June 27 (Reuters) - Energy firm Denbury Inc said on Tuesday it has formed a joint venture with Lapis Energy to develop a carbon capture project in Louisiana, amid growing push to reduce planet-warming emissions.
Each firm will have a 50% stake in the newly formed Libra CO2 Storage Solutions.
Carbon sequestration, the process of capturing and storing atmospheric carbon dioxide deep underground, has gathered steam globally over the past few years as industries and governments rush to meet their climate goals.
Lapis said it would take the lead through the project's permitting process, pre-investment phase and initial construction, while Denbury would assume operatorship and later construction management.
The companies estimate that the project site has the potential to hold at least 200 million metric tons of CO2 and, because of its close proximity to industrial hubs, can become a regional hub decarbonization site.
Separately on Tuesday, Denbury announced a deal with Soterra, a unit of industrial packaging products maker Greif Inc for the right to develop a dedicated CO2 sequestration site in Louisiana. (Reporting by Tanay Dhumal in Bengaluru; Editing by Shilpi Majumdar)
