Denbury and Mitsui Announce MOU and Start of Joint Evaluation for Low-Carbon Solutions Opportunities
26 Oktober 2021 - 3:00AM
Business Wire
Denbury Onshore, LLC (“Denbury”), a subsidiary of Denbury Inc.
(NYSE: DEN) (collectively “Denbury”) and Mitsui E&P USA LLC
(“MEPUSA”), a subsidiary of Mitsui & Co., Ltd (“Mitsui”),
announce they have commenced a joint evaluation of potential
opportunities in the U.S. Gulf Coast to develop carbon-negative oil
assets utilizing anthropogenic CO2 via Carbon Capture, Utilization,
and Storage (“CCUS”). As part of the evaluation, MEPUSA and Denbury
seek to jointly pursue CO2 offtake opportunities from Mitsui’s
potential projects along the U.S. Gulf Coast. MEPUSA will also
identify international CCUS opportunities in which Denbury and
MEPUSA could further collaborate.
Chris Kendall, Denbury’s President and Chief Executive Officer,
commented, “We are very pleased to have reached this agreement with
Mitsui, which further highlights our strategy of creating
significant shareholder value through our CCUS leadership. We look
forward to working collaboratively with the great team at Mitsui to
identify and execute impactful CCUS projects.”
Toru Matsui, Chief Operating Officer of Mitsui’s Energy Business
Unit, said, “We are pleased to begin this exciting and impactful
partnership with Denbury. Through this joint evaluation, we hope to
deepen our relationship with Denbury to further develop our CCUS
value chain in the U.S. Through our involvement in developing CCUS
projects globally, Mitsui aims to achieve net-zero carbon emissions
and create a sustainable and eco-friendly society.”
ABOUT DENBURY
Denbury is an independent energy company with operations and
assets focused on Carbon Capture, Use and Storage (CCUS) and
Enhanced Oil Recovery (EOR) in the Gulf Coast and Rocky Mountain
regions. For over two decades, the Company has maintained a unique
strategic focus on utilizing CO2 in its EOR operations and since
2013 has been active in CCUS through the injection of captured
industrial-sourced CO2. The Company currently injects over three
million tons of captured industrial-sourced CO2 annually, and its
objective is to fully offset its Scope 1, 2, and 3 CO2 emissions
within this decade, primarily through increasing the amount of
captured industrial-sourced CO2 used in its operations. For more
information about Denbury, visit www.denbury.com.
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ABOUT MITSUI & CO
Mitsui & Co., Ltd. (8031: JP) is a global trading and
investment company with a diversified business portfolio that spans
approximately 64 countries in Asia, Europe, North, Central &
South America, The Middle East, Africa and Oceania.
Mitsui has over 5,600 employees and deploys talent around the
globe to identify, develop, and grow businesses in collaboration
with a global network of trusted partners. Mitsui has built a
strong and diverse core business portfolio covering the Mineral and
Metal Resources, Energy, Machinery and Infrastructure, and
Chemicals industries.
Leveraging its strengths, Mitsui has further diversified beyond
its core profit pillars to create multifaceted value in new areas,
including innovative Energy Solutions, Healthcare & Nutrition
and through a strategic focus on high-growth Asian markets. This
strategy aims to derive growth opportunities by harnessing some of
the world’s main mega-trends: sustainability, health &
wellness, digitalization and the growing power of the consumer.
For more information on Mitsui & Co’s businesses visit
http://www.mitsui.com/jp/en/.
This press release contains forward-looking statements that
involve risks and uncertainties, including Denbury and Mitsui
developing, documenting, building and commencing operations of
carbon-negative projects and facilities. Achievement of these
milestones are subject to a wide range of business risks, and there
is no assurance that these goals can or will be met. These
forward-looking statements represent the parties’ expectations only
as of today and should not be relied upon as representing its
estimates as of any future date. The parties assume no obligation
to update these forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20211025005841/en/
Brad Whitmarsh, Executive Director, Investor Relations,
972.673.2020, brad.whitmarsh@denbury.com Susan James, Manager,
Investor Relations, 972.673.2593, susan.james@denbury.com
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