Mitsubishi Corporation signs Participation Agreement with Sempra Infrastructure, TotalEnergies, Mitsui for Carbon Sequestration Project in Louisiana
TOKYO, May 24, 2022 – (JCN Newswire via SEAPRWire.com) – Mitsubishi Corporation is pleased to announce that it has signed a participation agreement with Sempra Infrastructure, TotalEnergies and Mitsui & Co., Ltd. for the development of the proposed Hackberry Carbon Sequestration (HCS) project at the site in Southwest Louisiana.
The project aims to capture, transport and sequestrate carbon dioxide (CO2), primary sourced from Cameron LNG, and the participation agreement provides the basis for the parties to potentially enter into a joint venture with Sempra Infrastructure for the HCS project. Last summer, the Hackberry Carbon Sequestration, LLC, which is owned by Sempra Infrastructure, filed an application for a Class VI injection well permit from the U.S. Environmental Protection Agency for permanent storage of up to 2 million tonnes per annum of CO2.
As underpinned in both Roadmap to a Carbon Neutral Society and Midterm Corporate Strategy 2024, announced in October 2021 and May 2022 respectively, MC is placing greater emphasis on energy transformations (EX). By lowering the carbon footprint throughout the LNG value chain through CCS and other EX initiatives, MC hopes to spearhead future transformations and help societies to decarbonize by providing a stable supply of clean energies.
“We are thrilled to participate in a business opportunity that could potentially lower the carbon intensity of LNG produced from the Cameron LNG Project, through which we will be able to provide additional value to our customers,” said Masaru Saito, Senior Vice President and Division COO, North America Div., Mitsubishi Corporation. “CCS promises to play an important role in achieving net-zero emissions on a global scale, so we are excited about making this project happen and looking forward to expanding our CCS business portfolio.”
The development of the HCS project is subject to risks and uncertainties, including signing definitive agreements, securing all necessary permits, and reaching a final investment decision.
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