U.S. EPA Releases Draft Class VI Permits To CRC's Carbon TerraVault For CO2 Injection And Storage In California; Milestone Represents Nation's First For Use Of Depleted Oil And Natural Gas Fields To Capture CO2
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The U.S. EPA has released draft Class VI permits for California Resources Corporation's (NYSE:CRC) Carbon TerraVault (CTV) for CO2 injection and storage at the Elk Hills Field in California. This is a first in the nation for using depleted oil and natural gas fields for CO2 capture. The 26-R reservoir has a capacity for 1.46 million metric tons of CO2 annually, with a total potential of 38 million metric tons. The Elk Hills Field is recognized for its significant storage potential and is considered an optimal site for CO2 sequestration. Public comments on the draft permits are open for 90 days, and CTV is engaging with local communities on the development of its CCS projects.
December 20, 2023 | 4:45 pm
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California Resources Corporation (CRC) receives draft Class VI permits from the EPA for CO2 injection and storage, marking a significant step in clean energy and carbon capture initiatives in California.
The issuance of draft permits by the EPA is a positive regulatory development for CRC, indicating progress in their carbon management initiatives. This aligns with increasing investor interest in sustainable and environmentally responsible projects, which could positively influence CRC's stock price in the short term. The news directly involves CRC and its carbon management business, suggesting a high relevance and importance to the company's operations and future growth prospects in the clean energy sector.
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