SAN ANTONIO--(BUSINESS WIRE)--Ozona CCS, LLC (“Ozona” or “the Company”) today announced it has reached a definitive agreement with a private landowner to lease 5,722.79 contiguous acres of pore space in Loving County, Texas for the purpose of drilling multiple commercial carbon dioxide (CO2) sequestration wells in the Permian Basin.
This acquisition increases Ozona’s CCS lease position to over 10,000 contiguous acres with estimated pore space capacity of 120 million metric tons. Ozona will start the federal and state permitting process to drill and operate multiple CO2 disposal wells across its acreage position. Each well will have an initial injection rate of 25,000 barrels per day. The target in-service date for Class VI wells will be the first quarter of 2026.
“We are pleased to increase our operating footprint in the Permian Basin,” said Rich Adams, Co-Chief Executive Officer, and Chief Operating Officer of Ozona. “This acquisition is another key component in our goal to provide comprehensive long-term solutions to capture, transport, and sequester CO2 in the Permian Basin. Initial anchor customers will include existing natural gas processing plants and oil and gas operators in the region in addition to industrial and power generation under development.”
About Ozona CCS, LLC
Ozona CCS, LLC is a privately held environmental services company based in San Antonio, Texas focused on providing comprehensive carbon management solutions and specifically onshore sequestration solutions for its customers. Ozona’s business strategy is to provide local fit for purpose solutions for the capture, transportation, and sequestration of CO2 along the Gulf Coast of the United States. Ozona’s management team has successfully raised and deployed over $7 billion on large capital projects. For more information, please visit: www.ozonaccs.com.