Petra Nova Holdings LLC, a subsidiary of NRG Energy (NYSE: NRG) has formed a 50/50 joint venture with a subsidiary of JX Nippon Oil & Gas Exploration Corp. to build a $1 billion carbon capture project in Texas.
The Petra Nova Carbon Capture Project will capture 90 percent, or 1.6 million tons, of the carbon dioxide (CO2) in the 240-MW slipstream of processed flue gas from the 610-MW Unit 8 at the WA Parish coal-fired power plant located near Houston. The captured CO2 will be used in enhanced oil recovery at the West Ranch oilfield, owned by the joint venture and Hilcorp Energy Co.
Construction on the project has already started and is expected to take two years. It will be built under a fixed-price contract by a consortium of Mitsubishi Heavy Industries Americas Inc. and TIC. The unit is expected to be operational by the end of 2016.
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