Supporting a CO2-EOR Project that Utilizes Exhaust from Coal-fired Power Plants

  • Area: North America
  • Environment
  • Energy and Natural Resources
  • [Project Finance]

JBIC signed a project finance loan agreement with U.S.-based Petra Nova Parish Holdings LLC, which is owned by the JX Group and U.S.-based NRG Energy, Inc. (NRG). This CO2-EOR*1 project in Texas involves the construction of a CO2 capture system*2 at the W.A. Parish coal-fired power plant, owned by a subsidiary of NRG, and injection of CO2 captured from the power plant's exhaust gas into the West Ranch oil field located on the Gulf of Mexico for the enhancement of oil recovery and sequestration of CO2 underground. Although EOR utilizing CO2 has already been implemented in areas throughout the world, this will be one of the world's largest commercial enhanced oil recovery projects using CO2 captured from the emission of a coal-fired power plant. It is expected to contribute to both reducing the environmental burden and enhancing the productivity of energy resources.
Note
  1. *1EOR is an abbreviation for "enhanced oil recovery".
  2. *2For this project, a consortium consisting of Mitsubishi Heavy Industries America, Inc., a U.S. subsidiary of Mitsubishi Heavy Industries, Ltd., and TIC (The Industrial Company), a major U.S. construction company, will construct the CO2 capture plant with a daily capturing capacity of 4,776 metric tons, making it one of the largest plants in the world to capture CO2 from exhaust gas.
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