The New Mexico Carbon Dioxide Storage Agreement is a legal agreement or contract between parties involved in the storage of carbon dioxide (CO2) in the state of New Mexico. With the increasing focus on reducing greenhouse gas emissions and addressing climate change, carbon dioxide storage agreements play a crucial role in ensuring the safe and effective storage of CO2 generated from industrial processes or power generation. Key elements of the New Mexico Carbon Dioxide Storage Agreement include the identification of the parties involved, which typically include the CO2 emitters, CO2 storage operators, and potentially regulatory bodies. The agreement outlines the terms and conditions under which the carbon dioxide will be stored, including storage capacity, storage duration, monitoring, and reporting requirements. One type of New Mexico Carbon Dioxide Storage Agreement is known as an Enhanced Oil Recovery (FOR) agreement. FOR involves injecting CO2 into existing oil fields to enhance oil recovery and simultaneously sequester carbon dioxide underground. This type of agreement may include provisions for proportional CO2 storage rights, cost sharing mechanisms, and the terms for using the stored CO2 for oil recovery purposes. Another type of agreement is a Geological Carbon Storage Agreement. This agreement is focused primarily on the long-term storage of CO2 in geological formations such as deep saline aquifers or depleted oil and gas reservoirs. It may involve specific provisions for site characterization, site selection, monitoring, and liability issues related to the underground storage of carbon dioxide. In recent years, New Mexico has been actively exploring the potential of carbon capture, utilization, and storage (CCS) technologies to reduce carbon emissions. Therefore, the New Mexico Carbon Dioxide Storage Agreement is an essential tool to facilitate the implementation of these technologies, enabling the state to meet its emission reduction goals and contribute to global climate change mitigation efforts. Overall, the New Mexico Carbon Dioxide Storage Agreement is an important legal framework that ensures the safe, reliable, and environmentally responsible storage of carbon dioxide, whether for enhanced oil recovery or geological storage purposes.
New Mexico Carbon Dioxide Storage Agreement
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FAQ
Under American rule, the mineral estate holder owns the minerals but not the geologic formation. The surface owner owns the geologic pore space and has storage rights.
The new rules offer a $35-per-ton credit for carbon used for enhanced oil recovery and $50 per ton for geologically sequestering it without using it for oil production. The incentive could add up to as much as $300 million per year for Enchant if it captures as much carbon as it hopes to.
How can CO2 be stored underground? Compressed CO2 can be injected into porous rock formations below the Earth's surface using many of the same methods already used by the oil and gas industry. The three main types of geological storage are oil and gas reservoirs, deep saline formations, and un-minable coal beds.
Usually the CO2 is captured from large point sources, such as a chemical plant or biomass plant, and then stored in an underground geological formation. The aim is to reduce greenhouse gas emissions and thus mitigate climate change.
CO2 is transported, stored and handled in liquid form, either at ambient temperature (in cylinders or non-insulated storage tanks at a pressure of 45-65 bar) or refrigerated (in insulated tankers and storage tanks) at temperatures between -35 °C and -15 °C and pressures of 12 to 25 bar.
This Act ensures a permanent storage of CO2 in underground rock layers in a way that protects humanity and the environment and takes the responsibility for future generations into consideration.
The analysis suggests coal-sourced CO2 emissions can be stored in this region at a cost of $52?$60 ton?1, whereas the cost to store emission from natural-gas-fired plants ranges from approximately $80 to $90. Storing emissions offshore increases the lowest total costs of CCS to over $60 per ton of CO2 for coal.
Creates the Underground Carbon Dioxide Storage Act. Provides that the Act applies to the underground storage of carbon dioxide but does not apply to extractable mineral resources, and the rights and requirements of the Act are subordinate to the rights pertaining to oil, gas, and coal resources.