Suffolk New York Subsurface Underground Carbon Dioxide Storage Lease and Agreement (with Landowner, Long Form)
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The study shows that the cost of geologic sequestration without by-product credits (such as additional oil produced with enhanced oil recovery (EOR)) ranges from $2.84 to $28.12 per metric ton of CO2, depending on characteristics specific to the type of geologic formation.
The costs for carbon dioxide (CO2) capture and storage (CCS) in geologic formations is estimated to be $675/t CO2.
If you add up all the carbon dioxide released for each person in the country based on our use of fossil fuels and calculate the number of trees you need to take up the carbon dioxide released, the total is equivalent to about 730 trees per person, or roughly 7 acres of forested land.
But such technology is expensiveabout $600 per ton of CO2, by one recent estimate.
A typical acre of mixed woods in Maine, if left alone, will absorb around 4 tons of CO2 per year. So, if left to grow without harvest, 10 average acres in Maine would sequester about 40 tons of CO2 per year.
No-till farming, an especially promising method which leaves the soil intact and crop residues in the field, sequesters an average of 0.3 metric tons of carbon per acre per year.
Geological storage of CO2 can be undertaken in a variety of geological settings in sedimentary basins. Within these basins, oil fields, depleted gas fields, deep coal seams and saline formations are all possible storage formations (Figure 5.3).
Direct air capture is very expensive because the CO2 in the atmosphere is only . 04%, Herzog tells CNBC, and the technical process of removing carbon dioxide from a gas gets more expensive the lower the concentration of the carbon dioxide gets.
An approximate value for a 50-year-old oak forest would be 30,000 pounds of carbon dioxide sequestered per acre, said Timothy J. Fahey, professor of ecology in the department of natural resources at Cornell University. The forest would be emitting about 22,000 pounds of oxygen. Every little bit matters, he said.
Estimated costs for sequestering up to 500 million tons of carbon per yearan amount that would offset up to one-third of current annual U.S. carbon emissionsrange from $30 to $90 per ton.
