A new study that will explore opportunities for potential storage of captured carbon in the Permian Basin has been announced.
Texas Pacific Land (TPL) Corporation and Milestone Carbon have signed a Letter of Intent to evaluate the geological and geophysical characteristics of certain acreage owned by TPL for the purposes of sequestering carbon dioxide.
Milestone Carbon will perform the evaluation, which will cover around 21,000 acres in the Permian Basin and if successful, will potentially develop a carbon capture and storage (CCS) project.
Gabriel Rio, Milestone Carbon President and CEO said: “CCS is a proven technology that can provide actionable means to achieve a low carbon future.
“Milestone Carbon was created to develop, own and operate environmental infrastructure that will enable industry to meaningfully decarbonise. Such infrastructure will be crucial in the fight against climate change and will support the industries that provide the energy and materials our economy depends on. TPL’s vast land holdings and deep industry experience make them an ideal partner for Milestone Carbon. We are thrilled to join with them to develop CCS infrastructure in the Permian Basin.”
TPL is one of the largest landowners in Texas, with around 880,000 acres of land in West Texas and the majority of its ownership concentrated in the Permian Basin.
Tyler Glover, CEO of TPL added: “We have long been responsible stewards of our expansive land holdings and that longstanding focus has served as a good foundation for enhancing our commitment to sustainability and the environment.
“Carbon capture can be a key tool in the quest for net zero and TPL’s expansive surface footprint could potentially serve as a key resource to permanently sequester carbon. We are constantly looking for ways to leverage the unique features of our surface assets and carbon capture is an exciting opportunity that could serve a dual purpose of creating value for our shareholders while also benefitting the environment.”