Page 11 - NorthAmOil Week 10 2023

NorthAmOil ENERGY TRANSITION NorthAmOil

Chevron, Talos more than

double Texas CCUS project

TEXAS CHEVRON, Talos Energy and Carbonvert have owning 25%. On March 1, Chevron became the
more than doubled the size of their carbon cap- operator of project.
ture, utilisation and sequestration (CCUS) pro- The nascent CCUS market is seen as poten-
ject in Texas. tially representing a lifeline for companies such
The project, Bayou Bend, will now comprise as Chevron, which face diminishing returns
nearly 100,000 acres (404.49 square km) onshore from oil and gas over the long term against the Chevron joined
in Chambers and Jefferson counties, Texas. backdrop of the energy transition.
Previously, it consisted of 40,000 acres (161.87 “We are excited about Bayou Bend and build- the Talos-
square km) in state waters offshore Beaumont ing the best regional carbon sequestration hub
and Port Arthur, also in Texas. with the right storage infrastructure adjacent Carbonvert joint
The portion of the project in state waters has to two major Southeast Texas industrial corri-
the only offshore lease in the US dedicated to dors,” said Talos’ executive vice president for venture for Bayou
CCUS. The price of the purchase has not been low carbon strategy, Robin Fielder. “Today’s Bend in May
disclosed. announcement solidifies Bayou Bend’s position
The increased acreage positions Bayou Bend as Southeast Texas’s leading carbon sequestra- 2022.
to be one of the largest CCUS projects in the US. tion project,” she said.
The total acreage now holds a permanent gross “Delivering CCUS and other lower carbon
storage capacity of more than 1bn tonnes, paving solutions to harder-to-abate industries is fun-
the way for Bayou Bend to be a leading carbon damental to Chevron New Energies’ mission,”
transportation and storage facility. The clients said Chevron New Energies’ vice president of
are expected to be industrial emitters located in CCUS, Chris Powers. “With this expansion,
the Houston Ship Channel and Beaumont/Port Bayou Bend is positioned to offer CCUS solu-
Arthur region, one of the largest industrial cor- tions across a broad region of the Gulf Coast,
ridors in the country, said Talos. from Houston to Orange and into western
Chevron joined the Talos-Carbonvert joint Louisiana.”
venture for Bayou Bend in May 2022. The According to BloombergNEF, in 2022 the
super-major holds a 50% equity interest, in US had a 45% share of the global CCUS market,
Bayou Bend, with Talos and Carbonvert each worth around $2.8bn.™

Week 10 09•March•2023 www. NEWSBASE .com P11