Bracewell Advises King Ranch, Inc. in Pore Space Lease and Surface Use Agreement With Occidental and 1Point Five
HOUSTON – Bracewell LLP advised King Ranch Inc. in connection with its lease of 106,000 acres in Kleberg County, Texas, to support large-scale direct air capture (DAC) projects for dedicated carbon dioxide sequestration. The agreement provides access to land for the potential to remove up to 30 million metric tons of CO2 per year through DAC and pore space estimated to store up to 3 billion metric tons of CO2 in geologic reservoirs.
In addition to DAC emissions capture, the King Ranch acreage is also located near industrial emitters in the Gulf Coast region, including Corpus Christi, where emissions can be captured, transported and sequestered in the pore space. Each DAC plant in the site is expected to be capable of removing up to 1 million metric tons of CO2 per year, yielding a total capacity of up to 30 million metric tons per year when all facilities are operational.
Bracewell lawyers involved in the transaction included:
Partners: James “JJ” McAnelly III, Elizabeth L. McGinley, Aaron P. Roffwarg and Timothy A. Wilkins
Counsel: Tamara McKinzie
Associates: John L. Stavinoha III, Nathan Guerra and William A. Moss