NextDecade Corporation plans to develop one of the largest carbon capture and storage (CCS) projects in North America at NextDecade’s Rio Grande LNG project.
Namely, NextDecade Corporation announced the formation of NEXT Carbon Solutions, LLC, a wholly owned subsidiary of NextDecade, that is expected to reduce permitted CO2 emissions at Rio Grande LNG by more than 90% without major design changes to the Rio Grande LNG project.
As a result, Rio Grande LNG is expected to be the greenest LNG project in the world.
…NextDecade Corporation noted.
As explained, the CCS project at Rio Grande LNG is expected to enable the capture and permanent geologic storage of more than five million tonnes of CO2 per year.
The company believes that developing the CCS project at the same time as the Rio Grande LNG project will result in 60-80% less capital costs than retrofitting an operating LNG facility.
The launch of NEXT Carbon Solutions comes at a pivotal time for our nation and the world, and we are eager to demonstrate the transformative and impactful contributions this business will make to the global energy industry and the quest toward a net-zero future.
… said Matt Schatzman, NextDecade’s Chairman and Chief Executive Officer.
All-in costs of the CCS project, including capital and operating expenses, interest, transportation, and permanent storage, are expected to be $63 to $74 per metric tonne of CO2 before any benefit from Section 45Q tax credits.
Including the full benefit of Section 45Q tax credits, the breakeven cost of adding CCS to Rio Grande LNG is expected to be $13 to $24 per metric tonne of CO2 or $0.05 to $0.09 per MMBtu on an LNG basis. Coupled with its low costs, NextDecade believes that LNG from Rio Grande LNG will be among the greenest and most attractively priced in the world.