Occidental Low Carbon Ventures (OLCV) unit 1PointFive and Manulife Investment Management have jointly entered into a lease agreement for 27,000 acres of timberland in western Louisiana. The agreement provides 1PointFive with access to subsurface pore space and surface rights to develop and operate a carbon sequestration hub with access to permanently store industrial carbon emissions. Two Class VI injection permits, required by the US Environmental Protection Agency (EPA) for geologic sequestration, have already been filed for the site.
The lease agreement is a pivotal step in 1PointFive’s strategic vision to develop carbon capture and sequestration hubs, some of which are expected to be anchored by direct air capture (DAC) facilities.
“We are excited to join with Manulife and lease the acreage to develop a hub that will provide sequestration infrastructure and services for industrial emitters and 1PointFive’s future DAC facilities,” said Doug Conquest, vice president, OLCV. “This agreement strengthens our CCUS position and advances commercial-scale decarbonization solutions in line with Oxy’s net-zero goals.”
Manulife's acreage offers storage capacity within proximity to point source industrial emitters. New Dawn Energy, a Manulife land lease partner, has been supportive of the project, according to OLCV.
1PointFive and Manulife are also exploring other locations and projects throughout the region and country with the potential to add additional acreage for carbon removal and sequestration.
1PointFive adheres to EPA standards for monitoring, reporting, and verifying (MRV) the amount, safety, and permanence of CO2 stored through secure geologic sequestration. The company and its affiliates hold three EPA-approved MRV plans for geologic sequestration. 1PointFive will apply this expertise toward the design and operation of the project.
Manulife manages approximately 6 million acres of timberland across the US, Canada, New Zealand, Australia, Brazil, and Chile. It also oversees 400,000 acres of prime farmland in major agricultural regions of the US and in Canada, Chile, and Australia.
