Worlds Largest Post-Combustion Carbon Capture-Enhanced Oil Recovery Project To Be Built By NRG Energy And JX Nippon Oil & Gas Exploration - 16-Jul-2014 NRG Energy, Inc. (NYSE:NRG), through its wholly owned subsidiary Petra Nova Holdings LLC, has formed a 50/50 joint venture (together, the Company) with JX Nippon Oil & Gas Exploration Corporation (JX Nippon), through its wholly owned subsidiary JX Nippon Oil Exploration (EOR) Limited, to build and operate the Petra Nova Carbon Capture Project (the Project). Using proven technology, the Project will be a commercial-scale carbon capture system that captures 90% of the carbon dioxide (CO2) in the processed flue gas from an existing unit at the WA Parish power plant in Fort Bend County, southwest of Houston. The Company has begun construction on the Project and when complete, the Project is expected to be the worlds largest post-combustion carbon capture facility on an existing coal plant. Through Enhanced Oil Recovery (EOR), the captured CO2 will create a revenue stream for the Project by increasing domestic oil production at the West Ranch oilfield, jointly owned by the Company and Hilcorp Energy Company. EOR is expected to boost oil production at the field from around 500 barrels per day to approximately 15,000 barrels per day. The West Ranch oilfield is currently estimated to hold approximately 60 million barrels of oil recoverable from EOR operations. NRG and JX Nippon each hold a 25% interest in the oil field through the Company. Our objective is simple: we want to continue to provide safe, affordable and reliable power to our customers, but without risking the health of the planet as a result of our activities, said David Crane, President and CEO of NRG Energy, This project is an enormous step in that direction, plus it continues the trend of enhancing domestic oil production; thus further reducing our national dependence on foreign sources of oil.
Posted on: Wed, 16 Jul 2014 05:30:26 +0000
Trending Topics
© 2015