Summit Carbon Solutions has partnered with biofuel producer POET to annually capture and permanently store more than 4 million metric tons of CO2 from POET’s 17 bioprocessing plants, according to a news release.
The partnership will incorporate POET’s 12 facilities in Iowa and five facilities in South Dakota into Summit’s carbon capture and storage project.
“As the world seeks low-carbon energy solutions, carbon capture ensures that ag-based biofuels will remain competitive for decades to come,” said POET CEO Jeff Broin. “This is a tremendous opportunity to bring value to farmers, bioethanol producers, and rural communities and counties in participating states, and I believe it will unleash even more opportunities for ag and bioprocessing in the future.”
The South Dakota plants will be included in the upcoming state application, aiming to ensure a streamlined integration into Summit’s existing project framework, according to the news release. Separate applications will be filed for the plants in Iowa.
“This initiative is aimed at enhancing the financial profitability of our farmers, contributing to higher land values, and ensuring a more prosperous future for farm families and communities,” said Summit Carbon Solutions CEO Lee Blank. “Our focus is on tangible benefits that directly support the backbone of our nation's agricultural industry.”
Recommended Reading
Exxon Versus Chevron: The Fight for Hess’ 30% Guyana Interest
2024-03-04 - Chevron's plan to buy Hess Corp. and assume a 30% foothold in Guyana has been complicated by Exxon Mobil and CNOOC's claims that they have the right of first refusal for the interest.
Petrobras to Step Up Exploration with $7.5B in Capex, CEO Says
2024-03-26 - Petrobras CEO Jean Paul Prates said the company is considering exploration opportunities from the Equatorial margin of South America to West Africa.
The OGInterview: How do Woodside's Growth Projects Fit into its Portfolio?
2024-04-01 - Woodside Energy CEO Meg O'Neill discusses the company's current growth projects across the globe and the impact they will have on the company's future with Hart Energy's Pietro Pitts.
Petrobras Sending Nearly Half of Oil Exports to China
2024-04-30 - Conflict in the Middle East has enabled Brazil’s state-owned Petrobras to change the flow of its oil exports, with China being the primary beneficiary, followed by Europe.
Third Suriname Find for Petronas, Exxon Could Support 100,000 bbl/d FPSO
2024-05-17 - A recent find offshore Suriname in Block 52 by Petronas and Exxon Mobil could support a 100,000 bbl/d FPSO development, according to Wood Mackenzie.