Carnarvon Petroleum Limited has formed a joint venture with climate solutions advisory and investment firm Frontier Impact Group (FIG) to produce renewable diesel and other highly valuable products using proven international technology.
The equally owned joint venture, in which each party will invest $2.6 million in seed capital, intends to produce renewable diesel, high-quality biochar and wood vinegar using biorefinery technology that processes waste lignocellulosic biomass as a feedstock.
The company, which also announced its commitment to delivering a net-zero carbon emissions business before 2050, said much of the high-quality biochar could be processed further into high-quality graphene, which has many next-generation applications such as electronics, batteries and material composites.
Carnarvon Managing Director and CEO, Mr Adrian Cook, said first production from the facility is targeted for late 2022, ahead of a Buffalo field redevelopment scheduled for late 2023 and first production from Dorado scheduled for late 2025.
“This opportunity underpins our core business endeavours, most particularly around funding Dorado, whilst enhancing our portfolio exposure to oil price linked products and for the future, building a value focused position in the renewables sector of the energy industry,” he continued.
“Earlier today, we announced the Company’s commitment to delivering a net-zero carbon emissions business before 2050.
“This joint venture demonstrates a clear and pragmatic start to delivering on our net-zero commitment, while ensuring long-term, sustainable shareholder value remains a key determinant in our decision making.
“The opportunity also gives us the ability to substantially scale up our operations and provide avenues to add value through our existing knowledge and experience.”