Denbury Announces New CO2 Sequestration Site in SW Louisiana
13 Dezember 2022 - 1:25PM
Business Wire
Denbury Inc. (NYSE: DEN) (“Denbury” or the “Company”) today
announced a definitive agreement with a large landowner in
southwest Louisiana for the future development and operation of a
dedicated CO2 sequestration site. The 31,000 acre land position is
located in Allen, Beauregard and Vernon Parishes, approximately 25
miles north of Denbury’s Green Pipeline. Denbury estimates that
there is potential to store up to 250 million metric tons of CO2 in
the site, with first injection planned as early as 2026. The
strategic location of the site provides nearby storage potential
for the heavy industrial areas of Beaumont and Port Arthur, Texas,
and Lake Charles, Louisiana. In close proximity to the dedicated
CO2 sequestration site is more than 60 million metric tons per year
of existing emissions.
Nik Wood, Denbury’s Senior Vice President, CCUS, commented,
“Denbury has unparalleled experience and CO2 pipeline
infrastructure in the U.S. Gulf Coast for the transportation and
storage of CO2. Today’s announcement adds an important piece in the
development of our CCUS business, providing another significant
future storage site in close proximity to our pipeline
infrastructure, which naturally expands the reliability and future
capacity of our network. We look forward to developing this site as
we aim to provide the most efficient and reliable CO2 platform in
the U.S.”
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
2012 has also been active in CCUS through the injection of captured
industrial-sourced CO2. The Company currently injects over four
million tons of captured industrial-sourced CO2 annually, with an
objective to fully offset its Scope 1, 2, and 3 CO2 emissions by
2030, primarily through increasing the amount of captured
industrial-sourced CO2 used in its operations. For more information
about Denbury, visit www.denbury.com.
The Denbury Carbon Solutions team was formed in January 2020 to
advance Denbury’s leadership in the anticipated high-growth CCUS
industry, leveraging Denbury’s unique capabilities and assets that
were developed over the last 20-plus years through its focus on CO2
EOR.
Follow Denbury on Twitter and LinkedIn.
This press release contains forward-looking statements as to the
timing and potential storage capacity of the above sequestrations
site that involve risks and uncertainties, including the timing and
availability of CO2 to be sequestered, the Company’s successful
preparation and testing of the site for permanent CO2 sequestration
and obtaining Class VI permits required for permanent CO2
sequestration. These statements are based on engineering,
geological, financial and operating assumptions that Denbury
believes are reasonable based on currently available information;
however, their achievement are subject to a wide range of business
risks, and there is no assurance that these goals and projections
can or will be met. Actual results may vary materially. In
addition, any forward-looking statements represent Denbury’s
estimates only as of today and should not be relied upon as
representing its estimates as of any future date. Denbury assumes
no obligation to update these forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20221213005353/en/
DENBURY CONTACTS: Brad Whitmarsh, 972.673.2020,
brad.whitmarsh@denbury.com Beth Bierhaus, 972.673.2554,
beth.bierhaus@denbury.com
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