Carbonvert and Talos Execute Landmark Lease for First Major Offshore Carbon Sequestration Site in the United States
Denver, Colorado and Houston, Texas – March 16, 2022 – Carbonvert Inc. (“Carbonvert”) announced that the joint venture between Carbonvert and Talos Energy Inc. (“Talos”) executed definitive lease documentation with the Texas General Land Office, formalizing the previously announced carbon capture and sequestration (“CCS”) site located offshore near the Beaumont and Port Arthur industrial corridor in Jefferson County, Texas. The lease comprises more than 40,000 acres with an estimated sequestration capacity of 225 – 275 million metric tons of CO2. The project will be known as Bayou Bend CCS. Carbonvert and Talos will each hold a 50% equity interest in the joint venture, and Talos will be the operator.
Alex Tiller, President and CEO of Carbonvert, commented, “The Bayou Bend CCS project will substantially reduce the carbon emissions from industrial clients in the region to the benefit of the global community. We are very proud to partner with Talos on such a monumental project for our industry and the environment overall. Talos’ strong operating prowess, complemented by Carbonvert’s significant experience developing, operating, and decommissioning CCS facilities, creates a robust partnership to execute this world-class project.”
“In 2020, there were more than 35 million tons per annum of CO2 emissions in the Beaumont-Port Arthur metro area. We look forward to working with Talos and the industrial facilities in the region to develop a commercial project that will safely and permanently reduce emissions as quickly as possible,” remarked Jan Sherman, Chief Development Officer of Carbonvert.
Carbonvert Inc. is a North American-based CCS project development and finance company. Founded in 2020 to help facilitate a swift transition to a net-zero world, the company simplifies decarbonization for its customers through CCS solutions and carbon market commercial services. The company focuses on developing, owning, and operating CCS projects near industrial emissions that capture point-source emissions and injection of CO2 for permanent geological sequestration. Further, it provides customer solutions to monetize 45Q tax credits and other environmental attributes. Carbonvert was established by veterans of the renewable and conventional energy sectors to manage the financial, technical, and commercial complexities of CCS project deployment. For more information, visit: https://www.carbonvert.com.
ABOUT TALOS ENERGY
Talos Energy (NYSE: TALO) is a technically driven independent exploration and production company focused on safely and efficiently maximizing long-term value through its operations, currently in the United States and offshore Mexico, both upstream through oil and gas exploration and production and downstream through the development of future carbon capture and storage opportunities. As one of the Gulf of Mexico's largest public independent producers, we leverage decades of technical and offshore operational expertise towards the acquisition, exploration and development of assets in key geological trends that are present in many offshore basins around the world. With a focus on environmental stewardship, we are also utilizing our expertise to explore opportunities to reduce industrial emissions through our carbon capture and storage initiatives along the U.S. Gulf Coast and Gulf of Mexico. For more information, visit http://www.talosenergy.com.