M&A Moves

Equinor buys into massive CCS joint venture project near Houston

Through an acquisition, Equinor has joined a joint venture carbon capture and storage project in southeast Texas. Image via Getty Images

A Norwegian energy company with its United States headquarters in Houston has announced it has acquired a significant chunk of a carbon capture and storage joint venture.

Equinor now owns a 25 percent interest in Bayou Bend CCS LLC, which is reported to be one of the largest domestic carbon capture and storage projects. The project — a JV between Chevron, Talos Energy Inc., and now Equinor, is located along the Gulf Coast in southeast Texas. The terms of the deal were not disclosed.

“Commercial CCS solutions are critical for hard-to-abate industries to meet their climate ambitions while maintaining their activity," Grete Tveit, senior vice president for Low Carbon Solutions in Equinor, says in a news release. "Entering Bayou Bend strengthens our low carbon solutions portfolio and supports our ambition to mature and develop 15-30 million tonnes of equity CO2 transport and storage capacity per year by 2035. Our experience from developing carbon storage projects can help advance decarbonization efforts in one of the largest industrial corridors in the US."

According to Equinor, it purchased its share through the acquisition of Carbonvert's subsidiary, Texas Carbon 1 LLC. Chevron, the operator, holds 50 percent interest, and Talos holds the other 25 percent interest.

“We look forward to working together with our partners to further mature this exciting project. Bayou Bend is Equinor’s first announced low carbon solutions project on the Gulf Coast. Alongside our upstream production and offshore wind developments, we’re strengthening our position as a broad energy company and expanding our footprint in the Gulf region,” Chris Golden, senior vice president and US Country Manager, says in the release. "Bayou Bend is a significant milestone towards growing our low carbon portfolio in the US.”

With about 140,000 gross acres of pore space for permanent CO2 sequestration and over one billion metric tons of gross potential storage resources, according to the release, Bayou Bend is positioned to be one of the largest CCS solutions in the US for industrial emitters.The project spans around 100,000 gross acres across Chambers and Jefferson Counties in southeast Texas, and approximately 40,000 gross acres offshore Beaumont and Port Arthur.

“Delivering lower carbon solutions to harder-to-abate industries is fundamental to Chevron New Energies’ mission, and as a Southeast Texas native, I know how vital these industries are to our local communities and their economies,” Chris Powers, vice president of CCUS at Chevron New Energies, in the release. “We thank Carbonvert for its work on the project, and we look forward to Equinor bringing its expertise and resources to Bayou Bend as it joins the partnership.”

Each of the company's low-carbon innovation arms — Low Carbon Solutions at Equinor, Chevron New Energies division, and Talos Low Carbon Solutions division — are collaborating on the project.

“We continue to make significant progress in developing Bayou Bend, which we believe will be a premier regional carbon storage hub solution for Texas’ largest industrial region. Equinor is a welcomed addition to the partnership. Their experience and track record further enhance the joint venture, which is committed to developing safe, reliable, cost-effective lower carbon solutions while enabling continued economic growth,” said Robin Fielder, executive vice president – Low Carbon Strategy and Chief Sustainability Officer of Talos.

In 2021, Texas General Land Office in Jefferson County, Texas, selected Talos and Carbonvert for the carbon storage lease, located in state waters offshore Beaumont and Port Arthur, Texas. Chevron joined the JV in May 2022. The project expanded earlier this year.

The project is located in southeast Texas, about 70 miles outside of Houston. Image via equinor.com

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A View From HETI

Houston Innovation Awards nominations are open through August 31. Photo courtesy of InnovationMap

Calling all Houston energy innovators: The Houston Innovation Awards return this fall to celebrate the best and brightest in the Houston innovation ecosystem, and that includes those leading the energy transition.

Presented by InnovationMap, the fifth annual Houston Innovation Awards will take place November 5 at TMC Helix Park.

The awards program will honor the top startups and innovators in Houston across 10 categories, and we're asking you to nominate the most deserving Houston innovators and innovative companies, including those in the energy transition sector.

This year's categories are:

  • Minority-founded Business, honoring an innovative startup founded or co-founded by BIPOC or LGBTQ+ representation.
  • Female-founded Business, honoring an innovative startup founded or co-founded by a woman.
  • Energy Transition Business, honoring an innovative startup providing a solution within renewables, climatetech, clean energy, alternative materials, circular economy, and beyond.
  • Health Tech Business, honoring an innovative startup within the health and medical technology sectors.
  • Deep Tech Business, honoring an innovative startup providing technology solutions based on substantial scientific or engineering challenges, including those in the AI, robotics, and space sectors.
  • Startup of the Year (People's Choice), honoring a startup celebrating a recent milestone or success. The winner will be selected by the community via an interactive voting experience.
  • Scaleup of the Year, honoring an innovative later-stage startup that's recently reached a significant milestone in company growth.
  • Incubator/Accelerator of the Year, honoring a local incubator or accelerator that is championing and fueling the growth of Houston startups.
  • Mentor of the Year, presented by Houston Community College, honoring an individual who dedicates their time and expertise to guide and support budding entrepreneurs.
  • Trailblazer, honoring an innovator who's made a lasting impact on the Houston innovation community.

Nominations may be made on behalf of yourself, your organization, and other leaders and institutions in the local innovation scene. The nomination period closes on August 31, so don't delay — nominate today at this link, or fill out the embedded form below.

A panel of esteemed judges will review the nominations, and determine the finalists and winners. Finalists will be unveiled on InnovationMap.com on September 30, and the 2025 Houston Innovation Awards winners will be announced live at an event on November 5.

Tickets will go on sale this fall. Stay tuned for that announcement.

Interested in Innovation Awards sponsorship opportunities? Please contact sales@innovationmap.com.

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