US oil sector seeks framework to support CCS
US oil sector seeks framework to support CCS
Billions of dollars for CCS are becoming available, but the industry is looking for assurances and wants legal issues resolved, writes Chris Knight
Washington, 21 January (Argus) — The oil and gas sector sees a chance for collaboration with US president Joe Biden on paving the way for a new wave of carbon capture and storage (CCS) projects competing for billions of dollars in government incentives.
Biden last year signed into law a bipartisan infrastructure plan offering over $6bn for CCS projects. The funding was in addition to a recently clarified "45Q" tax credit that lets companies earn $35/t for storing CO2 in oil fields and up to $50/t for geologic carbon sequestration. Democrats are considering extending the credit by seven years, to 2032, as part of a vast spending bill that has stalled in Congress.
Select Sector 
Select Country 
