Also, the head of private equity at Riverstone Holdings shares with Hart Energy what makes carbon capture “much more economic than selling into EOR.”
The two producers known for their EOR activity look to expand their CO₂ midstream operations. Also, one analyst points out the insufficiencies in the current policy in the U.S. to justify CCUS projects.
Allen, Texas-based CapturePoint currently has EOR operations, which injects carbon into old wells to boost production, and carbon pipelines.
Vicki Hollub, CEO of leading EOR producer Occidental Petroleum, said the application can lead to net-neutral CO₂ oil production, which will be critical to advancing the energy transition.
Located in the Campos Basin, the project is expected to commence in late 2022 for a firm period of 12 months with multiple customer options to extend.
Denbury Inc.’s President and CEO, Chris Kendall, is proud of his company’s history with EOR. Now, he knows that commitment has put the company in a leadership position when it comes to carbon capture and sequestration.
The bill has little chance of being adopted into law, but reflects deep political divisions in Congress over whether and how carbon capture can be used as a tool in the fight against climate change.