
(Source: 1PointFive)
Trafigura agreed to purchase CO2 removal credits that carbon capture and storage company 1PointFive will produce at its Stratos industrial-scale direct air capture (DAC) facility, the companies announced at the World Economic Forum’s annual meeting and in a Jan. 16 press release.
Trafigura is a founding member of the First Movers Coalition, and its advanced purchase agreement with 1PointFive, an Occidental Petroleum subsidiary, is part of its commitment to purchase at least 50,000 tons of net CO2 removal credits by 2030. Trafigura is committed to supporting early-stage technologies to advance CO2 removal credits, the company said in its press release.
“We are excited about this agreement because it establishes our collaboration with a global commodities firm focused on reducing emissions across the value chain,” said Michael Avery, president and general manager of 1PointFive, in the press release.
The Stratos facility, under construction in Texas, will be able to capture up to 500,000 tons of CO2 per year, which will be stored through durable subsurface saline sequestration.
“We are delighted to collaborate with 1PointFive as we expand our global customer offering for hard-to-abate sectors,” said Hannah Hauman, global head of carbon trading for Trafigura. “Supporting the development of large-scale removals projects demonstrates our commitment to advancing carbon sequestration technologies, underpinning demand today to enable the scaling of production for tomorrow.”
Recommended Reading
ConocoPhillips Shopping Marathon’s Anadarko Assets for $1B— Source
2025-04-02 - ConocoPhillips is marketing Anadarko Basin assets it picked up through a $22.5 billion acquisition of Marathon Oil last year, Hart Energy has learned.
Validus Pays $850MM for 89 Energy as Midcon M&A Heats Up
2025-03-24 - Elliott Investment Management-backed Validus Energy continues to roll up Midcontinent assets, closing an $850 million acquisition of 89 Energy III.
Exclusive: Camino Steps Back from $2B Midcon Sale Process—Sources
2025-04-08 - NGP-backed Camino Natural Resources, which had reportedly been seeking a $2 billion sale of its Midcontinent assets, has paused marketing the company, sources told Hart Energy.
Camino Reportedly Seeking $2B Sale as Midcon M&A Heats Up
2025-01-30 - Oklahoma producer Camino Natural Resources—one of the Midcontinent’s largest private E&Ps—is reportedly exploring a sale in the range of $2 billion.
Amplify Updates $142MM Juniper Deal, Divests in East Texas Haynesville
2025-03-06 - Amplify Energy Corp. is moving forward on a deal to buy Juniper Capital portfolio companies North Peak Oil & Gas Holdings LLC and Century Oil and Gas Holdings LLC in the Denver-Julesburg and Powder River basins for $275.7 million, including debt.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.