Oxy JV Secures Lease to Develop Carbon Capture in Louisiana

Oxy's 1PointFive subsidiary will use 27,000 acres of Manulife Investment Management-owned Louisiana timberland to develop and operate a carbon sequestration hub.

Hart Energy Staff
Oxy JV Secures Lease to Develop Carbon Capture in Louisiana

1PointFive, subsidiary of Occidental Petroleum’s low carbon ventures business, 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. (Source: Occidental Petroleum Corp.)

Occidental Petroleum's Low Carbon Ventures subsidiary 1PointFive and Manulife Investment Management signed an agreement to provide 1PointFive with access to subsurface pore space and surface rights to 27,000 acres of Louisiana timberland, a press release announced on June 27.

Manulife's acreage will be used to develop and operate a carbon sequestration hub, with access to permanently store industrial carbon emissions. The land offers proximity to point source industrial emitters as well as copious storage capacity, and the company has already filed two required Class VI injection permits for the project.

In addition to this venture, 1PointFive and Manulife are exploring other locations for more carbon capture and sequestration projects throughout the U.S. The lease agreement furthers Oxy's commitment to creating carbon capture hubs to decarbonize the atmosphere.

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