Tuesday, March 12, 2024

The carbon capture industry is really on the move in Texas and Louisiana!

Happy Tuesday! 

Did anyone happen to read The Houston Chronicle’s Texas Inc. Section on March 10, 2024, their article titled, “Test wells and land deals mark first leg of carbon capture race-Favorable geology, pipelines have energy firms converging in East Texas”?  The article goes on to speak about the incentivized carbon capture market which has been fueled by the Inflation Reduction Act.  The law made the industry take off because it is worth an $85 credit for every ton which is captured and stored, so if companies invested in it now, they would make a profit which wasn’t there before.  The major oil companies like Chevron, ExxonMobil, Oxy, and others have begun drilling test wells in East Texas as well as in the Gulf of Mexico which is a precursor to apply for the permits which are needed to develop a full-scale project.  In Texas and Louisiana, their geology paired with existing pipelines makes for a favorable outcome in this budding industry.   Properties in East Texas have been approached by oil and other companies big and small to buy access to the geologic formations underneath their feet.  Verde CO2 is one of the new companies getting into the new industry, and they have plans for a property in Liberty County to drill around 20 wells which will be either be an injection site well for CO2 or monitoring wells to keep an eye on plume’s movement underground as required by the company’s federal permit.  The carbon capture industry is bringing a new industry to Texas which may help us clean up the Gulf Coasts air quality as well as bring jobs for the future of the area.  If you would like to read more of The Houston Chronicle’s article, please click the link: East Texas carbon storage eyed by Exxon, Oxy, more (houstonchronicle.com).

If you would like help in looking into how to update your terminal, so it runs more efficiently, safely, and with less of a carbon footprint or you would like help finding out what’s beneath your feet, contact us via email in the blog and check out our ESC's website!

Don’t forget the Houston Livestock and Rodeo is happening at the NRG Park and its worth a visit! Check out HLSR and its daily activities by clicking the link: The Official Houston Livestock Show and Rodeo Website (rodeohouston.com).

We hope you enjoy your evening and a great rest of your week!  We are heading off to Spring Break, so we’ll see you next week for more ESC News Blog!

**Disclaimer: You may be charged a fee to read The Houston Chronicle’ article. **