Norwegian oil and gas company Equinor said on Monday it has acquired a 25% stake in Bayou Bend CCS LLC, a U.S. project to capture and store carbon dioxide (CO2) emissions along the Gulf Coast in southeast Texas.
The acquisition adds to Equinor's ambition to develop net 15-30 million tonnes of CO2 transport and storage capacity by 2035. It is already developing several CO2 storage projects in Europe, including in Norway and Britain.
"Commercial CCS solutions are critical for hard-to-abate industries to meet their climate ambitions while maintaining their activity," Equinor said in a statement.
The Bayou Bend project operated by Chevron covers both onshore and offshore areas where CO2 captured from industrial emitters, such as cement, steel or chemical producers, could be stored underground, it added.
Equinor acquired its 25% share through the purchase of Texas Carbon 1 LLC, a subsidiary of Carbonvert, without providing the value of the deal.
Chevron has 50% stake in the project, while Talos Energy Inc. holds the remaining 25%.
(Reuters - Reporting by Nerijus Adomaitis; Editing by Susan Fenton)