U.S. EPA Releases Draft Class VI Permits to CRC’s Carbon TerraVault for CO2 Injection and Storage in California
20 Dezembro 2023 - 1:44PM
Business Wire
Milestone Represents Nation’s First for Use of
Depleted Oil and Natural Gas Fields to Capture CO2
California Resources Corporation (NYSE:CRC) and its carbon
management business, Carbon TerraVault (CTV), today announced that
the U.S. Environmental Protection Agency (EPA) released draft Class
VI well permits for underground carbon dioxide (CO2) injection and
storage in CTV’s 26-R reservoir located within the CTV I carbon
capture and storage (CCS) vault at the Elk Hills Field in Kern
County, California. This marks an important step in advancing the
development of clean energy projects in the state.
The proposed wells are California’s first draft permits for
underground CO2 sequestration, as well as the first draft permits
utilizing a depleted oil and natural gas field in the U.S.
“This is a significant milestone for California as it moves to
attain its ambitious climate goals,” said Francisco Leon, CRC
President and Chief Executive Officer. “We are committed to
supporting the state in reaching carbon neutrality and developing a
more sustainable future for all Californians.”
The 26-R reservoir at Elk Hills has an expected injection rate
of 1.46 million metric tons (MT) per annum and a total estimated
capacity of up to 38 million MT. The reservoir is part of CTV I
which has a total estimated storage of up to 46 million MT. The Elk
Hills Field spans nearly 75 square miles and is of particular focus
for future CCS projects due to its significant storage potential
through multiple depleted hydrocarbon reservoirs and its industrial
location. The California Energy Commission has referred to the Elk
Hills Field as “one of the premier CO2 sequestration sites in the
U.S. ...an optimal site for the safe and secure sequestration of
CO2.” CTV has partnered with several clean technology companies to
develop greenfield projects at Elk Hills. These projects are
expected to generate new jobs in new clean energy industries that
will rely on the CTV I storage reservoirs.
The draft EPA permits are available for public review and
comment for the next 90 days. CTV is committed to continuing its
engagement with Kern County communities throughout the development
of its CCS projects.
About Carbon TerraVault
Carbon TerraVault (CTV) is CRC’s carbon management business and
is developing services to capture, transport and permanently store
CO2 for its customers. CTV is engaged in a series of CCS projects
that will inject CO2 captured from industrial sources into depleted
underground reservoirs and permanently store CO2 deep underground.
For more information, visit www.carbonterravault.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements that CRC believes to be
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. All statements other than historical facts
are forward-looking statements, and include statements regarding
CRC's future financial position, business strategy, projected
revenues, earnings, costs, capital expenditures and plans and
objectives of management for the future. Words such as "expect,"
"could," "may," "anticipate," "intend," "plan," “ability,”
"believe," "seek," "see," "will," "would," "estimate," "forecast,"
"target," "guidance," "outlook," "opportunity" or "strategy" or
similar expressions are generally intended to identify
forward-looking statements. Such forward-looking statements are
subject to risks and uncertainties that could cause actual results
to differ materially from those expressed in, or implied by, such
statements. Although CRC believes the expectations and forecasts
reflected in its forward-looking statements are reasonable, they
are inherently subject to numerous risks and uncertainties, most of
which are difficult to predict and many of which are beyond CRC's
control. No assurance can be given that such forward-looking
statements will be correct or achieved or that the assumptions are
accurate or will not change over time. Particular uncertainties
that could cause CRC's actual results to be materially different
include: (i) EPA’s decision to issue or withhold final Class VI
permits and the availability or timing of, or conditions imposed
on, any final Class VI permits issued to CRC; (ii) regulatory
actions and changes that affect CRC, including any other permits
and approvals necessary for CRC's carbon management business; (iii)
CRC's ability to claim and utilize tax credits or other incentives
in connection with its CCS projects; (iv) CRC's ability to realize
the benefits contemplated by its energy transition strategies and
initiatives, including CCS projects and other renewable energy
efforts; (v) CRC's ability to successfully identify, develop and
finance carbon capture and storage projects and other renewable
energy efforts including those in connection with the Carbon
TerraVault; (vi) CRC's ability to convert its Carbon Dioxide
Management Agreements (CDMAs) to definitive agreements and enter
into other offtake agreements; (vii) CRC's ability to maximize the
value of its carbon management business and operate it on a
stand-alone basis; (viii) CRC's ability to successfully develop
infrastructure projects and enter into third party contracts on
contemplated terms; and (ix) those expressed in its forward-looking
statements include those factors discussed in Part I, Item 1A –
Risk Factors in CRC's Annual Report on Form 10-K and its other SEC
filings available at www.crc.com. CRC cautions you not to place
undue reliance on forward-looking statements contained in this
press release, which speak only as of the filing date, and CRC
undertakes no obligation to update this information. This press
release may also contain information from third party sources. This
data may involve a number of assumptions and limitations, and CRC
has not independently verified them and do not warrant the accuracy
or completeness of such third-party information.
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version on businesswire.com: https://www.businesswire.com/news/home/20231219080329/en/
Richard Venn (Media) 818-661-6014 CRC.Communications@crc.com
Joanna Park (Investor Relations) 818-661-3731
Joanna.Park@crc.com
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