Occidental Petroleum (OXY -3.5%) says its Oxy Low Carbon Ventures subsidiary and Weyerhaeuser (WY -0.2%) will evaluate the potential development of a carbon capture and sequestration project in Louisiana.
The companies say their lease agreement provides exclusive rights to develop and operate a CCS hub on more than 30K acres of subsurface pore space controlled by Weyerhaeuser, which Oxy Low Carbon would use to permanently sequester industrial carbon dioxide in underground geologic formations not associated with oil and gas production, while Weyerhaeuser continues to manage the above-ground acreage as a working forest.
Occidental says the lease agreement is "a pivotal step in OLCV subsidiary 1PointFive's strategic vision to develop a series of carbon capture and sequestration hubs within the U.S."
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