South Belridge Oil Field

Carbon TerraVault Provides First Quarter 2024 Update

Retrieved on: 
Tuesday, May 7, 2024
Utilities, Environment, Oil, Gas, Alternative Energy, Green Technology, Energy, Climate Change, Carbon, Mergers and acquisitions, Carbon dioxide, EPA, Aera Energy, Golden State, CRC, CTV, CCS, Inglewood Oil Field, Hart–Scott–Rodino Antitrust Improvements Act, FID, Public opinion, South Belridge Oil Field, CO2, EIR, California Resources Corporation, MMT, Renewable energy

Carbon TerraVault (CTV) today provided an update on its first quarter 2024 operations.

Key Points: 
  • Carbon TerraVault (CTV) today provided an update on its first quarter 2024 operations.
  • California Resources Corporation (NYSE: CRC) conducts its carbon management business through CTV which pursues carbon capture and sequestration (CCS) projects that are directly sited or within close proximity to significant sources of carbon dioxide (CO2) emissions in California.
  • CTV anticipates that EPA and Kern County will deliver their final decisions on the permits in the second half of 2024.
  • On May 7, 2024, CRC filed the definitive proxy statement for the Aera Merger with the SEC.

Carbon TerraVault Provides 2023 Update

Retrieved on: 
Tuesday, February 27, 2024
Other Energy, Utilities, Environment, Oil, Gas, Alternative Energy, Energy, Climate Change, Carbon, Engineering, DAC, MMT, Inglewood Oil Field, Carbon dioxide, Research, Class, FEED, Natural gas, CRC, Government, Golden State, CCS, CDMA, Climate change, Mergers and acquisitions, CTV, California Resources Corporation, CO2, EPA, Primary energy, Economics, EIR, Aera Energy, DOE, Comment, South Belridge Oil Field, Renewable energy

Carbon TerraVault (CTV) today provided an update on its 2023 operations.

Key Points: 
  • Carbon TerraVault (CTV) today provided an update on its 2023 operations.
  • California Resources Corporation (NYSE: CRC) conducts its carbon management business through Carbon TerraVault which pursues carbon capture and sequestration projects that are directly sited or within close proximity to significant sources of carbon dioxide (CO2) emissions in California.
  • “During 2023, our team meaningfully advanced the expansion of our carbon management business by announcing new Carbon Dioxide Management Agreements (CDMAs)1, submitting new permits to the EPA and attracting new greenfield project capital to California,” said Francisco Leon, CRC’s President and Chief Executive Officer.
  • The CDMA provides a path for the parties to reach final definitive documents and final investment decision.

California Resources Corporation to Combine with Aera Energy

Retrieved on: 
Wednesday, February 7, 2024
Other Energy, Environment, Oil, Gas, Alternative Energy, Green Technology, Energy, Climate Change, Carbon, Partnership, California Resources Corporation, CRC, CPP, Environmental issues, Carbon dioxide, G&A, Direct air capture, Philosophy, CUPS, Aera Energy, Investment, CCS, CO2, South Belridge Oil Field, Sale, MMT, EPA, DAC, CPP Investment Board, CTV, Renewable energy

California Resources Corporation (NYSE: CRC) today announced the signing of a definitive merger agreement to combine with Aera Energy, LLC (Aera) in an all-stock transaction.

Key Points: 
  • California Resources Corporation (NYSE: CRC) today announced the signing of a definitive merger agreement to combine with Aera Energy, LLC (Aera) in an all-stock transaction.
  • The transaction values Aera at approximately $2.1 billion, inclusive of Aera’s net debt and certain other obligations1, and is expected to be immediately accretive.
  • On behalf of CRC, we look forward to working with our new colleagues at Aera.
  • The combined company will own interests in five of the largest oil fields in California with opportunities to increase oil recovery.

Aera Announces Carbon Capture and Storage Project – CarbonFrontier

Retrieved on: 
Tuesday, October 10, 2023
Energy, Green Technology, Environment, Oil, Gas, California State University, South Belridge Oil Field, California Air Resources Board, CO2, Employment, Heart, Aera Energy, Safety, Carbon, Primary energy, Ecosystem, EPA, Workforce, CARB, Policy, Science, CCS, Renewable energy

Aera Energy, a leader in California energy production, announced today its first large-scale carbon capture and storage project (CCS), CarbonFrontier.

Key Points: 
  • Aera Energy, a leader in California energy production, announced today its first large-scale carbon capture and storage project (CCS), CarbonFrontier.
  • The state’s carbon capture and storage target is enormous, since its plan requires over 100 MM Mt of storage per year.
  • Aera envisions CarbonFrontier as a cornerstone to developing a Kern County “carbon park," potentially attracting other businesses that need storage to decarbonize their operations.
  • Aera's investment in projects like CarbonFrontier will generate essential job opportunities during the development phase and sustain employment in ongoing operations.

DOE Selects Aera Federal’s Direct Air Capture-Kern County Project for Feasibility Study

Retrieved on: 
Monday, August 14, 2023
Public Policy, Government, Oil, Gas, White House, Federal Government, Sustainability, Environment, Alternative Energy, Energy, Climate Change, Carbon, South Belridge Oil Field, U.S. Department of Defense Strategy for Operating in Cyberspace, Aera Energy, DOE, Primary energy, Atmosphere, Carbon capture and storage, Transport, U.S. Department of Energy, Office of Inspector General, DAC, Renewable energy, Heavy industry

The U.S. Department of Energy announced the selection of Aera Federal LLC to begin award negotiations, valued at $4.5 mln, to conduct a feasibility study for a regional direct air capture (DAC) hub at the Belridge oil field in Kern County, California.

Key Points: 
  • The U.S. Department of Energy announced the selection of Aera Federal LLC to begin award negotiations, valued at $4.5 mln, to conduct a feasibility study for a regional direct air capture (DAC) hub at the Belridge oil field in Kern County, California.
  • The feasibility study will be funded mostly by the US Department of Energy (DOE) and partly by Aera.
  • Aera Federal, Battelle, and partners Mosaic Materials and Carbon Capture will work with the Department of Energy to bring the proposed direct air capture (DAC) hub one step closer to reality.
  • The Aera Direct Air Capture (DAC) Hub – Kern project will capture carbon emissions from the atmosphere and safely transport and store them at Aera’s sequestration site.