Oxy Low Carbon Ventures and Weyerhaeuser reach lease agreement for a carbon capture and sequestration project in Louisiana
28 Março 2022 - 9:00AM
Occidental's (NYSE: OXY) Oxy Low Carbon Ventures (OLCV) subsidiary
and Weyerhaeuser Company (NYSE: WY) today announced an agreement
for the evaluation and potential development of a carbon capture
and sequestration project in Livingston Parish, Louisiana. The
lease agreement provides OLCV with exclusive rights to develop and
operate a carbon sequestration hub on more than 30,000 acres of
subsurface pore space controlled by Weyerhaeuser. OLCV will use the
land to permanently sequester industrial carbon dioxide (CO2) in
underground geologic formations not associated with oil and gas
production, while Weyerhaeuser continues to manage the aboveground
acreage as a working forest.
The lease agreement, with the potential to expand
acreage, is a pivotal step in OLCV subsidiary 1PointFive’s
strategic vision to develop a series of carbon capture and
sequestration hubs within the U.S.:
- 1PointFive plans to build,
acquire and operate multiple sequestration hubs on the Gulf Coast
and across the U.S., some of which are expected to be anchored by
Direct Air Capture (DAC) facilities, to offer storage capacity to
point-source emitters, such as manufacturing sites and power
plants, with a capacity to sequester up to hundreds of millions of
metric tons of anthropogenic CO2.
- 1PointFive aims to play a
transformational role in combatting climate change through
industrial decarbonization of the hard-to-abate industrial sector
in the U.S.
“We’re excited to work with Weyerhaeuser to grow
this side of our business and help reduce carbon emissions.
1PointFive and its planned sequestration hubs are expected to be an
expanding side of our business that will work with industrial
emitters to capture, transport and permanently store CO2,” said
Richard Jackson, chairman of 1PointFive. “1PointFive is a
comprehensive carbon capture, utilization and storage (CCUS)
platform that is working to deliver solutions to reduce global
emissions backed by Oxy's expertise and experience in carbon
management for more than 50 years.”
The lease agreement also marks Weyerhaeuser’s first
step in building its carbon capture and storage (CCS) business
across its land base in the Gulf Coast:
- Weyerhaeuser has identified multiple locations for potential
CCS projects across a portion of its 7 million-acre footprint in
the U.S. South using proprietary geological data covering its
lands.
- The expansion into CCS is part of Weyerhaeuser’s previously
announced plan to grow its recently formed Natural Climate
Solutions business, including through CCS, forest carbon offsets,
renewable energy development, mitigation solutions and
conservation.
“We are excited to work with OLCV on this project,
which combines a portion of our uniquely positioned southern U.S.
acreage and subsurface ownership with OLCV’s proven technical
expertise in the management and sequestration of CO2,” said Russell
Hagen, chief development officer for Weyerhaeuser. “This agreement
represents important progress in advancing Weyerhaeuser’s strategic
growth in carbon capture and storage, and it supports our broader
commitment to sustainability and providing natural climate
solutions across our land base.”
About Oxy Low Carbon Ventures
Oxy Low Carbon Ventures, LLC (OLCV) is a subsidiary
of Occidental (Oxy), is an international energy company with assets
primarily in the United States, the Middle East and North Africa.
OLCV is focused on advancing cutting-edge, low-carbon technologies
and business solutions that enhance Oxy’s business while reducing
emissions. OLCV also invests in the development of low-carbon fuels
and products, as well as sequestration services to support carbon
capture projects globally. Visit Carbon Innovation on oxy.com for
more information.
About 1PointFive
1PointFive 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, including Carbon Engineering's Direct
Air Capture (DAC) and AIR-TO-FUELS™ technologies alongside geologic
sequestration hubs. More at 1PointFive.com.
About Weyerhaeuser
Weyerhaeuser Company, one of the world's largest
private owners of timberlands, began operations in 1900. We
own or control approximately 11 million acres of timberlands in the
U.S. and manage additional timberlands under long-term licenses
in Canada. We manage these timberlands on
a sustainable basis in compliance with internationally
recognized forestry standards. We are also one of the largest
manufacturers of wood products in North America. Our
company is a real estate investment trust. In 2021, we
generated $10.2 billion in net sales and employed
approximately 9,200 people who serve customers worldwide. Our
common stock trades on the New York Stock Exchange under the symbol
WY. Learn more at www.weyerhaeuser.com
Forward-Looking Statements This
news release contains “forward-looking statements” within the
meaning of the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995, including those relating to OLCV’s
strategy, 1PointFive’s strategy’s impact on the environment, the
agreement’s benefits and related impact on carbon emissions, and
1PointFive’s plans to build, acquire and operate multiple
sequestration hubs as part of Oxy’s net-zero strategy. These
statements are based on Oxy’s current expectations, beliefs, plans,
estimates, and forecasts. All statements other than statements of
historical fact are forward-looking statements for purposes of
federal and state securities laws. Words such as “will,” “may,”
“expect,” “plan,” “aim,” or similar expressions that convey the
prospective nature of events or outcomes are generally indicative
of forward-looking statements. You should not place undue reliance
on these forward-looking statements, which speak only as of the
date of this news release. Unless legally required, Oxy does not
undertake any obligation to update, modify, or withdraw any
forward-looking statements as a result of new information, future
events, or otherwise.
These statements are not guarantees of future
performance as they involve assumptions that may prove to be
incorrect and risks and uncertainties, including those that are
beyond Oxy’s control. Factors that may cause actual results to
differ materially from forward-looking statements include Oxy’s
ability to access necessary technology, to develop and employ
existing or new technology on a commercial scale, to acquire
requisite pore space, to access capital, to collaborate with third
parties and customers, and to receive approvals from regulatory
bodies, as well as market conditions, geopolitical events, and
scientific developments. Additional factors that may affect
1PointFive’s ability to build, acquire and operate multiple
sequestration hubs can be found in Oxy’s public disclosure and its
filings with the U.S. Securities and Exchange Commission (SEC),
which may be accessed at Oxy’s website at oxy.com or the SEC’s
website at sec.gov. Information included herein is not necessarily
material to an investor in Oxy’s securities.
Oxy Low Carbon Ventures / 1PointFive media
relations contactEric Moses Phone: +1 (713) 497-2017Email:
eric_moses@oxy.com
Occidental / Oxy investor relations
contactJeff AlvarezPhone: +1 (713) 215-7864 Email:
jeff_alvarez@oxy.com
Weyerhaeuser media relations
contactNancy ThompsonPhone: +1 (919) 861-0342Email:
nancy.thompson@weyerhaeuser.com
Weyerhaeuser investor relations
contactAndy TaylorPhone: +1 (206) 539-3907Email:
andy.taylor@weyerhaeuser.com
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