The National Enhanced Oil Recovery Initiative (NEORI) applauds Western Governors for their adoption yesterday of Western Governors’ Association (WGA) Policy Resolution 2015-06, 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.
Eight states represented in WGA are already home to active CO2-EOR projects, while five additional states have EOR potential. As the WGA 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 CO2from man-made sources and the market price that oil companies pay for that CO2. They commend the Western Governors’ leadership in issuing this resolution and look forward to working the Governors and their administrations 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.
Link to WGA CO2-EOR Resolution: http://www.westgov.org/images/images/RESO_EOR_15_06.pdf