Navigator CO2 Ventures has successfully concluded the non-binding open season of its carbon capture pipeline system (“CCS”), as was made known by the company today. Navigator’s project aims to offer biorefineries and similar enterprises a viable, long-term solution to minimizing their carbon footprint.
The CCS project proposed by the Dallas-based company will seek to transport carbon dioxide through roughly 1,200 miles of pipeline to facilities for permanent sequestration in five states.
Currently, Navigator is searching for ways to increase the capacity of its pipeline system by adding more sequestration facilities. This is said to reach an injection capacity of as much as 12 million metric tonnes per year.
Putting it into perspective, that would be the equivalent of the emissions of 2.6 million cars per year or 1.5 times the carbon footprint of Kansas City.
Not the first Navigator CO2 Ventures CCS project
Navigator CO2 Ventures has already partnered up with BlackRock Global Energy & Power Infrastructure Fund to help realize one of the first large-scale carbon capture and storage projects in the US.
And as per estimates of the IEA (International Energy Agency), such CCS projects can potentially decrease the carbon dioxide emissions by nearly 20% on a global scale. This would, in turn, help reduce the cost of dealing with climate change by some 70%.
Binding commercial agreements with other interested shippers are currently underway and will provide the foundation necessary to launch the binding open season, which is estimated to take place within the next couple of weeks. And Navigator’s projections are for the project to begin operations before the end of 2024.