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Denbury announces new CCUS agreements and 2023 goals

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Picture of Meenal Datar

Meenal Datar

Membership specialist

Independent energy company, Denbury has announced several new agreements related to its carbon capture, utilisation and storage (CCUS) business and provided its 2023 goals, which are intended to further the company’s leadership position in CCUS.

Chris Kendall, Denbury’s president and CEO says: ‘Today, we are announcing a number of new CCUS agreements…These agreements are focused on our strategy of rapidly capturing the CCUS market and expanding our COservice offering. The growth potential of our CCUS business is transformational, and our Company is fully aligned and focused on delivering innovative carbon solutions for a sustainable future.’

New COtransportation and/or storage agreements include:

  • An agreement with HIF Global, a leading eFuels company that is targeting to build a 200 million gallon per year carbon-neutral eGasoline and eMethanol facility by 2027.
  • An agreement with Monarch Energy Development LLC, a hydrogen and eFuels project developer. Under the agreement, Denbury will transport 0.4 Mmtpa of industrial-sourced COto be used as a feedstock in the production process.

Initial dedicated COstorage site in Rocky Mountain region:

  • In early 2023, the Company finalised a definitive agreement for the right to develop a dedicated CO2 sequestration site on nearly 15,000 acres in Campbell County, Wyoming, directly underneath the Company’s Greencore COPipeline. Denbury estimates potential COsequestration capacity of the site (now named Corvus) to be 40 million metric tons.

Carbon capture technology investments expand COservices:

  • An investment in ION Clean Energy, an industry leader in liquid solvent technologies that capture over 95% of COemissions while significantly reducing operating and capital costs for large-scale, post combustion COemissions.
  • An investment in Aqualung Carbon Capture, a leader in membrane COcapture and separation technology.

Matt Dahan, Senior Vice President of CCUS Technology for Denbury says: ‘We believe both Aqualung and ION are on the leading edge of reducing the cost of capture for a wide range of types and sizes of stationary CO2 emissions facilities. Our investments in these emerging technologies will bring additional transport and sequestration opportunities to Denbury, and we look forward to working with both.’

2023 CCUS goals:

  • Execute additional COtransportation and/or storage agreements from both brownfield and greenfield projects, so that by the end of 2023, Denbury’s cumulative agreements will cover COemissions totaling 30 Mmtpa.
  • Expand dedicated COstorage portfolio with the acquisition of additional sequestration sites in strategic locations near areas with high concentrations of current and future COemissions.
  • Enhance Denbury’s CCUS business with strategic partnerships and equity investments around the entire value chain of CCUS.


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