DENVER, June 27, 2024 /PRNewswire/ -- BKV Corporation (BKV) announced today that they signed a contract for the sale and purchase of Carbon Sequestered Gas (CSG) with Kiewit Infrastructure South Co., a subsidiary of Kiewit Corporation, one of North America's largest and most respected construction and engineering organizations. CSG is a revolutionary, innovative, natural gas product that is Scope 1, 2 and 3 carbon-neutral, effectively mitigating the environmental impact of natural gas consumption. This sales agreement brings together two industry leaders dedicated to reducing greenhouse gas emissions from their operations.
Under the gas purchase agreement, BKV will deliver CSG to Kiewit beginning this fall for a premium over Henry Hub price. A first-of-its-kind carbon-neutral natural gas, CSG is generated by pairing low methane intensity natural gas and offsetting emissions associated with the entire gas value chain which includes production, gathering, boosting, processing, transmission, distribution and use through permanent carbon sequestration via BKV's carbon capture, utilization and sequestration (CCUS) operations. BKV's end-to-end emissions calculation methodologies combined with transparent, third-party blockchain-enabled verification, provides potential buyers with confidence in the emissions data associated with their purchase. CSG will provide a fully decarbonized, emissions certified, and qualified fuel and retired credits bundle that is a differentiated and premium product.
BKV Chief Executive Officer Chris Kalnin said, "We are thrilled to be able to provide this first-of-its-kind, carbon-neutral natural gas product to Kiewit. The introduction of CSG, and this sale to a world-class natural gas end user, aligns with our mission to help create a better world through our emission reduction and energy impact goals. We believe that our production of CSG can scale to meet future energy needs of many industries across the country and that this product will be synergistic with other approaches to sustainable energy helping to advance the reduction in greenhouse gas emissions."
Kiewit Infrastructure South's Fort Worth Maintenance Facility will receive the gas directly from a pipeline being built to service their facility as well as the entire Markum Business Park, where the facility is located. The Markum Business Park is a state-of-the-art industrial/flex space in south Fort Worth developed by Wilks Development, a preeminent Texas-based commercial real estate company.
Wilks Development Co-Founder and CEO Kyle Wilks said, "Wilks Development's mission is to create high-quality, community focused real estate projects that serve the needs of the people who inhabit them and contribute to a vibrant, sustainable future for their tenants and the communities they serve. We're excited to be able to offer locally-produced, abundant, affordable energy (in the form of natural gas and CSG), directly to businesses at the Markum Business Park. An easy way for us to help our customers meet their energy needs and sustainability goals."
"Carbon Sequestered Gas represents an opportunity for end-users to purchase verified differentiated natural gas that is emissions certified and registered using blockchain technology. We believe this level of transparency and trust is critical for the energy transition. We are hopeful that additional tenants at Markum Business Park will utilize CSG and join us in the journey to emissions reductions as well," said Kalnin. "We are committed to leading the way in the production of carbon-neutral natural gas and look forward to future sales and are eager to partner with additional end users on their energy needs and their emissions reduction goals as we continue to grow our CCUS business and the availability of CSG for the market."
BKV has previously demonstrated their commitment to carbon reduction activities, by launching a dedicated CCUS business line, BKV dCarbon Ventures, and equipping it with the resources needed to evaluate CCUS projects more efficiently and build a pipeline of feasible projects going forward. BKV dCarbon Ventures has a strategic focus on permanent sequestration of point-source emissions and is focused on driving CCUS innovations and project development. Production of CSG is enabled by BKV's Barnett Zero project, launched November 2023. It is among the nation's first purpose-drilled, Class II commercial carbon sequestration well injecting CO2 waste from natural gas processing plants in the United States. With approvals from both the Texas Railroad Commission and the United States Environmental Protection Agency (EPA), the project expects to permanently sequester an average of 185,000 metric tons of CO2 emissions annually while providing a compelling model for future Class II and Class VI wells.
CSG is available for any industry that uses natural gas and is looking to decarbonize their operations. If you would like to learn more about BKV's carbon sequestered natural gas offerings, please contact Brian Binford at [email protected].
About BKV Corporation
Headquartered in Denver, Colorado, BKV Corporation (BKV) is a forward-thinking, growth-driven energy company focused on creating value for its stockholders. BKV's core business is to produce natural gas from its owned and operated upstream businesses. BKV (and its predecessor entity) was founded in 2015, and BKV and its employees are committed to building a different kind of energy company. BKV is one of the top 20 gas-weighted natural gas producers in the United States and the largest natural gas producer by gross operated volume in the Barnett Shale. BKV Corporation is the parent company for the BKV family of companies.
About Wilks Development
Wilks Development is a visionary leader in Texas real estate development and investment, committed to creating exceptional spaces that enrich the lives of communities. Founded in 2012 by brothers and third-generation masons Kyle and Josh Wilks, along with their cousin Jess Green, Wilks Development has meticulously built a diverse portfolio that includes sturdy stone storefronts, vibrant multi-family communities, sleek commercial offices, and thriving, walkable neighborhoods.
As an intentional and innovative company, Wilks Development continues to pioneer with a focus on sustainable growth and community enhancement, ensuring that every project contributes positively to the areas it serves. For more information about Wilks Development, visit our website at wilksdevelopment.com or follow us on LinkedIn, Facebook, and Instagram at @wilksdevelopment.
SOURCE BKV Corporation
