Oregon 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. The Oregon Carbon Dioxide Storage and Secondary Recovery Unit Agreement is a legal agreement aimed at mitigating carbon emissions by storing carbon dioxide (CO2) and facilitating its use in secondary oil recovery operations. This agreement is designed to promote sustainable practices in the energy sector, promote environmental conservation, and support the transition to a low-carbon economy. Under this agreement, carbon dioxide is captured from industrial sources such as power plants, cement factories, or other large-scale industries and transported to designated storage sites within Oregon. These storage sites are carefully selected to ensure the safe and secure containment of CO2, preventing its release into the atmosphere. Once stored, the carbon dioxide can be utilized in secondary oil recovery operations. This process involves injecting the CO2 into depleted oil reservoirs to enhance oil production. The captured CO2 essentially acts as a fluid that helps maintain pressure within the reservoir, facilitating the extraction of additional oil that would otherwise remain inaccessible. The Oregon Carbon Dioxide Storage and Secondary Recovery Unit Agreement establishes a framework for industry players, governmental bodies, and other stakeholders to collaborate in implementing these carbon capture and storage (CCS) initiatives. It sets forth the terms and conditions for the capture, transportation, and storage of CO2. There are different types of Oregon Carbon Dioxide Storage and Secondary Recovery Unit Agreements, depending on the specific projects or sites involved. These agreements may vary in terms of the duration, the amount of CO2 to be stored, the participating parties, and the financial arrangements. Examples of such agreements include the: 1. Portland Carbon Capture and Storage Project Agreement: This agreement focuses on capturing and storing CO2 emissions from large industrial sources in the Portland area. It involves collaboration between the city government, industrial partners, and energy companies to establish a dedicated carbon capture and storage facility. 2. Willamette Valley CCS Consortium Agreement: This consortium agreement aims to establish a regional CCS network in the Willamette Valley region, involving multiple industrial stakeholders and local governments. It focuses on sharing infrastructure, transportation, and storage facilities to optimize carbon capture efforts and secondary oil recovery operations. 3. Columbia River Carbon Storage and Utilization Agreement: This agreement focuses on utilizing captured CO2 for enhanced oil recovery operations along the Columbia River basin. It involves partnerships between energy companies and oil producers to maximize the use of stored CO2, while minimizing emissions and promoting economic growth through increased oil production. The Oregon Carbon Dioxide Storage and Secondary Recovery Unit Agreement, in all its forms, plays a pivotal role in Oregon's sustainable development strategy, providing a framework for responsible carbon management and promoting the transition to a greener and more economically prosperous future.

The Oregon Carbon Dioxide Storage and Secondary Recovery Unit Agreement is a legal agreement aimed at mitigating carbon emissions by storing carbon dioxide (CO2) and facilitating its use in secondary oil recovery operations. This agreement is designed to promote sustainable practices in the energy sector, promote environmental conservation, and support the transition to a low-carbon economy. Under this agreement, carbon dioxide is captured from industrial sources such as power plants, cement factories, or other large-scale industries and transported to designated storage sites within Oregon. These storage sites are carefully selected to ensure the safe and secure containment of CO2, preventing its release into the atmosphere. Once stored, the carbon dioxide can be utilized in secondary oil recovery operations. This process involves injecting the CO2 into depleted oil reservoirs to enhance oil production. The captured CO2 essentially acts as a fluid that helps maintain pressure within the reservoir, facilitating the extraction of additional oil that would otherwise remain inaccessible. The Oregon Carbon Dioxide Storage and Secondary Recovery Unit Agreement establishes a framework for industry players, governmental bodies, and other stakeholders to collaborate in implementing these carbon capture and storage (CCS) initiatives. It sets forth the terms and conditions for the capture, transportation, and storage of CO2. There are different types of Oregon Carbon Dioxide Storage and Secondary Recovery Unit Agreements, depending on the specific projects or sites involved. These agreements may vary in terms of the duration, the amount of CO2 to be stored, the participating parties, and the financial arrangements. Examples of such agreements include the: 1. Portland Carbon Capture and Storage Project Agreement: This agreement focuses on capturing and storing CO2 emissions from large industrial sources in the Portland area. It involves collaboration between the city government, industrial partners, and energy companies to establish a dedicated carbon capture and storage facility. 2. Willamette Valley CCS Consortium Agreement: This consortium agreement aims to establish a regional CCS network in the Willamette Valley region, involving multiple industrial stakeholders and local governments. It focuses on sharing infrastructure, transportation, and storage facilities to optimize carbon capture efforts and secondary oil recovery operations. 3. Columbia River Carbon Storage and Utilization Agreement: This agreement focuses on utilizing captured CO2 for enhanced oil recovery operations along the Columbia River basin. It involves partnerships between energy companies and oil producers to maximize the use of stored CO2, while minimizing emissions and promoting economic growth through increased oil production. The Oregon Carbon Dioxide Storage and Secondary Recovery Unit Agreement, in all its forms, plays a pivotal role in Oregon's sustainable development strategy, providing a framework for responsible carbon management and promoting the transition to a greener and more economically prosperous future.