A bill introduced in the U.S. Senate last week would modify the existing carbon capture and storage tax incentive, which provides a credit of $10 per ton of industrial carbon dioxide used in enhanced oil recovery projects and $20 per ton for carbon dioxide placed directly in secure geological storage. The goal of the bill, which was co-authored by Senator Kent Conrad (D-ND), Senator Mike Enzi (R-WY) and Senator Jay Rockefeller (D-WV), is to make the tax credit easier to access for CO2 emitters.
Senator Conrad said this bill reflects the recommendations of the National Enhanced Oil Recovery Initiative (NEORI) for spurring new enhanced oil recovery projects. The NEORI is a working group of almost 30 energy industry members, state regulators, and environmental group members and was co-founded by the Great Plains Institute and the Center for Climate and Energy Solutions.
The Department of Energy estimates that standard oil production techniques leave as much as 80 percent of the original oil in place. Employing carbon dioxide in enhanced oil recovery could lead to a potential 67 billion barrels of economically recoverable oil — an increase of 45 billion barrels from the 22 billion barrels of current U.S. proven oil reserves, according to the National Energy Technology Lab. Read more
Senator Conrad said this bill reflects the recommendations of the National Enhanced Oil Recovery Initiative (NEORI) for spurring new enhanced oil recovery projects. The NEORI is a working group of almost 30 energy industry members, state regulators, and environmental group members and was co-founded by the Great Plains Institute and the Center for Climate and Energy Solutions.
The Department of Energy estimates that standard oil production techniques leave as much as 80 percent of the original oil in place. Employing carbon dioxide in enhanced oil recovery could lead to a potential 67 billion barrels of economically recoverable oil — an increase of 45 billion barrels from the 22 billion barrels of current U.S. proven oil reserves, according to the National Energy Technology Lab. Read more
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