PENN VALLEY, PA, US, October 25, 2022 /EINPresswire.com/ -- KeyState Natural Gas Synthesis (KNGS), a first-of-its-kind project integrating on-site natural gas development, chemical production, and carbon capture and storage (CCS) in a closed carbon loop, is miles closer to reality.

Four months ago, and more than two years into a give-and-take partnership with OGCI Climate Investments (OGCI CI), which included full-bore due diligence, project developer KeyState Energy welcomed a multi-million-dollar investment from OGCI CI for the $900 million project in Clinton County, Pa.

It should be pointed out OGCI’s member companies include Aramco, BP, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental, Petrobras, Repsol, Shell and Total Energies. Together, OGCI member companies represent about 30% of global oil and gas production – leaders in traditional Oil and Gas. In creating OGCI they aim to accelerate action towards a net zero emissions future.

“OGCI CI’s investment in the project is being used for pre-front end engineering and design (pre-FEED) for the natural gas synthesis plant and further characterization of storage resources,” said Perry Babb, KeyState Energy CEO.

“From what we’ve been told by the experts, the hardest funding to raise is Pre-Feed.”

Babb, serial entrepreneur, added work has shifted to raising funding for the project’s FEED needs. He said a number of industry and financial investors currently are examining the project’s intricacies.

He will be speaking at the Appalachian Hydrogen & Carbon Capture Conference IV, held at the Hilton Garden Inn Pittsburgh/Southpointe on November 10th, 2022. Organized by Shale Directories founder and President Joe Barone and Tom Gellrich, CEO and Founder the Hydrogen and Carbon Capture Network, the all-day program will offer latest news, advances and projects centered around reducing carbon emissions.

“Having an innovative leader such as Perry Babb, backed the deep knowledge and early-stage financial backing of OCGI is a perfect match.” said Tom Gellrich CEO and Founder H2-CCS Network. “The viability of the project has increased dramatically with doubling of investment at Clinton County and now with a new site in Virginia. It speaks to the soundness of Perry’s vision.”

Perry Babb will update the KNGS story – and provide details on the Clinton County’s sister facility to be built in Virginia – at the upcoming Appalachian Hydrogen & Carbon Capture Conference on Nov. 10, at the Hilton Garden Inn Pittsburgh Southpointe.

The all-day program is produced by Shale Directories and the Hydrogen & Carbon Capture Network.

With the world’s supermajors – who all have pledged to substantially reduce/eliminate their company’s carbon emissions – looking positively at the KeyState project in terms of what it will do and how it will do it, Babb is finding his presentations are garnering more and more interest.

“We intend to close our Series B funding for FEED in January 2023, with a Final Investment Decision by the end of 2023,” Babb said. “We’re looking at two and half years of construction with operation in 2026. We’re also now in negotiations for (carbon) storage and for natural gas supply for KeyState Virginia with that announcement by the end of this year.”

Joe Barone
Shale Directories
+1 6107641232
jbarone@shaledirectories.com

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