CCS is a Real Solution

With some of the most ambitious decarbonization goals in the country, California is leading the way in advancing progress toward carbon neutrality. Carbon capture and storage (CCS) is a real solution – according to the International Energy Agency, CCS is one of the only technology solutions that can “...deliver the deep emissions reductions needed across key industrial processes..., all of which will remain vital building blocks of modern society.” 

California Resources Corporation (CRC) is bringing CCS to California for the first time with Carbon TerraVault (CTV), where we are reducing emissions while strengthening California’s energy resilience.

 

Employee wearing helmet looking at hills

Carbon TerraVault (CTV)

CTV is CRC’s carbon management business, enabling us to reduce and permanently store emissions deep underground using safe, proven technology. Through CTV, we are building scalable, low-carbon, and cost-effective solutions that advance energy transition while supporting economic progress in our local communities.

CTV provides services that include the capture, transport and storage of carbon dioxide (CO2) for its customers, including safely injecting CO2 captured from industrial sources into depleted underground reservoirs for permanent storage.

In a historic milestone for California, CRC is making the state’s first Carbon Capture and Storage project a reality. The first CO2 injection at CTV I took place in May 2026 at CRC’s Elk Hills Field in Kern County, marking a first-of-its-kind operational CCS project that will help advance California’s progress toward carbon neutrality.

Beyond CTV I, CRC is currently progressing CO2 storage project permit applications and represents a large majority of the U.S. Environmental Protection Agency (EPA) Class VI well project applications on file in California.

California Carbon
Management Partners

In August 2022, CRC entered into a joint venture (JV) with Brookfield Renewable (Brookfield) to form the Carbon TerraVault Joint Venture (CTV JV) focused on CCS development opportunities in California.

Brookfield committed an initial $500 million to invest in CCS projects that are jointly approved through the JV. The investment from Brookfield will be allocated through the Brookfield Global Transition Fund (BGTF), the world’s largest fund dedicated to facilitating the global transition to a net zero carbon economy. Brookfield, together with its institutional partners, will participate in the joint venture through BGTF.

The first CCS project this partnership made possible is the historic first CO2 injection at CRC’s 26R reservoir in the Elk Hills Field, which is part of CTV I. Brookfield’s initial $500 million commitment provides CRC with additional capital to advance the Company's carbon management strategy, de-risks its CCS projects, and aims to significantly progress the decarbonization of California.

Partnership Highlights

The Carbon TerraVault Joint Venture (CTV JV) partnership between CRC and Brookfield is an important step in CRC‘s Emissions Reduction Goal and Carbon Management Strategy. It highlights the value of CRC‘s expansive CO2 pore space portfolio, while demonstrating CRC’s commitment to capital discipline and retaining flexibility for strategic corporate objectives, including shareholder returns and investing in the business.

Strengthens CRC’s competitive position in CCS deployment with Brookfield’s infrastructure, investment experience, operating knowledge, and allocation.

The Carbon TerraVault Joint Venture (CTV JV) between CRC and Brookfield will develop both infrastructure and storage assets required for CCS development in California. CTV JV is owned 51% by CRC and 49% by Brookfield.

Project Support

Carbon TerraVault appreciates the support of the following:

Download our Carbon TerraVault fact sheet, available in English (PDF) and Spanish (PDF).