Carbon-Zero US (Carbon-Zero), affiliate of Cox Oil, will work with energy giant Repsol to study the opportunities for developing carbon capture and sequestration (CCS) projects on the US Gulf Coast.
The agreement states that the partners will combine knowledge and resources for the project, which will involve Carbon-Zero capturing carbon dioxide (CO2) from industrial sources, before transporting and storing it in the Gulf of Mexico.
Regarded as a prime location for offshore carbon capture projects, the Gulf Coast is also adjacent to a natural carbon storage area off the Louisiana coast, where initial storage will take place.
As the first oil and gas company in the world to announce a net-zero emissions target by 2050, Repsol considers itself a ‘global leader’ in the development of energy transition-driving technology.
“We look forward to bringing our international experience and knowledge to the consortium to advance our shared sustainability objectives in the US, which is a core region for Repsol,” said Tomas Zapata, Exploration Americas Director, Repsol.