Denbury Inc. and Mitsui & Co. Ltd. units said they are evaluating opportunities on the Gulf Coast to develop carbon-negative oil projects. 

Sequestering emissions from oil using carbon capture, utilization and storage (CCUS) is the aim of the memorandum of understanding (MOU) between Plano, TX-based Denbury Onshore LLC and Mitsui E&P USA LLC, the U.S. arm of the global trading company.

For Denbury, the agreement “further highlights our strategy of creating significant shareholder value through our CCUS leadership,” said CEO Chris Kendall.

Mitsui’s Toru Matsui, COO of the Energy Business Unit, said “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...