Weyerhaeuser and Lapis form partnership
Weyerhaeuser and Lapis Energy LP announced the execution of an exclusive exploration agreement for subsurface carbon dioxide sequestration in Arkansas, Louisiana and Mississippi.
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“This exploration agreement represents a unique opportunity to scale our CCS offerings and build our climate solutions portfolio more broadly,” said Russell Hagen, senior vice president and chief development officer for Weyerhaeuser.
The agreement covers 187,500 acres of subsurface rights owned by Weyerhaeuser, reported the firm, and spans five potential sequestration sites, including two locations that were previously identified by Weyerhaeuser as prospective opportunities for carbon capture and sequestration (CCS) development.
“We are delighted to form this relationship with Weyerhaeuser, the largest timberland owner in North America with a reputation as a responsible and sustainable landowner,” said Reg Manhas, CEO of Lapis Energy.
Under the exclusive two-year agreement, Lapis said it will determine the sequestration potential of each site.
“Lapis looks forward to developing these carbon sequestration sites with Weyerhaeuser to provide solutions for regional industrial customers. Lapis believes these sites provide a competitive and advantaged option for our growing customer base north of the Gulf Coast,” said Manhas.
Upon successful completion of the technical and commercial assessments, Lapis will have the option to move sites into full-scale development agreements and complete the work required to permit, build and operate permanent CO₂ sequestration sites serving large-scale industrial sources, said Weyerhaeuser.
Carbon capture firm Lapis, located in Dallas, was founded in 2020 by a team it described as industry-leading experts.
“We look forward to working with Lapis to unlock the value of CCS development across our ownership in the U.S. South and help other companies reduce their carbon footprint,” said Hagen.
