California Resources Launches Historic Carbon Capture Initiative

California Resources Corporation's Groundbreaking Journey

California Resources Corporation (NYSE: CRC) has reached a significant milestone with the groundbreaking of Carbon TerraVault I (CTV I), California’s first carbon capture and storage project. This initiative aims to bolster the state’s commitment to achieving carbon neutrality by 2045.

Celebrating a Milestone

The ceremony, attended by CRC President and CEO Francisco Leon alongside CTV Holdings Managing Director Chris Gould and various state leaders, took place at the Elk Hills Field. "Today’s groundbreaking is the result of years of vision, planning and collaboration," Leon emphasized, expressing the company's determination to lead California’s carbon management economy.

Foundation of the CCS Industry

As a cornerstone of California’s emerging carbon capture and storage (CCS) landscape, CTV I will utilize CRC’s existing facilities at Elk Hills as a dedicated CO? storage site. It is designed to store up to 1.6 million metric tons of CO? yearly, contributing to a total capacity of around 38 million metric tons.

Synergy Between Sectors

Gould praised the project as a model of collaboration, stating, "CTV I is a model for what’s possible when industry, government, and communities align around shared sustainability goals." The project not only promises to enhance environmental responsibility but also aims to create high-quality jobs in the region.

A Collaborative Venture

CTV I is part of the Carbon TerraVault Joint Venture established between CRC and Brookfield. This partnership focuses on CCS development and aims to set new standards in California for carbon management practices.

Commitment from Brookfield

Craig Frenette, Senior Vice President at Brookfield, stated, "Carbon capture is a critical part of our energy investments. This project adds to the substantial investments we have made across the nation to support the American economy."

Advancing California's CCS Leadership

Dr. Steven Cliff, Executive Officer of the California Air Resources Board, noted the innovative potential of the project. He highlighted that CTV I demonstrates California's leadership in the CCS field and shows that economic growth and environmental wellness can coexist.

Historical Context

According to Taft Mayor Dave Noerr, "We have been at the forefront of energy innovation for over 115 years. This project is central to our commitment to enhance our economy and maintain our role in environmental responsibility." With the groundbreaking of CTV I, the region is poised to continue this legacy.

Overview of California Resources Corporation

California Resources Corporation is an independent energy and carbon management company dedicated to the energy transition. CRC emphasizes environmental stewardship while supplying local energy resources responsibly. The company is determined to maximize its land and mineral ownership to develop CCS and reduce emissions initiatives.

Understanding Carbon TerraVault

Carbon TerraVault (CTV) focuses on carbon management services, including capturing and permanently storing CO?. The company is exploring various CCS projects aimed at injecting CO? from industrial sources into subterranean reservoirs for long-term storage.

Joint Ventures and Partnerships

The Carbon TerraVault Joint Venture is a collaborative effort that specializes in developing CCS infrastructure. CRC retains a 51% stake in the venture, while Brookfield controls the remaining 49%. This partnership exemplifies a shared vision for advancing carbon management in California.

Brookfield’s Global Impact

Brookfield Asset Management Ltd. is a prominent player in alternative asset management, with a substantial portfolio that encompasses infrastructure, renewable energy, and private equity. The company’s investment strategies focus on enhancing real assets that contribute to the global economy’s resilience.

Frequently Asked Questions

What is the Carbon TerraVault I project?

Carbon TerraVault I is California's first carbon capture and storage initiative, aimed at reducing CO? emissions and supporting carbon neutrality goals.

Who are the key players involved in this initiative?

The project is a collaboration between California Resources Corporation and Brookfield, along with various state and community leaders.

What capacity does the CTV I facility have?

CTV I can store up to 1.6 million metric tons of CO? annually, with an overall storage potential of 38 million metric tons.

How does this project impact the local economy?

The project is expected to create high-quality jobs and enhance economic opportunities in the Central Valley.

What is the vision of California Resources Corporation?

CRC aims to lead in carbon management and energy transition while committed to environmental stewardship and responsible resource use.

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