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UPDATE 1-Occidental unit to transport CO2 from NextDecade's Texas LNG export project

(Adds background on Rio Grande LNG project)

March 25 (Reuters) - U.S. liquefied natural gas company NextDecade Corp said a subsidiary of Occidental Petroleum will offtake and store carbon dioxide captured from the company’s planned Rio Grande LNG export plant in the Port of Brownsville, Texas.

Rio Grande is one of the 14 North American projects awaiting a final investment decision (FID) in 2021, most of them were carried over from 2020.

Oxy Low Carbon Ventures will move CO2 from the Rio Grande LNG project and permanently sequester in an underground geologic formation in the Rio Grande Valley, where there is vast CO2 storage capacity, the companies said on Thursday.

Last week, NextDecade announced plans to develop a carbon capture and storage (CCS) project at Rio Grande, and said it expects the project to reduce permitted carbon dioxide emissions at the plant by more than 90%.

The company also anticipates achieving FID on a minimum of two trains at Rio Grande LNG in 2021 and the CCS project soon after the FID on the plant.

Reporting by Arundhati Sarkar in Bengaluru; Editing by Shinjini Ganguli

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