The Oklahoma Carbon Dioxide Storage Unit Agreement is a legal contract that outlines the terms and conditions for the storage and sequestration of carbon dioxide (CO2) in underground formations within the state of Oklahoma. This agreement is designed to facilitate the implementation of carbon capture and storage (CCS) projects, which aim to mitigate climate change by capturing CO2 emissions from industrial facilities, power plants, or other sources, and storing them safely underground. The primary objective of the Oklahoma Carbon Dioxide Storage Unit Agreement is to establish a framework for the development and operation of storage units capable of securely receiving and containing large volumes of CO2. These storage units are typically depleted oil and gas reservoirs, deep saline formations, or enhanced oil recovery (FOR) projects, which offer suitable storage capacity and geologic features for CO2 storage. Under this agreement, interested parties, such as energy companies, CCS project developers, or operators of CO2 emission sources, can apply for a storage unit permit from the appropriate regulatory body, such as the Oklahoma Corporation Commission. The agreement specifies the requirements for obtaining a permit, which may include detailed project plans, geologic characterization studies, risk assessment, and financial assurances. Different types of Oklahoma Carbon Dioxide Storage Unit Agreements may include: 1. Depleted Oil and Gas Reservoir Storage Agreement: This type of agreement involves the use of depleted oil and gas fields for CO2 storage. These reservoirs have been previously exploited for oil and gas extraction but are no longer commercially viable. The agreement outlines the responsibilities of the storage unit operator, requirements for monitoring and verification, and potential revenue sharing arrangements, especially if FOR methods are utilized. 2. Deep Saline Formation Storage Agreement: Saline formations are deep underground formations that contain highly saline water, and they can be used as geological storage sites for CO2. The agreement for a deep saline formation storage unit covers the evaluation and characterization of the selected formation, the injection and monitoring processes, the long-term liability and risk management, as well as the potential for future utilization of the stored CO2. 3. Enhanced Oil Recovery (FOR) Storage Agreement: In some cases, CO2 is used in FOR projects to enhance oil recovery from existing wells. The agreement for an FOR storage unit outlines the dual purpose of the project wherein CO2 is both injected for enhanced oil recovery and stored in the subsurface. It includes provisions for measurement and accounting of the injected CO2, reporting requirements, and the distribution of revenues from increased oil production. In summary, the Oklahoma Carbon Dioxide Storage Unit Agreement is a comprehensive legal framework that governs the storage and sequestration of CO2 in underground formations within the state. It caters to various CO2 storage scenarios such as depleted oil and gas reservoirs, deep saline formations, and enhanced oil recovery projects. The agreement aims to ensure the safe and sustainable implementation of CCS technologies, playing a crucial role in reducing greenhouse gas emissions and combating climate change.
Oklahoma Carbon Dioxide Storage Unit Agreement
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FAQ
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 2009 Oklahoma Carbon Capture and Geologic Sequestration Act divides jurisdictional responsibility between DEQ and OCC for subsurface sequestration of carbon dioxide.
It can either be injected and stored in underground geological formations, or used in enhanced oil recovery (EOR), where it's pumped into oil reserves to squeeze more oil out. ?You get 85 dollars a ton if you put it in a geologic formation and 60 dollars a ton if you use it for enhanced oil recovery.?
The economic viability of CCS for the oil and gas sector continues to rely heavily on federal and provincial government financial support. This is in contrast to renewable technologies, which have generally required government subsidies only in the initial development phases.
Whether buying and selling carbon credits on the voluntary carbon market for a profit ? similar to how you'd make money in the stock market ? or creating carbon credits and selling them, you can earn cash with carbon credits. And you don't have to be a large business to earn these credits, either.
Captured carbon dioxide can be stored in underground geologic formation or be put to productive use in the manufacture of fuels, building materials, enhanced oil recovery and more.
There are a few commercial markets for captured CO2, such as in carbonated beverages or greenhouses that use piped-in CO2 to grow plants. And there are other, more speculative proposals to transform CO2 into valuable products like plastics and fuel.
Numerous programs will now measure and pay for every ton of carbon removed from the atmosphere through carbon offsets. Carbon offsets are essentially a tradeable certificate that proves that one ton of CO2 or the equivalent amount of one ton of another GHG has been removed from (or not emitted into) the atmosphere.