(Source: Shutterstock.com)
Marubeni Corp., a Japan-based trading and investment conglomerate, has acquired a 50% stake in Ozona CCS’ carbon capture and storage project in South Texas, according to Sept. 24 news release.
The project aims to capture CO2 emitted from gas production and processing plants in South Texas, transport it via pipelines and store it in saline aquifers about 2 km to 3 km underground. The project will be in the Eagle Ford Shale’s Hawkville Field, according to Latham & Watkins, which represented Marubeni in the transaction.
Marubeni, which produces oil and gas, and Ozona plan to combine their development, subsurface and infrastructure expertise to develop the project, Marubeni said in the release. The companies plan to make a final investment decision on the project by the first half of 2025.
The partnership formed as companies continue taking steps to lower greenhouse gas emissions (GHG) in the U.S., with a goal of lowering GHG emissions 65% by 2030.
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