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Update: Retail Supplier Affiliate Signs Contract For Carbon Sequestered Credits, Will Market "Carbon Sequestered Gas"
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BKV Corporation (BKV) and ENGIE Energy Marketing NA, Inc, announced the signing of a contract for the sale and purchase of natural gas and associated Carbon Sequestered Credits, described as, "a new measured, third-party verified, carbon sequestered product."
BKV and ENGIE had previously announced the development of a framework and marketing platform for sourcing measured Sequestrated Carbon in establishing a new class of differentiated technology-based Carbon Credits (see prior story here)
With the latest signing, BKV will deliver to ENGIE physical natural gas, "as well as an equivalent amount of gas tokens that represent the environmental attributes associated with both responsibly sourced gas (RSG) production and capturing carbon dioxide from the gas stream and injecting it into a permitted facility owned by BKV," the companies said
The CO2 sequestration project underpinning this transaction is BKV's Barnett Zero project, located in Bridgeport, Texas. The CO2 capture and sequestration will be third-party certified, the companies said
"With first injection expected in December 2023, Barnett Zero is expected to be one of the first purpose-built permanent commercial CO2 disposal and sequestration projects to come online in the United States. BKV estimates that the project will achieve an average sequestration rate of up to approximately 210,000 metric tons of CO2e per year over the course of the project life," the companies said
Following first injection at Barnett Zero and satisfaction of other conditions precedent, delivery of Carbon Sequestered Gas is expected to commence in Q1 2024.
Under the contract terms, BKV is committed to deliver up to 10,000 MMBtu/day of independently certified Carbon Sequestered Gas to ENGIE.
"Carbon Sequestered Gas represents an opportunity for end-users to purchase measured and verified differentiated natural gas that is certified and registered using blockchain technology. We believe this level of transparency and trust is critical for the energy transition," said Chris Kalnin, Chief Executive Officer of BKV.
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September 11, 2023
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Copyright 2010-23 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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