Gulf of Mexico
Troy V Smith

GOM - Chevron to Buy Into US Gulf of Mexico Carbon

U.S. oil companies Chevron and Talos and carbon capture & storage project development & finance company Carbonvert have signed a memorandum of understanding (“MOU”) for an expanded joint venture to develop the Bayou Bend CCS offshore carbon capture and sequestration hub currently held by Talos and Carbonvert.

U.S. oil companies Chevron and Talos and carbon capture & storage project development & finance company Carbonvert have signed a memorandum of understanding (“MOU”) for an expanded joint venture to develop the Bayou Bend CCS offshore carbon capture and sequestration hub currently held by Talos and Carbonvert.

In 2021, a joint venture between Talos and Carbonvert (now known as Bayou Bend CCS) was the winning bidder for the Texas General Land Office’s (“GLO”) Jefferson County, Texas, carbon storage lease, located in state waters offshore Beaumont and Port Arthur, Texas.

The Bayou Bend CCS project site encompasses over 40,000 gross acres and, based on Talos and Carbonvert’s preliminary estimates, could potentially sequester 225 to 275 million metric tons of carbon dioxide (CO2) from industrial sources in the area. The Bayou Bend CCS lease is the first and only offshore lease in the U.S. dedicated to CO2 sequestration.

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