Agreements have today been finalised for a large-scale carbon capture facility to be integrated at a natural gas power plant.
Starwood Energy Group Global has finalised the agreements with OGCI Climate Investments and will now co-invest in the initial development of the project which will use commercially available CO2 capture technology.
The project is expected to capture 90% of the CO2 emissions for the facility which will then be used in enhanced oil recovery and permanently sequestered in an existing oil field.
“We believe that the deployment of large-scale carbon for enhanced oil recovery is a unique opportunity to further enhance the value of critical power infrastructure, enabled by historically low natural gas prices and incentives for carbon sequestration,” said Himanshu Saxena, CEO of Starwood.
“We are excited to partner with OGCI CI in their mission to catalyse industry response to climate change, and to work with our partners at Elysian in developing this important project.”
“Once constructed, this will become a premium asset and showcase for the deployment of this technology. We look forward to this project, and to exploring further carbon capture opportunities across multiple sectors, consistent with our ESG goals.”