MMEX Resources Corp. said it plans to produce hydrogen and sequester carbon at one of its existing crude oil and distillation sites in West Texas, with the goal of expanding its business across the State.
The Fort Stockton, Texas-based operator focuses on the acquisition, development and financing of oil and gas refining and infrastructure projects in Texas and South America. He recently announced his intention to modify the company to incorporate “clean energy use and production”.
“We have announced negotiations with a European co-developer partner to develop and finance a hydrogen project with carbon capture” at the Pecos County site, said CEO Jack W. Hanks.
The partner was not disclosed. However, the project would use “steam methane reforming technology with the abundant natural gas reserves in the immediate region as feedstock.”
“Each special purpose project company is intended to have the local / regional economic development company with financial interest as well as the typical local tax reduction funds to reinvest in local economic development,” Hanks said.
“While the completion of these projects will require substantial financial resources and licensing and permit requirements that must be secured to complete the projects, we are now ready to place this first project in the ‘full speed’ category.
In February, MMEX announced plans to develop solar power in addition to hydrogen and low sulfur fuels in Texas. At the time, the company was negotiating with co-developers on hydrogen and gas-to-liquids projects in Pecos County.