Milestone Carbon announces agreement for hub in Permian Basin

By Milestone Environmental Services | October 24, 2023

Milestone Carbon, a subsidiary of Milestone Environmental Services and an emerging leader in permanent carbon sequestration services for industrial emitters, announced an agreement under which Milestone Carbon will lease from Texas Pacific Land Corporation (NYSE: TPL) (“TPL”) more than 22,000 acres of land and pore space for permanent geologic sequestration of CO2 in the Permian Basin. The acreage, located in Loving and Midland counties, would support carbon capture and storage (“CCS”) projects at industrial facilities in West Texas, including natural gas processing and power plants. 

“Milestone is thrilled to advance our emerging carbon hubs in the Delaware and Midland Basins of West Texas. Our long history of operational excellence in this space makes us uniquely positioned to offer permanent carbon sequestration of carbon dioxide to industrial emitters. I’m extraordinarily proud of our team – they are relentlessly focused on developing this crucial decarbonization infrastructure, and are leading this nascent industry forward in the process,” said Gabriel Rio, President and Chief Executive Officer of Milestone Environmental Services.

“The addition of acreage from Texas Pacific Land Corporation significantly expands our ability to provide low-cost solutions to heavy industry and energy producers seeking to reduce emissions in the region,” said Milestone Carbon Senior Vice President Chris Davis

This announcement follows recent news by Milestone Carbon of the development of a CO2 sequestration hub in the southwestern Midland Basin, which has the potential to support multiple wells that will enable the permanent geological storage of carbon dioxide. Once operating, Milestone Carbon’s carbon sequestration hubs in both the Midland and Delaware Basins will support a reduction in emissions associated with natural gas processing, electricity generation, and other critical industries. It also will contribute to attracting new industries (e.g., hydrogen, low-carbon ammonia, and low-carbon power) and technologies to the West Texas region that will increase employment opportunities and help grow the local economy.

“Continued development of carbon capture projects by Milestone Carbon is promising, and we are excited that TPL’s expansive surface footprint could potentially serve as a key resource to this emerging industry,” said Tyler Glover, CEO of TPL. “This is another opportunity that reaffirms our commitment to sustainability, and we are encouraged by the potential benefits carbon capture could provide in the future for all the stakeholders involved in these projects.”