The National Enhanced Oil Recovery Initiative (NEORI) applauds the inclusion of significant new and more workable federal tax credits for carbon capture utilization and storage (CCUS) in President Obama’s FY 2016 budget.

NEORI supports policies that would meaningfully lower the economic barriers to utilizing carbon dioxide in enhanced oil recovery (CO2-EOR), an energy, economic, and environmental opportunity and priority for our nation. Such action could greatly increase American oil production, create new jobs and economic growth, deploy innovative carbon capture technologies, and safely store CO2 underground that would otherwise be released into the atmosphere.

NEORI calls for federal and state action to bridge the gap between the cost of capturing and transporting CO2 from man-made sources and the market price that oil companies pay for that CO2. The President’s proposal would help close that gap by creating new separate investment and production tax credits available for up to 10 and 20 years, respectively. Collectively, these would cover investments in carbon capture technology at power plants and industrial facilities, as well as the infrastructure to deliver and store needed CO2 in EOR projects.

NEORI looks forward to working with the Congress and the Administration to support development of bipartisan legislative efforts that build on this and other proposals to advance CO2-EOR.

{ 0 comments }

NEORI Calls for Continued Efforts to Advance CO2-EOR in the New Congress

January 13, 2015

The industry, labor, environmental, and state representatives of the National Enhanced Oil Recovery Initiative (NEORI) urge President Obama and Congressional leaders to support efforts to provide financial incentives to capture carbon dioxide from power plants and industrial facilities for use and safe storage through enhanced oil recovery (CO2-EOR). Following the introduction of legislation adopting its consensus recommendations in […]

Read the full article →

NEORI Hosts Capitol Hill Briefing: An Energy, Economic, and Environmental Solution for Our Nation

June 23, 2014

On June 26th, 2014, the National Enhanced Oil Recovery Initiative (NEORI) hosted a briefing on Capitol Hill entitled An Energy, Economic, and Environmental Solution for Our Nation: Using Captured Carbon Dioxide for Enhanced Oil Recovery. NEORI brings together industry, labor and environmental advocates, and state officials to foster increased domestic oil production through the capture, use and storage of […]

Read the full article →

Press Release: Coalition Welcomes Bill to Encourage U.S. Oil Production Using CO2

May 5, 2014

  Press Release May 5, 2014 Contact: Laura Rehrmann, C2ES, 703-516-0621, rehrmannl@c2es.org Brad Crabtree, GPI, 701-647-2041, bcrabtree@gpisd.net Coalition Welcomes Bill to Encourage US Oil Production Using Captured CO2 Tax incentive could spur additional 8 billion barrels of US oil production while safely storing 4 billion tons of CO2 WASHINGTON – The expansion and reform of an existing […]

Read the full article →

Questions & Answers on the Expanding Carbon Capture through Enhanced Oil Recovery Act of 2014

May 5, 2014

• Why is the Rockefeller bill needed? The Expanding Carbon Capture through Enhanced Oil Recovery Act of 2014 will greatly expand enhanced oil recovery using man-made carbon dioxide in the United States. A decades-old, proven commercial practice, carbon dioxide enhanced oil recovery (CO2-EOR) involves injecting CO2 into already developed oil fields to enhance production. CO2-EOR […]

Read the full article →

Statements of Support for CO2-EOR Legislation

May 5, 2014

Statements on the Expanding Carbon Capture through Enhanced Oil Recovery Act of 2014: “We commend Senator Rockefeller for his ongoing efforts to drive progress in advanced and near-zero-emission coal technologies.  Coal is an essential American resource – affordable, reliable and abundant.  With this bill, the Senator is seeking to establish a pathway to a better energy […]

Read the full article →

5 Things to Know About CO2-EOR

May 5, 2014

1. CO2-EOR substantially increases domestic energy reserves. CO2-EOR accounts more than 300,000 barrels of oil production per day, or around 5 percent of annual U.S. oil production, and the industry could grow considerably in the near-term. According to the National Energy Technology Laboratory, between 21 and 63 billion barrels of oil could be “economically-recovered” using […]

Read the full article →

Testimony on the benefits of CO2-EOR before House Subcommittee on Energy

July 25, 2013

On July 25, 2013, Judi Greenwald, Vice President for Technology and Innovation for the Center for Climate and Energy Solutions, testified on the benefits of CO2-EOR before the Subcommittee on Energy of the U.S. House of Representatives’ Committee on Science, Space, and Technology. Ms. Greenwald testified during the Subcommittee on Energy’s hearing entitled The Future […]

Read the full article →

Blog: Capturing CO2 from industrial sources for use in EOR is happening now, but more needs to be done

July 23, 2013

In announcing his climate action plan, President Obama highlighted a vital technology for reducing emissions: carbon capture and storage. I recently had the opportunity to tour a first-of-its-kind CCS operation at an Air Products plant in Port Arthur, Texas. Air Products has integrated state-of-the-art CO2 capture technology into an existing hydrogen plant. Despite being the most abundant element in […]

Read the full article →

NEORI discusses its recommendations with the Global CCS Institute

June 29, 2013

On June 26, the Global CCS Institute hosted a webinar exploring proposed incentives to support CO2 capture for use in enhanced oil recovery during budget constrained times. Patrick Falwell, Solutions Fellow with the Center for Climate Energy Solutions, discussed the details of NEORI’s proposals for enabling the expansion of CO2-EOR in the United States, while […]

Read the full article →