Carbon XPrize Executive Director Marcius Extavour was one of the experts in attendance and said his organization has created incentives for successful research. The XPrize has set up a prize pool of $20 million that will be distributed to teams that show the most promise in carbon capturing research. xtavour stressed the importance of creating business opportunities out of reducing the carbon intensity of energy and industrial sectors.
Brown explains that carbon capture technology to mitigate climate change could reduce the cost by 2.4 times. Wyoming could benefit from this technology because it has both capture and storage sites. "Carbon capture can especially benefit industries and states that emit a lot of CO2 and also have very productive uses for the captured CO2," said Brown. "Wyoming's a good example. We have a lot of coal power plants that are well maintained and have cheap locally mined coal and also Wyoming has an innovative oil industry that can put the CO2 underground."
The Moneta Divide Project proposes to drill up to 4250 wells over a 15 year period with the potential to generate $182 million per year in Federal royalties, $87.5 million per year in severance taxes for the State of Wyoming, and $106 million in County Ad Valorem taxes.
The Converse County Oil and Gas Project proposes to drill 5,000 wells, 1,500 miles of gas gathering pipelines and 900 miles of water pipelines, along with roads, electrical lines and other infrastructure over a ten year period. The project estimates the creation of up to 8,000 jobs and the potential for state and federal revenue ranging from $18 billion to $28 billion.
The Bureau of Land Management plans to amend regulatory requirements for oil and gas operators working on federal and tribal lands in an effort to streamline regulations “to ensure that our oversight of energy production on America’s public lands is consistent and fair,” stated Kate MacGregor, Deputy Secretary of the Interior.
With the goal of spurring additional mineral production and capital investment to recover from economic collapse and energy markets, Wyoming’s legislature advanced a bill that would reduce the state’s mineral tax rate by half for a six month period when oil prices fall below $38 to $45 per barrel and gas prices fall below $2.95 per thousand cubic feet as a 30-day rolling average.
Brown’s analysis models the economics of connecting carbon capture sites across the U.S. with underground storage sites, thus helping to reduce the cost of preventing climate change.
This paper represents the results of modeling efforts to identifying regional scale CO2 transport infrastructure that would serve existing facilities and allow participation by new capture projects and facilities in the near future.
The analysis identifies near-term capture and storage opportunities, then designs and plans the regional transport infrastructure required to maximize CO2 reductions while minimizing cost and land use impacts throughout the Midwest, Rockies, Plains, Gulf Coast, and Texas.