Nevada Carbon Dioxide Storage and Secondary Recovery Unit Agreement

• Category: Oil Gas and Minerals - Agreements
• State: Multi-State
• Control #: US-OG-950
• Format: Word; Rich Text

Description

This form is a carbon dioxide storage and secondary recovery unit agreement. Title: Nevada Carbon Dioxide Storage and Secondary Recovery Unit Agreement: Explained Introduction: The Nevada Carbon Dioxide Storage and Secondary Recovery Unit Agreement is a legally binding contract that outlines the terms and conditions for the storage and secondary recovery of carbon dioxide (CO2) in Nevada. This agreement aims to promote the sustainable management of CO2 emissions by facilitating its safe underground storage and utilization for enhanced oil recovery (FOR) operations. Various types of Nevada Carbon Dioxide Storage and Secondary Recovery Unit Agreements exist, each tailored to specific stakeholders and project requirements. 1. Key Features and Objectives: The Nevada Carbon Dioxide Storage and Secondary Recovery Unit Agreement establishes the framework for cooperation between involved parties, typically including the carbon dioxide emitter, storage operators, and oil field operators. It ensures compliance with environmental regulations and promotes the reduction of greenhouse gas emissions while enhancing oil recovery. The primary objectives of this agreement are: a) Carbon Dioxide Storage: The agreement lays out the detailed plan for injecting and securely storing CO2 underground within designated storage reservoirs situated in Nevada. The focus is on mitigating CO2 emissions by capturing and isolating the gas from industrial processes or power generation plants. b) Enhanced Oil Recovery (FOR): This agreement facilitates the use of captured CO2 for operations in oil fields, where it is injected into depleted or low-yielding wells to enhance oil production. The agreement outlines the technical specifications, volumes, and methodologies for utilizing CO2 in FOR applications. c) Monitoring and Verification: To ensure the safety and effectiveness of the storage and secondary recovery operations, comprehensive monitoring and verification mechanisms are put in place. The agreement defines the monitoring protocols, data sharing, and reporting requirements to ensure compliance with regulations and track the progress of the project. 2. Types of Nevada Carbon Dioxide Storage and Secondary Recovery Unit Agreements: a) Operator Agreement: This agreement involves the operator of the CO2 capture facility or power plant, outlining their responsibilities for capturing, compressing, and delivering CO2 to the storage site. It also covers the storage costs and CO2 transportation logistics. b) Storage Operator Agreement: This agreement is between the entity responsible for managing the CO2 storage reservoirs and the party delivering the CO2. It defines the terms of storage, including injection rates, storage capacities, and operational responsibilities. c) Oil Field Operator Agreement: This agreement is between the party responsible for oil field operations and the CO2 provider. It outlines the terms for injecting CO2 into the oil reservoir, managing production, and sharing oil production revenues. d) Regulatory Agreement: This agreement involves the relevant government authorities and regulatory bodies, ensuring compliance with environmental regulations, permits, and licensing requirements. It promotes transparency, safety, and adherence to technical standards. Conclusion: In summary, the Nevada Carbon Dioxide Storage and Secondary Recovery Unit Agreement enables collaborative efforts between stakeholders to store carbon dioxide effectively and employ it for enhanced oil recovery, thereby reducing greenhouse gas emissions and maximizing oil production. With various types of agreements tailored to different project needs, this framework supports sustainable practices and fosters a greener energy sector in Nevada.

Title: Nevada Carbon Dioxide Storage and Secondary Recovery Unit Agreement: Explained Introduction: The Nevada Carbon Dioxide Storage and Secondary Recovery Unit Agreement is a legally binding contract that outlines the terms and conditions for the storage and secondary recovery of carbon dioxide (CO2) in Nevada. This agreement aims to promote the sustainable management of CO2 emissions by facilitating its safe underground storage and utilization for enhanced oil recovery (FOR) operations. Various types of Nevada Carbon Dioxide Storage and Secondary Recovery Unit Agreements exist, each tailored to specific stakeholders and project requirements. 1. Key Features and Objectives: The Nevada Carbon Dioxide Storage and Secondary Recovery Unit Agreement establishes the framework for cooperation between involved parties, typically including the carbon dioxide emitter, storage operators, and oil field operators. It ensures compliance with environmental regulations and promotes the reduction of greenhouse gas emissions while enhancing oil recovery. The primary objectives of this agreement are: a) Carbon Dioxide Storage: The agreement lays out the detailed plan for injecting and securely storing CO2 underground within designated storage reservoirs situated in Nevada. The focus is on mitigating CO2 emissions by capturing and isolating the gas from industrial processes or power generation plants. b) Enhanced Oil Recovery (FOR): This agreement facilitates the use of captured CO2 for operations in oil fields, where it is injected into depleted or low-yielding wells to enhance oil production. The agreement outlines the technical specifications, volumes, and methodologies for utilizing CO2 in FOR applications. c) Monitoring and Verification: To ensure the safety and effectiveness of the storage and secondary recovery operations, comprehensive monitoring and verification mechanisms are put in place. The agreement defines the monitoring protocols, data sharing, and reporting requirements to ensure compliance with regulations and track the progress of the project. 2. Types of Nevada Carbon Dioxide Storage and Secondary Recovery Unit Agreements: a) Operator Agreement: This agreement involves the operator of the CO2 capture facility or power plant, outlining their responsibilities for capturing, compressing, and delivering CO2 to the storage site. It also covers the storage costs and CO2 transportation logistics. b) Storage Operator Agreement: This agreement is between the entity responsible for managing the CO2 storage reservoirs and the party delivering the CO2. It defines the terms of storage, including injection rates, storage capacities, and operational responsibilities. c) Oil Field Operator Agreement: This agreement is between the party responsible for oil field operations and the CO2 provider. It outlines the terms for injecting CO2 into the oil reservoir, managing production, and sharing oil production revenues. d) Regulatory Agreement: This agreement involves the relevant government authorities and regulatory bodies, ensuring compliance with environmental regulations, permits, and licensing requirements. It promotes transparency, safety, and adherence to technical standards. Conclusion: In summary, the Nevada Carbon Dioxide Storage and Secondary Recovery Unit Agreement enables collaborative efforts between stakeholders to store carbon dioxide effectively and employ it for enhanced oil recovery, thereby reducing greenhouse gas emissions and maximizing oil production. With various types of agreements tailored to different project needs, this framework supports sustainable practices and fosters a greener energy sector in Nevada.