Environmental services company Ozona has leased over 5,500 contiguous acres of pore space in Loving County, Texas, to drill multiple commercial carbon dioxide (CO2) sequestration wells in the Permian Basin.
The acquisition increases Ozona’s CCS lease position to over 10,000 contiguous acres with an estimated pore space capacity of 120 metric tonnes. The company will start the federal and state permitting process to drill and operate multiple CO2 disposal wells across its acreage.
Once drilled, it is believed each well will have an initial injection rate of 25,000 barrels per day. The target in-service date for Class VI wells will be Q1 2026.
Rich Adams, Co-CEO and Chief Operating Officer of Ozona, described the acquisition as another key component in the company’s goal to provide long-term solutions to capture, transport and sequester CO2.
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