Occidental’s Low Carbon Ventures (OLCV) subsidiary and Natural Resource Partners, today announced the execution of an agreement for the evaluation and potential development of a permanent carbon dioxide (CO2) sequestration hub located in southeast Texas. OLCV expects the development of the project will be completed by its subsidiary 1PointFive.

The agreement provides OLCV with the exclusive rights to develop a CO2 sequestration hub on approximately 65,000 acres of pore space controlled by NRP. The site offers proximity to a large number of industrial CO2 emissions. The approximate total CO2 storage potential of this location is at least 500 million metric tons. The agreement advances OLCV’s and 1PointFive’s strategic vision to develop carbon capture and sequestration hubs, some of which are expected to be anchored by Direct Air Capture (DAC) facilities.

“We look forward to working with Natural Resource Partners L.P. as we advance our sequestration hubs that will provide industrial emitters with an economic and practical solution to capture and securely store CO2,” said Dr. Doug Conquest, Vice President, Oxy Low Carbon Ventures. “This agreement furthers our commercial-scale decarbonization solutions as we work to achieve net zero and help others do the same.”

“We are pleased to partner with OLCV on NRP’s second transaction to utilize our acreage for permanent subsurface carbon dioxide sequestration,” said Craig Nunez, NRP President and Chief Operating Officer. “OLCV’s expertise in carbon management will provide important benefits to the environment and expand our carbon neutral portfolio. NRP currently has approximately 140,000 acres of pore space under lease for carbon sequestration with a total estimated storage capacity of 800 million metric tons of CO2. We continue to evaluate carbon sequestration opportunities on the approximately 3.3 million acres of additional carbon sequestration rights we own across the Gulf Coast.”

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