Texas Landowner, Carbon Capture firm studying oil-rich Permian Basin for C02 storage
Real estate operating firm Texas Pacific Land Corp. has signed a letter of intent with carbon capture company Milestone Carbon to evaluate the geological and geophysical characteristics of approximately 21,000 acres owned by TPL in the oil and gas play Permian Basin for the feasibility of sequestering captured CO2.
If the study proves the efficacy of the land, Milestone Carbon will develop the acreage in connection with a carbon capture and sequestration project.
“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.”
The Permian Basin is a massive sedimentary basin beneath the surface of western Texas and eastern New Mexico. It cover more than 86,000 square miles and is considered a major source of crude oil, natural gas and potassium salts.
One of the largest oilfields in the world, the Permian Basin may possess close to 75 billion barrels of oil equivalent (BOE) in recoverable oil and gas reserves.
Close to 30 billion BOE historically have been produced from the regions drilling plays, according to reports.
