Texas Pacific Land, Milestone Carbon to Conduct Carbon Sequestration Study in Permian Basin
(P&GJ) — Texas Pacific Land Corp. and Milestone Carbon LLC have signed a Letter of Intent (LOI) to evaluate geological and geophysical characteristics of certain acreage owned by TPL for the purposes of sequestering captured CO2.
Milestone Carbon will perform the evaluation, which will cover approximately 21,000 acres in the Permian Basin, and, if successful, would potentially develop the acreage in connection with a carbon capture and sequestration (CCS) project.
“CCS is a proven technology that can provide actionable means to achieve a low-carbon future,” Gabriel Rio, Milestone Carbon president and CEO, said. “Milestone Carbon was created to develop, own, and operate environmental infrastructure that will enable industry to meaningfully decarbonize. Such infrastructure will be crucial in the fight against climate change and will support the industries that provide the energy and materials our economy depends on. TPL’s vast land holdings and deep industry experience make them an ideal partner for Milestone Carbon. We are thrilled to join with them to develop CCS infrastructure in the Permian Basin.”
“We have long been responsible stewards of our expansive land holdings, and that longstanding focus has served as a good foundation for enhancing our commitment to sustainability and the environment,” said Tyler Glover, CEO of TPL. “Carbon capture can be a key tool in the quest for ‘net zero’, and TPL’s expansive surface footprint could potentially serve as a key resource to permanently sequester carbon. We are constantly looking for ways to leverage the unique features of our surface assets, and carbon capture is an exciting opportunity that could serve a dual purpose of creating value for our shareholders while also benefitting the environment.”
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