BKV Corporation and ENGIE Energy Marketing NA, a subsidiary of ENGIE S.A. (ENGIE), have signed a contract for the sale and purchase of natural gas and associated Carbon Sequestered Credits, a third-party verified and measured carbon sequestered product.
BKV will deliver physical natural gas to ENGIE, as well as an equivalent amount of gas tokens. Gas tokens represent the environmental attributes associated with responsibly sourced gas and with captured carbon dioxide from the gas stream that is injected into a permitted facility owned by BKV.
BKV aims to deliver up to 10,000 MMBtu/day of independently certified Carbon Sequestered Gas to ENGIE as per their contract.
BKV's Barnett Zero project in Bridgeport, Texas is expected to be operational in December 2023 and will support the CO2 sequestration project. The company anticipates the project will achieve an average sequestration rate of up to 210,000 metric tons of CO2e per year over the project’s lifespan.
The delivery of Carbon Sequestered Gas is expected to begin in Q1 2024 post the first injection at Barnett Zero and approval of other standard conditions.
"We believe that our production of Carbon Sequestered Gas can scale to meet future energy needs and that this product will be synergistic with other approaches to sustainable energy, helping to advance the reduction in greenhouse gas emissions,” said Chris Kalnin, Chief Executive Officer of BKV. "Carbon Sequestered Gas represents an opportunity for end-users to purchase measured and verified differentiated natural gas that is certified and registered using blockchain technology.”
