NextDecade Corp. and Oxy Low Carbon Ventures (OLCV), a subsidiary of Occidental, have executed a term sheet for the offtake and permanent geologic storage of CO2 captured from NextDecade’s planned 27-million tonne/year (tpy) Rio Grande LNG project in the Port of Brownsville, Tex. OLCV will offtake and transport CO2 from Rio Grande LNG and permanently sequester it in an underground geologic formation in the Rio Grande Valley.
Earlier this month, NextDecade announced the formation of Next Carbon Solutions, a wholly owned subsidiary that is expected to develop a 5-million tpy carbon capture and storage (CCS) project at Rio Grande LNG. The company also completed repricing of its lump-sum turnkey engineering, procurement, and construction (EPC) agreements with Bechtel Oil, Gas, and Chemicals Inc. for Rio Grande LNG’s first three trains (OGJ Online, Mar. 10, 2021).
NextDecade anticipates achieving final investment decision (FID) on a minimum of two trains at Rio Grande LNG in 2021 and FID on Next Carbon Solutions’ CCS project soon after FID on Rio Grande LNG.
