The Texas General Land Office (GLO) awarded a Repsol-led partnership a contract for over 140,000 gross acres of pore space owned by the Permanent School Fund (PSF) for CO2 storage located offshore of Corpus Christi, Texas.

“Our project's CO2 storage lease and operations will generate tremendous new revenues for the Permanent School Fund over the next 30 years for the Texas public school system—a win for the whole state,” Carbonvert CEO Alex Tiller said.

The project is to be located within 100 miles of more than 35 million tonnes per year (mtpy) of existing industrial emissions and more than 20 mtpy of greenfield emissions expected by 2035.

The two tracts lie within Repsol’s licensed seismic database, and due to the area’s favorable subsurface geology, Repsol expects the tracts to have a combined storage capacity of more than 600 MMmt of CO2.

“Corpus Christi is a strategic region for Repsol pursuing low carbon developments where the Port of Corpus Christi plays an essential role for the industry. This project will provide significant contributions internationally as well to help grow our global low carbon portfolio,” David Ramos, geological low carbon solutions director for Repsol said in a press release.

Repsol is the operator of the partnership with a 40% interest, with Carbonvert (40%), MEPUSA (10%) and POSCO (10 %) being the other partners.

The consortium will now enter a negotiation stage with the Texas GLO based on terms the partnership submitted along with the original request by the GLO. Final terms are subject to approval of the Texas School Land Board.

Onshore