Global gas flares burn approximately 140 billion cubic meters of natural gas every year that emits more than 400 million tons of CO2 equivalent emissions every year.
The Permian Challenge
An aerial survey of nearly 900 different oil and gas sites (by EDF) in the Permian Basin reveals that massive methane emissions at many sites occurred. The only way to know what’s going on and to ensure things are operating properly is to regularly check sites for problems. Methane is a powerful greenhouse gas, roughly 80 times more potent than CO2 in trapping heat in its first few years.
Permian CCS Hub & Benefits
A permian CCS Hub, comprising of multiple sources (emitters), CO2 pipeline network and multiple sinks can provide a lasting solution to the permian emission. Sinks could be fields storing CO2, benefitting from CO2-EOR or geological storage of CO2 in deep saline aquifer. There is abundance of both in permian
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- ESG and sustainability will enhance the ability of permian operators to create value over the long-term
- Increase ESG investment and exploit full potential of Permian
- Upscaling to hub will reduce the costs substantially for all operators
- Hub will reduce the project risk to emitters, transporters & storage operators
- Minimize the need for every operator embark on piloting a CCS
- Abundant EOR opportunities for operators with oil field
- Proximity and pervasive access to saline aquifer, lower cost of pipeline
- Federal 45Q incentives to reduce cost and emission ($50 /Tonne for Saline Aquifer; $35/Tonne for CO2-EOR)
- Opportunity to earn Voluntary Carbon Credits
- Better profitability from enhanced oil production