SAN ANTONIO--(BUSINESS WIRE)--Ozona CCS LLC (“Ozona” or “the Company”) today announced it has reached a definitive agreement with a subsidiary of Marubeni Corporation (“Marubeni”) to form a joint venture to pursue carbon capture and sequestration (“CCS”) opportunities in the Eagleford Basin in South Texas. The joint venture is developing a project to sequester CO2 in the Eagleford Basin through the cooperation of the Ozona and Marubeni teams. Marubeni will provide technical, financial, and other assistance to Ozona to (i) identify and acquire pore space, (ii) permit sequestration wells, and (iii) engineer and procure facilities and pipelines needed for CCS projects.
This joint venture allows Ozona to continue to develop its CCS projects in Texas. Ozona has identified several potential storage sites through an extensive review of the regional geology of the Eagleford trend. Ozona is in discussion with several large producers in the Eagleford Basin to capture, concentrate, gather, and sequester CO2 from multiple natural gas treating plants. The new joint venture hopes to FID its first project early in 2025 and commence operations in the first quarter of 2026.
“Marubeni brings a wide range of expertise and knowledge to our project. We are excited to jointly develop CCS facilities in South Texas and bring a complete and low-cost carbon sequestration solution to oil and gas producers in the Eagleford,” said Rich Adams, Co-Chief Executive Officer and Chief Operating Officer of Ozona. “We hope this is the first of many projects Ozona and Marubeni develop in Texas to lower carbon emissions from a diverse group of emitters.”
About Marubeni Corporation
Marubeni is a Japanese integrated trading and investment business conglomerate with broad business networks, both within Japan and overseas, to conduct importing and exporting (including third country trading), as well as domestic business, encompassing a diverse range of business activities across wide-ranging fields. For more information, please visit: www.marubeni.com/en/.
About Ozona CCS LLC
Ozona CCS LLC is a privately held environmental services company based in San Antonio, Texas focused on providing comprehensive carbon management solutions, specifically onshore sequestration solutions for its customers. Ozona’s business strategy is to provide local fit-for-purpose solutions for the capture, transportation, and sequestration of CO2 along the Gulf Coast of the United States. Ozona’s management team has successfully raised and deployed over $7 billion on large capital projects. For more information, please visit: www.ozonaccs.com.
