The agreement states that the partners will combine knowledge and resources for the project, which will involve Carbon-Zero capturing carbon dioxide (CO2) from industrial sources, before transporting and storing it in the Gulf of Mexico.
Regarded as a prime location for offshore carbon capture projects, the Gulf Coast is also adjacent to a natural carbon storage area off the Louisiana coast, where initial storage will take place.
As the first oil and gas company in the world to announce a net-zero emissions target by 2050, Repsol considers itself a ‘global leader’ in the development of energy transition-driving technology.
“We look forward to bringing our international experience and knowledge to the consortium to advance our shared sustainability objectives in the US, which is a core region for Repsol,” said Tomas Zapata, Exploration Americas Director, Repsol.