New agreement with the Roosevelt Firm will bolster the Permian Basin’s status as a hub for innovation
Odessa, Texas—The Permian Energy Development Lab (PEDL) has signed a memorandum of understanding with ER Operating Company, the oil and gas division of the Dallas, Texas-based Roosevelt Family Office, known for its pioneering work to reduce carbon emissions and increase oil and gas well productivity. The agreement marks an important step to PEDL's goal of advanced energy innovation that creates value for Permian communities and the U.S. economy.
A joint effort in the works
Central to the agreement is the planned development of a test facility in Yoakum County, Texas for various advanced energy technologies. These include solar power, carbon net-negative oil production, carbon capture utilization and storage, low-carbon hydrogen production, treatment of produced water and agrivoltaics.
The PEDL project will be designed to demonstrate how these different technologies can be integrated into coherent carbon net-negative energy systems. The project has the potential to be a breakthrough approach that would help to further distinguish the Permian as a center of energy innovation.
The Yoakum County project is also an example of PEDL's commitment to collaboration. The 320-acre parcel of land is owned by the ER Operating Company, making it a vital partner.
"By providing land assets and expertise, we are bringing together vision, technical expertise and opportunity all with a goal of accelerating the development of advanced energy," said Marilu Hastings of the Permian Energy Development Lab. "Energy transitions are complex and take many decades. With patience, innovative thinking and partnerships like these, we hope to make significant contributions to the advancement of the cleaner energy future right here in the Permian."
"We're excited to work with PEDL. The private sector can't do this alone. When the business, nonprofit research and philanthropic sectors and the community come together like this, the opportunities widen for everyone involved," said Elliott "Tony" Roosevelt, Jr. "The research moves with greater urgency and clarity and new businesses rise to the surface. Our partnership is greater than the sum of the parts. Together we'll work to accelerate the growth of the advanced energy economy in the Permian."
