PLANO, Texas – (COMMERCIAL THREAD) – Denbury Onshore, LLC (âDenburyâ), a subsidiary of Denbury Inc. (NYSE: DEN) (collectively âDenburyâ) and Mitsui E&P USA LLC (âMEPUSAâ), a subsidiary of Mitsui & Co., Ltd. (“Mitsui”), announce that they have started a joint assessment of potential opportunities on the US Gulf of Mexico coast to develop carbon negative oil assets using anthropogenic CO2 through carbon capture, use and storage (âCCUSâ). As part of the assessment, MEPUSA and Denbury seek to jointly pursue the CO2 leveraging opportunities from potential Mitsui projects along the US Gulf of Mexico coast. MEPUSA will also identify international CCUS opportunities in which Denbury and MEPUSA could continue to collaborate.
Chris Kendall, President and CEO of Denbury, said: âWe are very pleased to have entered into this agreement with Mitsui, which highlights our strategy of creating significant shareholder value through our CCUS leadership. We look forward to working with the formidable Mitsui team to identify and execute impactful CCUS projects. ”
Toru Matsui, Chief Operating Officer of Mitsui’s Energy division, said, âWe are delighted to begin this exciting and impactful partnership with Denbury. Through this joint assessment, we hope to deepen our relationship with Denbury to further develop our CCUS value chain in the United States. . ”
Denbury is an independent energy company with operations and assets focused on Carbon Capture, Use and Storage (CCUS) and Enhanced Oil Recovery (EOR) in the Gulf of Mexico Coast regions and Rocky Mountains. For more than two decades, the company has maintained a unique strategic focus on the use of CO2 in its EOR operations and since 2013 has been active in the CCUS by injecting CO of industrial origin captured2. The Company is currently injecting more than three million tonnes of CO of industrial origin captured2 annually, and its objective is to fully compensate for its Scope 1, 2 and 3 CO2 emissions during this decade, mainly by increasing the quantity of CO of industrial origin captured2 used in its operations. For more information about Denbury, visit www.denbury.com.
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ABOUT MITSUI & CO
Mitsui & Co., Ltd. (8031: JP) is a global trading and investment company with a diversified business portfolio that covers approximately 64 countries in Asia, Europe, North, Central and South America, Middle East, Africa and Oceania.
Mitsui has more than 5,600 employees and deploys talent around the world to identify, develop and grow businesses in conjunction with a global network of trusted partners. Mitsui has built a strong and diversified core business portfolio spanning the mineral and metallic resources, energy, machinery and infrastructure, and chemicals sectors.
Leveraging its strengths, Mitsui has further diversified beyond its core profit pillars to create multi-faceted value in new areas, including innovative energy solutions, healthcare and nutrition, and into strategically focusing on high growth Asian markets. This strategy aims to generate opportunities for growth by harnessing some of the world’s major megatrends: sustainability, health and wellness, digitalization and growing consumer power.
For more information on Mitsui & Co’s activities, visit http://www.mitsui.com/jp/en/.
This press release contains forward-looking statements that involve risks and uncertainties, including Denbury and Mitsui developing, documenting, constructing and commencing operations of negative carbon emissions projects and facilities. The achievement of these milestones is subject to a wide range of business risks, and there can be no assurance that these objectives will or will be achieved. These forward-looking statements represent the parties’ expectations only as of today and should not be taken as representing its estimates as of a future date. The parties assume no obligation to update these forward-looking statements.