BKV, ENGIE sign contract for natural gas and carbon sequestered credits
BKV Corporation and ENGIE Energy Marketing NA, Inc, a subsidiary of global energy utility ENGIE S.A. have entered into a contract for the sale and purchase of natural gas and associated Carbon Sequestered Credits. The deal aims to deliver up to 10,000 MMBtu/day of independently certified Carbon Sequestered Gas to ENGIE, making it one of the pioneering commercial CO2 disposal and sequestration projects in the U.S.
Industry Leaders Collaborate on Climate Goals
“We are thrilled to collaborate with ENGIE to introduce a differentiated gas product to the energy industry,” said Chris Kalnin, Chief Executive Officer of BKV. “This collaboration aligns with our mission to help create a better world through our emission reduction and energy impact goals.”
“ENGIE is proud to work with BKV in its development of innovative, differentiated gas products,” stated Ken Robinson, President of ENGIE Energy Marketing NA. “This transaction is representative of ENGIE’s commitment to reduce greenhouse gas emissions.”
BKV Corporation and ENGIE Set to Launch Commercial CO2 Disposal Project, Barnett Zero, in Texas. Photo courtesy of BKV/PRNewswire.
Details of the Carbon Sequestration Project
The contract stipulates that BKV will deliver physical natural gas and equivalent gas tokens that encapsulate the environmental attributes of responsibly sourced gas (RSG) and CO2 capture. All of these will be a part of BKV’s Barnett Zero project in Bridgeport, Texas, which aims for an average sequestration rate of up to approximately 210,000 metric tons of CO2e per year. The project is set to go live with its first injection in December 2023, and Carbon Sequestered Gas deliveries are anticipated to start in Q1 2024.
A Pioneering Approach in Sustainable Energy
“Carbon Sequestered Gas represents an opportunity for end-users to purchase measured and verified differentiated natural gas,” said Kalnin. The initiative leverages blockchain technology for certification and registration, underscoring the importance of transparency and trust in the energy transition. This landmark agreement serves as a testament to both BKV and ENGIE’s commitment to fostering sustainable energy solutions and reducing greenhouse gas emissions.