Milestone Carbon, a Milestone Environmental Services subsidiary, announced on Oct. 19 that it will lease over 22,000 acres of land and pore space from Texas Pacific Land (TPL) Corporation for permanent geologic sequestration of carbon in the Permian Basin.
The land, which is located in Loving and Midland counties, would support CO2 capture and storage (CCS) projects at industrial sites in West Texas, including natural gas processing and power facilities.
Milestone’s expertise in the space positions the company well to offer permanent CO2 sequestration to industry emitters, said Gabriel Rio, President and Chief Executive Officer of Milestone Environmental Services. I’m extraordinarily proud of our team – they are relentlessly focused on developing this crucial decarbonization infrastructure, and are leading this nascent industry forward in the process,” he also said.
Chris Davis, Senior Vice President at Milestone Carbon, said that the agreement strengthens the company’s ability to offer low-cost solutions to heavy industry and energy producers looking to bring down emissions in the region.
The news comes after Milestone Carbon’s recent announcement that it will develop a carbon dioxide sequestration hub in the southwestern Midland Basin. This hub has the potential to support multiple wells that will allow for permanent geological storage of CO2.
Once operational, Milestone Carbon’s CO2 sequestration hubs in both the Midland and Delaware Basins will facilitate the reduction of emissions associated with sectors such as natural gas processing, and electricity generation. They will also contribute to attracting new industries such as hydrogen, low-CO2 ammonia, and low-CO2 power and technologies to the West Texas region that will boost employment opportunities and the local economy.