MEP Low Carbon Solutions (Mitsui) was recently represented by a team of project lawyers during the formation of a joint venture with affiliates of Carbonvert LLC and Repsol USA. The purpose of this joint venture was to develop offshore carbon storage projects which are based in Texas, specifically Corpus Christi.

Becky Diffen, Luke Edney (Austin), Erin Mitchell and also included Mac Marshall (Houston), Bob Greenslade (Denver), Hilary Lefko (Washington, DC), Gabrielle Jacques (New York) and Lauren Thomas (Austin) were all involved in this project, as they are all part of Norton Rose Fulbright’s deal team.

The plan for the Aves Carbon Capture and Storage project is to transport and store carbon dioxide at an estimated one and a half miles beneath the seabed in the Gulf of Mexico. This excellent project is located in the Coastal Bend industrial region and so far, the project is near thirty-five million metric tonnes of existing industrial emissions, on an annual basis. It is expected that by 2035, more than twenty million metric tons per year of greenfield project emissions, will be in the area.

So far, Aves has signed two leases with the Texas General Land Office foe the Port Aransas North and Mustang Island tracts. The come to a total of more than 140,000 acres of subsurface pore space, that has a combined storage capacity of over six hundred million metric tons of CO2. It is anticipated that when the project is complete, it will offer a carbon management solution which is able to produce decarbonised commodities, whilst simultaneously providing significant economic and environmental benefits to local communities, as well as to the state of Texas.