NEORI Welcomes SSEB Resolution
The National Enhanced Oil Recovery Initiative (NEORI) applauds the Southern States Energy Board (SSEB) for its adoption of 6.0215 – Resolution Supporting Carbon Capture and Storage and Enhanced Oil Recovery, recognizing the economic and environmental benefits of carbon dioxide enhanced oil recovery (CO2-EOR) and calling for the President and Congress to provide incentives for capturing CO2 from power plants and industrial facilities for use in EOR.
Four states represented in SSEB are already home to active CO2-EOR projects, while four additional states have EOR potential. As the SSEB Policy Resolution highlights, estimates suggest the entire United States could economically recover 21.4 billion barrels of oil via CO2-EOR, while permanently and safely storing 8.9 billion tons of CO2.
NEORI’s energy, industrial and technology companies, labor unions, and environmental and other participating organizations call 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. Earlier this year, the Western Governors Association (WGA) passed a similar resolution. NEORI commends WGA and SSEB for their leadership in issuing these resolutions and look forward to working with state leaders on a bipartisan basis to encourage action in Washington, DC to enact federal policies that address the economic barriers to expanding deployment of CO2-EOR.