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Carbon management projects in Kern net $500 million investment

20200715133356

California Resources Corp. is based in Long Beach but has a sprawling office complex in southwest Bakersfield and extensive oil operations in Kern County.

A Canadian-based asset management firm has agreed to contribute a half-billion dollars, with the possibility of twice that much still to come, in support of a local oil producer's plans to develop carbon management projects in Kern County.

California Resources Corp.'s joint venture with a fund run by Brookfield Asset Management Inc. will provide $10 per metric ton of carbon dioxide injected into a large geologic formation in the Elk Hills Oil Field. The partnership proposes to deposit 5 million metric tons per year for a total of 200 million metric tons.