California Resources Corporation hosted a groundbreaking ceremony on October 16, 2025, for Carbon TerraVault I (CTV I), California's first carbon capture and storage project. The ceremony took place at the Elk Hills Field in Kern County, marking a significant milestone in the state's clean energy future and path to carbon neutrality by 2045. CRC President and CEO Francisco Leon and CTV Holdings Managing Director Chris Gould were joined by state and community leaders to celebrate the historic milestone.

Leon emphasized the project's significance, stating, “Today's groundbreaking is the result of years of vision, planning, and collaboration. CTV I is just the beginning, we're proud to lead the way in building California's carbon management economy and deploying proven climate solutions at scale.”

Project Specifications and Timeline

Carbon TerraVault I will utilize existing facilities at CRC's Elk Hills as a dedicated CO2 storage site with substantial capacity. The project is designed to store up to 1.6 million metric tons of CO2 annually, with a total storage potential of 38 million metric tons in the 26R reservoir. First injection is scheduled for early 2026, representing a rapid timeline from groundbreaking to operational status.

The project serves as a cornerstone of California's emerging carbon capture and storage industry, utilizing proven technology to sequester CO2 captured from industrial sources permanently. CTV Holdings Managing Director Chris Gould highlighted the project's community focus, saying, “CTV I is a model for what's possible when industry, government, and communities align around shared sustainability goals. Our company is deeply rooted in Kern County, and we are committed to ensuring this project is safe and effective while also creating high-quality jobs in the Central Valley.”

Partnership Structure and Regulatory Approvals

CTV I operates as part of the Carbon TerraVault Joint Venture between CRC and Brookfield, with CRC owning 51% of the joint venture and Brookfield holding the remaining 49% interest. This partnership combines CRC's operational expertise with Brookfield's substantial investment capabilities in infrastructure development. The project achieved significant regulatory milestones as the first facility in California to receive final Class VI permits from the U.S. Environmental Protection Agency.

Additionally, CTV I earned unanimous approval from the Kern County Board of Supervisors, demonstrating strong local government support for the initiative. Craig Frenette, Senior Vice President at Brookfield, emphasized his company's commitment to the project, stating, “Carbon capture is a critical part of Brookfield's energy investments in the United States. This project adds to over half a trillion dollars we have invested nationwide in the infrastructure that underpins the American economy.”

Government and Community Support

The project has garnered support from multiple levels of government and community leadership. Dr. Steven Cliff, Executive Officer of the California Air Resources Board, praised the project's dual benefits, noting, “CTV I represent a major step in California's CCS leadership, one where innovation and opportunity go hand in hand. This project proves that we don't have to choose between good jobs and clean air – we can have both.” Local leadership also expressed enthusiasm for the development.

Taft Mayor Dave Noerr connected the project to the region's energy heritage, stating, “Taft and West Kern have been the hub of energy innovation and emerging technology integration for over 115 years. This project is a furtherance of our commitment to power the economy, support modern quality of life and maintain our leadership role in environmental responsibility.”

Corporate Backgrounds and Expertise

California Resources Corporation operates as an independent energy and carbon management company committed to energy transition and environmental stewardship. The company focuses on providing local, responsibly sourced energy while maximizing the value of its land, mineral ownership, and energy expertise for decarbonization through CCS and other emissions-reducing projects.

Carbon TerraVault, CRC's carbon management business, develops services to capture, transport, and permanently store CO2 for customers. The company is engaged in multiple proposed CCS projects designed to inject CO2 captured from industrial sources into depleted reservoirs deep underground for permanent sequestration. Brookfield Asset Management Ltd. brings significant financial resources and expertise to the partnership as a leading global alternative asset manager headquartered in New York.

The company manages over USD 1 trillion in assets across infrastructure, renewable power, transition, private equity, real estate, and credit sectors. Brookfield focuses on long-term investments in real assets and essential service businesses that form the backbone of the global economy, serving public and private pension plans, endowments, foundations, sovereign wealth funds, financial institutions, insurance companies, and private wealth investors.

The groundbreaking ceremony represents the culmination of extensive planning and collaboration between industry partners, government agencies, and local communities to establish California's first operational carbon capture and storage facility.

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