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26 Feb 2023

Denbury Makes Strategic CCUS Agreements and Announces 2023 Goals

Denbury Makes Strategic CCUS Agreements and Announces 2023 Goals

Texas-based carbon solutions provider Denbury announced on 23 February several carbon capture and utilization agreements and its 2023 goals to cement its position as a leader in CCUS. 

The deals include CO2 transportation agreements for the eFuels industry, Denbury’s first dedicated sequestration site in the Rocky Mountain region, and two new carbon capture technology investments. 

Denbury’s President and Chief Executive Officer, Chris Kendall, said: “These agreements are focused on our strategy of rapidly capturing the CCUS market and expanding our CO2 service offering. The growth potential of our CCUS business is transformational, and our Company is fully aligned and focused on delivering innovative carbon solutions for a sustainable future.”

The company recently signed a contract with HIF Global, a leading eFuels company that aims to build a 200 million gallon per year carbon-neutral eGasoline and eMethanol facility by 2027, with the potential to decarbonize the emissions equivalent of over 400,000 vehicles. Denbury and HIF are actively engaged in sourcing 2 million metric tons per year (Mmtpa) of industrial-sourced CO2 for transport and utilization at the planned Matagorda Country, Texas, facility. 

Denbury will be transporting 0.4 Mmtpa of industrial-sourced CO2 to Monarch Energy Development, a hydrogen and eFuels project developer, to be used as feedstock in the production process. 

As for the company’s CO2 sequestration plans, it finalized a definitive agreement to establish a CO2 sequestration site on nearly 15,000 acres in Campbell County, Wyoming, underneath its Greencore CO2 pipeline. Denbury estimates the potential CO2 sequestration capacity of the site to be 40 million metric tons. 

Denbury has concluded investments in ION Clean Energy and Aqualung Carbon Capture to expand its CO2 offering. 

Matt Dahan, Senior Vice President of CCUS Technology for Denbury, stated, “We believe both Aqualung and ION are on the leading edge of reducing the cost of capture for a wide range of types and sizes of stationary CO2 emissions facilities. Our investments in these emerging technologies will bring additional transport and sequestration opportunities to Denbury, and we look forward to working with both.”

 Its CCUS goals for 2023 include executing additional CO2 transportation and/or storage agreements totalling 30 Mmtpa CO2 emissions cumulatively by the end of 2023. 

To expand its dedicated CO2 storage portfolio, Denbury aims to acquire more sequestration sites in strategic locations. 

Furthermore, the company will work on building partnerships and equity investments across the entire CCUS value chain. 

The company will be submitting Class VI permits to the Environmental Protection Agency (“EPA”) on at least 4 of the Company’s CO2 sequestration sites. Denbury also targets drilling at least two stratigraphic test wells in 2023 on its CO2 sequestration sites. Drilling has recently commenced on the Company’s Orion site in Alabama.


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