People | People - New Hire

Denbury Taps New Exec to Head Carbon Solutions Team

Share Print Bookmark    |    Wednesday,April 28,2021

Denbury Inc. has announced the appointment of Nikulas Wood as Senior Vice President.

This appointment is related to its new Carbon Capture, Use and Storage (CCUS) business.

Mr. Wood will head the Denbury Carbon Solutions team and report directly to Denbury Chief Executive Officer, Chris Kendall. The Denbury Carbon Solutions team was formed in January 2020 to advance Denbury's leadership in the anticipated high-growth CCUS industry, leveraging the Company's unique capabilities and assets that were developed over the last 20-plus years through its focus on CO₂ Enhanced Oil Recovery (EOR).

The Company operates more than 1,000 miles of CO₂ pipelines in the Gulf Coast and Rocky Mountain regions. The 24-inch Green Pipeline, a 320-mile CO₂ pipeline which runs from Donaldsonville, Louisiana to Houston, Texas, is located in the heart of the Gulf Coast industrial corridor and is currently capable of moving more than 16 million metric tons of CO₂ per year.

The Company has identified the following strategic priorities for Denbury Carbon Solutions to accelerate the expansion of its CCUS business:

• Generate new cash flow streams through agreements with existing and new-build industrial emitters for transportation and storage of captured CO₂;
• Add significant permanent CO₂ storage capacity through development of a geographically diverse portfolio of subsurface storage sites, providing scale, reliability, and flexibility;
• Seek to replace the use of naturally sourced CO₂ in the Company's EOR operations with captured industrial-sourced CO₂, thereby increasing the Company's proportion of low carbon intensity blue oil production;
• Evaluate and prepare for a capital-efficient expansion of up to 2-3X the Company's existing infrastructure capacity to meet anticipated rapidly growing CCUS demand; and
• Pursue strategic partnerships along the entire CCUS value chain.