Texas Carbon Dioxide Storage Lease
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How to fill out Carbon Dioxide Storage Lease?
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FAQ
Class VI wells are wells used for injection of carbon dioxide (CO2) into underground subsurface rock formations for long-term storage, or geologic sequestration.
Class II wells are used to inject fluids related to oil and gas production, including injection of CO2 for EOR. Class VI wells are used to inject CO2 for GS.
Class IV wells are shallow wells used to dispose hazardous or radioactive wastes into or above a geologic formation that contains an underground source of drinking water (USDW). In 1984, EPA banned the use of Class IV injection wells.
Carbon Capture and Storage Market size exceeded USD 6 billion in 2022 and is projected to expand at more than 20% CAGR from 2023 to 2032. A steady rollout of strict government regulations to reduce GHG emissions worldwide is set to positively shape the industry scenario.
Class II wells are used only to inject fluids associated with oil and natural gas production. Class II fluids are primarily brines (salt water) that are brought to the surface while producing oil and gas. It is estimated that over 2 billion gallons of fluids are injected in the United States every day.
CO2 can be used to produce fuels and chemical intermediates through several conversion routes but require significant energy input.
Carbon capture and storage (CCS) costs depend on the process type, capture technology, carbon dioxide (CO2) transport, and storage location. CO2 capture costs are projected to range from CAD 27?48/tCO2 for processes with concentrated CO2 streams to CAD 50?150/tCO2 for diluted gas streams.
EPA aims to review complete Class VI applications and issue permits when appropriate within approximately 24 months. This timeframe is dependent on several factors, including the complexity of the project and the quality and completeness of the submitted application.
