Norwegian oil and gas company Equinor has purchased a 25% stake in Bayou Bend CCS, a US-based carbon capture and storage project, from Carbonvert.

Equinor did not disclose the financial terms of the transaction.

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Bayou Bend CCS has nearly 140,000 gross acres of pore space for permanent CO₂ sequestration and gross storage capacity of more than one billion metric tonnes.

Nearly 100,000 gross acres of Bayou Bend’s total acreage are located on land in the Texas counties of Chambers and Jefferson, and around 40,000 gross acres offshore between Beaumont and Port Arthur.

With a 50% stake, Chevron is the operator of the project and Talos Energy controls the remaining 25% interest.

Equinor noted that the project’s proximity to key industrial corridors will potentially offer a decarbonisation alternative for sectors such as manufacturing, cement, steel and refining.

Each year, there are thought to be 100 million metric tonnes of industrial emissions along the Texas Gulf Coast, it added.

Equinor senior vice-president for low-carbon solutions Grete Tveit said: “Entering Bayou Bend strengthens our low-carbon solutions portfolio and supports our ambition to mature and develop 15–30 million tonnes of equity CO₂ transport and storage capacity per year by 2035.

“Our experience from developing carbon storage projects can help advance decarbonization efforts in one of the largest industrial corridors in the US.”

Carbonvert CEO Alex Tiller said: “This divestiture will fund the continued growth of Carbonvert’s CCS portfolio in the US, while putting an amazing decarbonisation asset in the hands of world-class organisations that are well positioned to operate the system for decades to come.”

Last week, Equinor commenced production from the Statfjord Øst life extension project off the coast of Norway.