Two permanent carbon capture and storage vaults at the Elk Hills Field in Kern County, collectively referred to as Carbon TerraVault I (CTV I).

These vaults would have the ability to permanently store CO2 from industrial sources in deep, depleted underground reservoirs. With a total estimated capacity of up to 46 million MT of storage, CTV I is expected to be capable of injecting over 1 million metric tons of CO2 per year.

In December 2022, California Resources Corporation entered into a Carbon Dioxide Management Agreement with Lone Cypress Energy Services, LLC. The Lone Cypress Hydrogen Project will sequester more than 200,000 MT of CO2 per annum from a newly constructed blue hydrogen plant at the Elk Hills field.

In April 2023, California Resources Corporation entered into a CDMA with InEnTec, Inc., to build a new renewable dimethyl ether (rDME) production facility at CRC’s Net Zero Industrial Park in Kern County. CTV will sequester initially a minimum 100,000 MT of CO2 per annum from the InEnTec Facility in the CTV I carbon storage vault.

In July 2023, California Resources Corporation entered into a CDMA with Verde Clean Fuels for a minimum volume commitment of 100 thousand metric tons per annum (KMTPA) of CO2 injection from the Verde Renewable Gasoline Production Facility at California Resources Corporation’s Net Zero Industrial Park in Kern County, California.