Japan-based Marubeni entered into an agreement to acquire an interest in a business entity funded by Ozona CCS LLC, which is developing a carbon dioxide capture & storage project in Texas, United States, according to a news release.
Through this agreement, Marubeni will participate in and jointly develop the CCS project in southwestern Texas with Ozona, with Marubeni’s investment comprising a 50% stake in the Project.
The project involves capturing CO2 emitted from multiple gas production and processing plants in southwestern Texas (an area with active exploration and production of oil and gas), transporting it via dedicated pipelines, and storing it in saline aquifers 2 to 3 km underground. It will be a pioneering commercial CCS hub*1 project in the United States.
Marubeni has been engaged in the upstream shale oil and gas sector in Texas, and by combining Marubeni’s and Ozona’s development capabilities, including subsurface evaluation in the region as well as infrastructure business and power business, the two companies will develop the Project with the aim of coming to a final investment decision by the first half of 2025 and commencing commercial operations in 2026. Marubeni and Ozona will continue to review other ongoing Ozona projects under development in Texas for potential similar joint development partnerships to expand their businesses.
