- NRG Energy (NYSE:NRG) and JX Nippon Oil & Gas Exploration say they have launched operations at the $1B Petra Nova carbon capture facility in Texas and are using the emissions to extract crude from a nearby oilfield.
- At its peak, the facility should collect 1.6M tons/year of carbon dioxide, ~90% of emissions from NRG's nearby power plant, the largest in Texas.
- Analysts say the facility, the largest of its kind in the world, could become a model for CO2 collection at existing power plants in China and India.
- The U.S. Department of Energy funded $190M of the project's construction, with $250M in loans from Japan's government; NRG and privately-held JX Nippon split the remaining $600M cost in a joint venture arrangement.