Oct. 29, 2024
Mitsui and Co., Ltd. (“Mitsui”, Head office: Tokyo, President and CEO: Kenichi Hori), through its 100% owned subsidiary MEP Low Carbon Solutions, LLC (“MEPLCS”), together with subsidiaries of Repsol and Carbonvert Inc. (“Carbonvert”), have established a USA joint venture (“Aves”). Aves has signed lease contracts with the Texas General Land Office for access to pore space in the CO2 storage lease offshore of Corpus Christi, Texas, USA. Aves is currently proceeding with project development activities that include storage evaluation and CO2 emitter engagement, etc.
Equity interest in the joint venture partnership is 45% Repsol (Operator), 45% Carbonvert, and 10% MEPLCS.
In August 2023, the Texas School Land Board unanimously approved awarding leases of the Port Aransas North and Mustang Island tracts offshore Corpus Christi to the partnership, making it the sole awardee in the region. Both tracts (more than 140,000 gross acres / around 570km2) lie within favorable subsurface geology and combined have an expected storage capacity of more than 600 million metric tons of CO2.
The carbon storage project is located in close proximity to more than 35 million metric tons per year of existing industrial emissions within 100 miles of the storage sites and more than 20 million metric tons per year of greenfield project emissions are anticipated in the same area by 2035. Leveraging this geographical advantage, Aves aims to create a globally competitive carbon storage hub.
Mitsui will actively use its knowledge of energy value chain development, including the development of energy resources, and its extensive business networks, to drive progress on this development project with the aim of achieving an early startup of the CCS business including an awarded project on Japanese Advanced CCS Projects promoted by the Japan Organization for Metals and Energy Security (JOGMEC) in 2024, for the CCS project southern Offshore Peninsular Malaysia. We will continue to contribute to the creation of an eco-friendly society by providing CO2 reduction solutions through our global development of CCS businesses.