North Carolina Carbon Dioxide Storage Unit Agreement

• Category: Oil Gas and Minerals - Agreements
• State: Multi-State
• Control #: US-OG-953
• Format: Word; Rich Text

Description

This form is a carbon dioxide storage unit agreement. The North Carolina Carbon Dioxide Storage Unit Agreement (NICOSIA) is a legally binding agreement between the state of North Carolina and carbon dioxide storage unit operators. It serves as a regulatory framework that outlines the terms and conditions for the storage and management of carbon dioxide (CO2) in underground geologic formations within the state. This agreement aims to address the pressing issue of carbon emissions and climate change by facilitating the capture, transportation, and secure storage of CO2. The NICOSIA sets the guidelines and requirements for storage unit operators in North Carolina to ensure safe and responsible storage practices, promote environmental protection, and minimize potential risks associated with CO2 storage. Under the NICOSIA, carbon dioxide storage units must meet specific standards and obtain proper permits from relevant regulatory authorities. These requirements include conducting comprehensive risk assessments, establishing monitoring and verification plans, and demonstrating financial responsibility for the long-term management of stored CO2. By adhering to these criteria, the NICOSIA ensures that storage units are designed, operated, and retired in an environmentally sound manner. The different types of North Carolina Carbon Dioxide Storage Unit Agreement include: 1. Onshore Storage Units: These are carbon dioxide storage units located on land. Operators establish facilities that can store vast amounts of CO2 captured from various sources, such as power plants, industrial processes, or other carbon-intensive industries. 2. Offshore Storage Units: These storage units are situated in underwater geological formations — typically depleted oil or gas fields – off the coast of North Carolina. These formations provide viable sites for long-term CO2 storage due to their geological stability and capacity to contain the captured carbon dioxide. 3. Enhanced Oil Recovery (FOR): Some storage units in North Carolina are designed for the purpose of enhanced oil recovery. In these agreements, CO2 is injected into existing oil reservoirs to improve oil extraction efficiency and simultaneously store the carbon dioxide underground. This approach offers the potential for economic benefits while reducing carbon emissions. Overall, the North Carolina Carbon Dioxide Storage Unit Agreement plays a vital role in promoting the development of carbon capture, utilization, and storage (CCS) technologies to combat greenhouse gas emissions. By outlining the regulatory framework and ensuring compliance with rigorous standards, the NICOSIA enables the implementation of safe and reliable CO2 storage practices achieving climate change mitigation goals in the state.

The North Carolina Carbon Dioxide Storage Unit Agreement (NICOSIA) is a legally binding agreement between the state of North Carolina and carbon dioxide storage unit operators. It serves as a regulatory framework that outlines the terms and conditions for the storage and management of carbon dioxide (CO2) in underground geologic formations within the state. This agreement aims to address the pressing issue of carbon emissions and climate change by facilitating the capture, transportation, and secure storage of CO2. The NICOSIA sets the guidelines and requirements for storage unit operators in North Carolina to ensure safe and responsible storage practices, promote environmental protection, and minimize potential risks associated with CO2 storage. Under the NICOSIA, carbon dioxide storage units must meet specific standards and obtain proper permits from relevant regulatory authorities. These requirements include conducting comprehensive risk assessments, establishing monitoring and verification plans, and demonstrating financial responsibility for the long-term management of stored CO2. By adhering to these criteria, the NICOSIA ensures that storage units are designed, operated, and retired in an environmentally sound manner. The different types of North Carolina Carbon Dioxide Storage Unit Agreement include: 1. Onshore Storage Units: These are carbon dioxide storage units located on land. Operators establish facilities that can store vast amounts of CO2 captured from various sources, such as power plants, industrial processes, or other carbon-intensive industries. 2. Offshore Storage Units: These storage units are situated in underwater geological formations — typically depleted oil or gas fields – off the coast of North Carolina. These formations provide viable sites for long-term CO2 storage due to their geological stability and capacity to contain the captured carbon dioxide. 3. Enhanced Oil Recovery (FOR): Some storage units in North Carolina are designed for the purpose of enhanced oil recovery. In these agreements, CO2 is injected into existing oil reservoirs to improve oil extraction efficiency and simultaneously store the carbon dioxide underground. This approach offers the potential for economic benefits while reducing carbon emissions. Overall, the North Carolina Carbon Dioxide Storage Unit Agreement plays a vital role in promoting the development of carbon capture, utilization, and storage (CCS) technologies to combat greenhouse gas emissions. By outlining the regulatory framework and ensuring compliance with rigorous standards, the NICOSIA enables the implementation of safe and reliable CO2 storage practices achieving climate change mitigation goals in the state.