South Texas LNG Facility Would Support Sequestration
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Oxy Low Carbon Ventures (OLCV) will offtake and transport carbon dioxide from NextDecade Corp.’s (NASDAQ: NEXT) Rio Grande LNG project in Brownsville, Texas, under a deal between the companies. In addition, the agreement calls for Occidental (NYSE: OXY) subsidiary OLCV to permanently sequestering the CO2 in an underground geologic formation. NextDecade expects to reach the final investment decision stage for Rio Grande LNG this year.
Beginning next year, Qatar Petroleum (QP) will become the sole owner of the longstanding Qatargas Liquefied Natural Gas Company Limited (QG1) joint venture. QP revealed that it will not renew QG1 and that its partners – affiliates of Total (NYSE: TOT), ExxonMobil (NYSE: XOM), Marubeni (OTCMKTS: MARUF), and Mitsui (OTCMKTS: MITSY) – will exit the project. Qatargas will continue to operate the massive complex on QP’s behalf.
The conglomerate Berkshire Hathaway, Inc. (NYSE: BRK.A) is pitching an $8.3 billion plan to Texas lawmakers that would add approximately 10 gigawatts of gas-fired power generation capacity and emergency gas storage to the state. Texas’ grid operator would control the plants, which would be funded with a new fee levied on Texas power customers. A utility analyst interviewed by Bloomberg sees little chance of the plan winning sufficient support from legislators
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