Driving Carbon Storage Initiatives with $38 Million Funding
Projeo Corporation, a GTI International subsidiary, has been granted over $38 million by the U.S. Department of Energy (DOE) to advance carbon storage demonstrations. The awarded funds will support Projeo’s flagship initiative, “The Phoenix Project,” focused on converting a mature oil and gas field in the Permian Basin into a dedicated CO2 storage facility.
A Boost for Carbon Storage Infrastructure
Nick Malkewicz, President of Projeo, expressed gratitude for the DOE’s selection, emphasizing their commitment to expanding the United States’ carbon storage infrastructure. The Phoenix Project aligns with the Carbon Storage Assurance Facility Enterprise (CarbonSAFE) Initiative under DOE’s Office of Fossil Energy and Carbon Management.
Project Focus and Development Stages
The Phoenix Project, among seven recipients in CarbonSAFE Phase III, will concentrate on detailed site characterization, planning, and permitting. The project aims to assess storage complex capacity, injectivity, and well permits. Projeo will conduct a risk assessment, CO2 front-end engineering study, and source feasibility study, optimizing reliable and cost-effective evaluations and planning mitigation measures.
Community Engagement and Stakeholder Collaboration
As part of its commitment, Projeo will roll out a comprehensive community, labor, and stakeholder engagement plan, integrating a Justice40 plan. The National Energy Technology Laboratory (NETL), under FECM, will manage the project, reinforcing Projeo’s dedication to responsible and safe subsurface resource utilization.
Source: businesswire.com
