Denbury Onshore, a subsidiary of Denbury Inc. and Mitsui E&P USA (“MEPUSA”), a subsidiary of Mitsui & Co., Ltd, announce have commenced a joint evaluation of potential opportunities in the U.S. Gulf Coast to develop carbon-negative oil assets utilizing anthropogenic CO2 via Carbon Capture, Utilization, and Storage (“CCUS”). As part of the evaluation, MEPUSA and Denbury seek to jointly pursue CO2 offtake opportunities from Mitsui’s potential projects along the U.S. Gulf Coast. MEPUSA will also identify international CCUS opportunities in which Denbury and MEPUSA could further collaborate.

Chris Kendall, Denbury’s President and Chief Executive Officer, commented, 
“We are very pleased to have reached this agreement with Mitsui, which further highlights our strategy of creating significant shareholder value through our CCUS leadership. We look forward to working collaboratively with the great team at Mitsui to identify and execute impactful CCUS projects.”

Toru Matsui, Chief Operating Officer of Mitsui’s Energy Business Unit, said, 
“We are pleased to begin this exciting and impactful partnership with Denbury. Through this joint evaluation, we hope to deepen our relationship with Denbury to further develop our CCUS value chain in the U.S. Through our involvement in developing CCUS projects globally, Mitsui aims to achieve net-zero carbon emissions and create a sustainable and eco-friendly society.”