Weyerhaeuser owns 187,500 acres of subsurface which covers five potential sequestration sites. These sites have now been opened up for exploration through an agreement between Weyerhaeuser and Lapis Energy, with the aim of discovering prospective CCS development opportunities.

The agreement accounts for all 187,500 acres of subsurface rights, including the sites based in Arkansas, Louisiana and Mississippi. The agreement also includes two new sites which were previously not identified as prospective opportunities for CCS development. The companies aim to find places where subsurface carbon dioxide sequestration could be made possible.

In order to complete this aim, Lapis will use their skills and expertise to determine the sequestration potential of each site. Lapis intends to perform technical and commercial assessments and once these are completed, the company will be able to decide whether or not the site is able to move into a full-scale development phase. This part of the project will involve new agreements and the team will have to complete the work that is required to permit, build and operate permanent Co2 sequestration sites. The intention with these sites is to make them suitable for use with large-scale industrial sources.

Senior vice president and chief development officer for Weyerhaeuser, Russell Hagen, commented, "This exploration agreement represents a unique opportunity to scale our CCS offerings and build our climate solutions portfolio more broadly. We look forward to working with Lapis to unlock the value of CCS development across our ownership in the U.S. South and help other companies reduce their carbon footprint."

CEO of Lapis Energy, Reg Manhas, added, "We are delighted to form this relationship with Weyerhaeuser, the largest timberland owner in North America with a reputation as a responsible and sustainable landowner. Lapis looks forward to developing these carbon sequestration sites with Weyerhaeuser to provide solutions for regional industrial customers. The announcement today, together with our existing assets, further establishes Lapis Energy as an industry-leading independent carbon sequestration storage provider with a rapidly developing portfolio of business opportunities. Lapis believes these sites provide a competitive and advantaged option for our growing customer base north of the Gulf Coast."