BKV Corp. recently entered an agreement with Verde Co2 CCS LLC for carbon capture, utilization, and sequestration (CCUS) project identification and evaluation to expand BKV’s CCUS and greenhouse-gas emissions reduction efforts.
The Denver-based natural gas producer is focused on becoming a profitable net-zero energy company—a goal that includes the pursuit of projects in the carbon capture space. BKV is currently developing its first CCUS project, which will be located in the Barnett Shale region of North Texas.
“Leveraging Verde’s CCUS expertise is expected to help achieve our goal of being a leader in the safe production of low impact, sustainable energy. We are excited to work with them to move CCUS projects forward and make a meaningful impact on the reduction of greenhouse-gas emissions,” BKV CEO Chris Kalnin commented in a company release on Aug. 23.
“We are passionate that CCUS can help reduce global emissions that impact climate change, and by enlisting Verde, we are on a path to demonstrate that low-impact, sustainable energy can be achieved.”—Lauren Read, BKV dCarbon Ventures
Verde is a full-service CCUS developer. Based in Houston, the company manages every element of the CCUS business—from carbon capture and transmission to storage and monitoring.
“Our team’s expertise in the capture, transport, geology, reservoir, and sequestration value chains is setting the industry standard, and we are excited to collaborate with BKV moving forward,” said Charles Fridge, chairman and CEO of Verde. “This agreement will further our shared goals of advancing environmental stewardship and achieving net-zero carbon reduction technology across the energy value chain.”
As a result of the importance of carbon sequestration to BKV’s sustainability plans, the company recently formed dCarbon Ventures, a dedicated business unit focused on driving CCUS innovations and project development.
Led by Lauren Read, BKV dCarbon Ventures has a strategic focus on permanent sequestration of point-source emissions. BKV’s primary criteria for CCUS project evaluation fall under three main categories—regulatory, social and environmental.
“We believe that when these three pillars intersect, we can make CCUS both feasible and profitable,” said Read, who serves as vice president of BKV dCarbon Ventures at BKV. “We are passionate that CCUS can help reduce global emissions that impact climate change, and by enlisting Verde, we are on a path to demonstrate that low-impact, sustainable energy can be achieved.”
BKV’s initial CCUS project, in partnership with EnLink Midstream, is expected to come online by the second half of 2023.
In June, the companies announced they had reached a phase one final investment decision (FID) and entered into a definitive agreement to develop the project. Read said at the time of the announcement that this initiative is anticipated to offset BKV’s current emissions by approximately 10%, bringing the company even closer to its goal of reaching net-zero by 2025.
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