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Oil Companies And US Government Are Beginning A Transformative Leap To Control Carbon Emissions

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But the costs of CCS projects under these conditions would imply higher prices at the gas station and steeper electricity costs from coal- or gas-burning power plants.

. The latter showed that the US could inject its total source of CO2, roughly 6 billion metric tons per year, for 23 years. Or they could store half the US source for 46 years, or a quarter of the US source for 92 years. In other words, there is not a limit on potential CO2 storage in the US. This calculation is based only on storage in old oil reservoirs so the storage potential would be much greater if saline reservoirs were included.

Phase 1 was an emphasis on practical issues. Examples are a business-focused strategy, whether storage in stacked zones is feasible, and a possible need for pressure management. Phase 2 was to evaluate initial reservoir characteristics to see if it can hold more than 50 million metric tons of CO2. Phase 3 was to fully characterize a reservoir to demonstrate that an injector well can be permitted under UIC Class VI guidelines and whether the CO2 storage project would be commercial.

$2.25 billion is offered for proposals under extensions of the CarbonSAFE program. Most of this lies under two specific avenues: site characterization and permitting , or construction . As an observer said, it’s a bit like trying to drink from a firehose. There is no question this government funding will kickstart a huge rush of activity in carbon storage.Since the 1970s, EOR has been developed and refined to dredge the last oil residuals from old reservoirs. No great breakthroughs here.

Congressional legislation in 2021 and 2022 has upped the 45Q tax credits and boosted direct funding related to CCS projects by an enormous amount — $479 billion over the next 5 years. This is nothing less than a transformative leap in carbon control by CCS. The beginnings of such a leap can be seen in Figure 2.... [+]Global CCS Institute, Global Status of CCS 2022 Report.

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