Crescent Midstream will develop and construct an integrated CCS project in Lake Charles, Louisiana, capable of capturing, transporting, and permanently storing CO2 emitted from an Entergy-owned natural gas-fired power plant.
Through collaboration between Entergy, Crescent, SAMSUNG E&A, and Honeywell's carbon capture technologies, the ~$1 billion project would be one of the largest CCS projects in the United States. It is expected to capture up to three million tonnes of CO2 per year that would otherwise be emitted on the Louisiana Gulf Coast.
Louisiana is the second largest CO2-emitting state in the United States. The majority of those emissions are concentrated in the lower Mississippi River Industrial Corridor, which produces more than 72 million tonnes of CO2 emissions per year according to the EPA. Roughly 66% of the state's CO2 emissions come from industrial sources and 13% come from electric power generation.
As part of the project, Crescent would apply its extensive onshore and offshore pipeline construction and operations experience to facilitate the safe transportation of CO2 from emitters to permanent underground storage facilities.
Jerry Ashcroft, CEO of Crescent Midstream, said, "Corporate sustainability is a core value at Crescent Midstream. We are proud to apply our extensive midstream expertise to create the vital connection between carbon dioxide emission sources and permanent underground storage. Large-scale carbon capture and sequestration has enormous potential to reduce greenhouse gas emissions, and we look forward to helping demonstrate that in one of the highest emitting regions in the United States."
This project builds on Crescent's ongoing commitment to corporate sustainability. To help reduce emissions, the firm recently agreed to sponsor efforts by the Well Done Foundation (WDF) to plug orphaned oil wells in Louisiana. The foundation's proven methodology delivers immediate and quantifiable benefits by stopping oil wells from discharging methane emissions, a gas that is more than 25 times as potent as carbon dioxide at trapping heat in the atmosphere. Additionally, Crescent has completed marsh preservation projects that mitigate coastal erosion in areas that have been impacted by inclement weather events to both protect and rebuild those areas and to restore CO₂ absorbing plant life. In addition, Crescent is actively involved in community outreach in Southern Louisiana and supports numerous organizations that drive a positive social impact within its operating footprint.
Crescent Midstream is backed by The Carlyle Group, a leading global alternative investment firm with $435 billion of assets under management as of June 30, 2024.
