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Milestone Carbon will evaluate 21,000 acres of Permian assets.

By Dale Lunan

Texas Pacific Land Corporation (TPL) said June 1 it had enlisted carbon capture provider Milestone Carbon to evaluate about 21,000 acres of its Permian Basin assets for potential carbon capture and storage (CCS) opportunities.

If the evaluation proves successful, Milestone would potentially develop a CCS project utilising the Permian acreage.

“CCS is a proven technology that can provide actionable means to achieve a low-carbon future,” Milestone CEO Gabriel Rio said. “TPL’s vast land holdings and deep industry experience make them an ideal partner for Milestone Carbon.”

Texas Pacific is one of the largest landowners in Texas, with about 880,000 acres in West Texas, most of it concentrated in the Permian Basin. Although not a producer, TPL’s surface and royalty ownership allows for revenues to be generated throughout the oil and gas value chain, including through fixed fee payments for the use of its land and from its oil and gas royalty interests.

“We have long been responsible stewards of our expansive land holdings, and that longstanding focus has served as a good foundation for enhancing our commitment to sustainability and the environment,” CEO Tyler Glover said. “Carbon capture can be a key tool in the quest for ‘net zero’, and TPL’s expansive surface footprint could potentially serve as a key resource to permanently sequester carbon.”