Weyerhaeuser Company and Lapis Energy LP have recently announced the signing of an exclusive exploration agreement for subsurface carbon dioxide sequestration in Arkansas, Louisiana, and Mississippi. This agreement covers 187,500 acres of subsurface rights owned by Weyerhaeuser and encompasses five potential sequestration sites, including two locations previously identified by Weyerhaeuser as promising opportunities for carbon capture and sequestration (CCS) development.
During the two-year exclusive agreement, Lapis will assess the sequestration potential of each site. Once the technical and commercial evaluations are successfully completed, Lapis will have the option to advance the sites into full-scale development agreements. This will involve obtaining the necessary permits, constructing the facilities, and operating permanent CO2 sequestration sites that cater to large-scale industrial sources.
Russell Hagen, senior vice president and chief development officer for Weyerhaeuser, expressed enthusiasm about the exploration agreement, highlighting its potential to expand their CCS offerings and broaden their climate solutions portfolio. By collaborating with Lapis, Weyerhaeuser aims to unlock the value of CCS development across their ownership in the U.S. South, while simultaneously assisting other companies in reducing their carbon footprint.
Lapis Energy’s CEO, Reg Manhas, also expressed excitement about the partnership with Weyerhaeuser, emphasizing the company’s status as the largest timberland owner in North America and their reputation as a responsible and sustainable landowner. Lapis is eager to work with Weyerhaeuser to develop these carbon sequestration sites, providing solutions for regional industrial customers. This announcement, combined with Lapis’ existing assets, further establishes them as a leading independent carbon sequestration storage provider with a rapidly growing portfolio of business opportunities. Lapis believes that these sites offer a competitive and advantageous option for their expanding customer base in the areas north of the Gulf Coast.
For more information visit www.weyerhaeuser.com
