is on the order of billions of tonnes per
year, and Oxy Low Carbon Ventures is perfectly positioned to help
companies and governments meet their ambitions to address climate
change. We commend the Minnkota Power Cooperative on their
leadership and vision.”In preparation for the potential start of
construction in early 2022, Minnkota is conducting comprehensive
front-end engineering and design (FEED) studies, partly funded with
grants from the U.S. Department of Energy (DOE) and the North
Dakota Industrial Commission (NDIC). Oxy Low Carbon Ventures will
advise on the CO2 storage portion of the project, including
transportation and secure geologic sequestration, in collaboration
with the University of North Dakota’s Energy and Environmental
Research Center (EERC), an effort that received funding from the
NDIC and the CarbonSAFE Phase III program awarded by the DOE in
April.
“Our partnership with the EERC and Oxy Low Carbon
Ventures will ensure we have the right expertise on board to safely
and permanently store carbon dioxide so that the Young Station can
produce over 350 MW of firm and low-carbon power for our members,”
said Mac McLennan, President and CEO, Minnkota Power
Cooperative.Geologic sequestration is a permanent solution for
industries seeking to reduce their carbon footprint and meet their
CO2 emission reduction objectives. It is only one of several
approaches and technologies Oxy Low Carbon Ventures is
implementing. Through its 1PointFive joint venture, Occidental is
commercializing direct air capture facilities to pull CO2 out of
the atmosphere and permanently sequester it deep underground.
According to the DOE, there is enough underground storage available
in the United States to address carbon emissions for hundreds of
years, which is needed as the world transitions to sustainable
energy.
About Oxy Low Carbon
Ventures
Oxy Low Carbon Ventures, LLC (OLCV) is a subsidiary
of Occidental, an international energy company with operations in
the United States, Middle East, Africa and Latin America. OLCV is
focused on advancing cutting-edge, low-carbon technologies and
business solutions that enhance Occidental’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
www.oxylowcarbon.com for more information.
About Minnkota Power
Cooperative
Minnkota Power Cooperative is a not-for-profit
electric generation and transmission cooperative headquartered in
Grand Forks, N.D. Formed in 1940, Minnkota provides wholesale
electric energy to 11 member-owner distribution cooperatives
located in eastern North Dakota and northwestern Minnesota. These
members serve more than 140,000 consumer accounts in a 34,500
square-mile area. The Milton R. Young Station is a key source of
electrical generation for Minnkota and its members. Visit
www.minnkota.com for more information.
Cautionary Statement Regarding
Forward-Looking Statements by Occidental
Any statements in this release relating to
expectations, beliefs, plans or forecasts, including any statements
relating to the success, capability or scalability of the project,
that are not historical facts are forward-looking statements. These
statements are typically identified by words such as "potential,"
"will," "would," "should," "may," "plan," "believe," "expect,"
"designed to," or similar expressions that convey the prospective
nature of events or outcomes. Actual results, including those
related to project plans and timing; the impact and results of new
technologies; and emission reductions, could vary from anticipated
results, sometimes materially. Factors that could cause actual
results to differ include, but are not limited to: the scope and
duration of the COVID-19 pandemic and actions taken by governmental
authorities and other third parties in response to the pandemic;
global commodity pricing fluctuations; supply and demand
considerations for carbon capture and sequestration technologies;
the competitiveness of alternative energy sources or product
substitutes; higher-than-expected costs; the regulatory
environment; availability of funding, personnel and materials;
litigation; actions by third parties; failures in risk management;
and changes in laws, regulations or tax rates. Unless legally
required, Occidental does not undertake any obligations to update
any forward-looking statements, as a result of new information,
future events or otherwise. Material risks that may affect the
results of Occidental and its subsidiaries appear in Part I, Item
1A "Risk Factors" of Occidental’s Annual Report on Form 10-K for
the year ended December 31, 2019 and in Occidental’s other filings
with the Securities and Exchange Commission.
Contacts |
|
Media |
Investors |
Melissa E. Schoeb |
Jeff Alvarez |
713-366-5615 |
713-215-7864 |
melissa_schoeb@oxy.com |
jeff_alvarez@oxy.com |
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