The CO2 Storage Resource Catalogue is a pioneering initiative to accelerate the deployment of carbon capture, utilization and storage (CCUS) by supporting the consistent evaluation of storage resources.
London, July 1, 2020
The Oil and Gas Climate Initiative (OGCI), the Global CCS Institute and Storegga today announced the launch of the CO2 Storage Resource Catalogue, the first independent worldwide evaluation of geologic CO2 storage resource assessments.
The Catalogue aims to become the global repository for all future storage resource assessments, supporting the growth of a safe and commercially viable CCUS industry. It will do this by bolstering investors’ understanding of commercial development and maturity of published CO2 storage resources, thereby leading to increased investor confidence.
“OGCI’s involvement with the CO2 Storage Resource Catalogue is part of a broad range of actions we are taking to accelerate the deployment of CCUS, enabling it to play a key role in achieving net zero emissions,” said Sylvain Thibeau, CO2 Storage Workgroup lead of OGCI and CO2 Storage Expert for Total.
Information on the 525 potential CO2 storage sites currently in the Catalogue comes from the Global CO2 Storage Resource Assessment 2019, the first of a six-year programme which assessed more than 12,000 Gt of potential storage resource in 13 countries.
“While the scale of these estimates is encouraging, ongoing CO2 storage characterization and development is critical for the large-scale deployment of CCUS,” said Dr Chris Consoli, Senior Consultant – Storage with the Global CCS Institute.
“In countries with supportive policy and legal and regulatory frameworks – such as in Canada, Norway, the UK and the US – storage resources are significantly more mature, making them more likely to be the countries where the next wave of CCS projects are announced,” added Dr Consoli.
The Catalogue has adopted a methodology developed by the Society of Petroleum Engineers with OGCI contribution, the Storage Resources Management System. Using the template of the established Petroleum Resources Management System, the document establishes technically based evaluation standards for the classification of global CO2 storage resources.
The Catalogue will be updated annually, growing as more countries explore their storage resources. Potential contributors are encouraged to visit the Catalogue web portal for more information on submitting published resources.
ABOUT THE OIL AND GAS CLIMATE INITIATIVE
The Oil and Gas Climate Initiative is a CEO-led consortium that aims to accelerate the industry response to climate change. OGCI member companies explicitly support the Paris Agreement and its goals. As leaders in the industry, accounting for over 30% of global operated oil and gas production, we aim to play an active role in shaping the global pathway to net zero emissions. We do this by leveraging the collective strengths of OGCI, continually improving, and building on good international corporate practices to reduce greenhouse gas emissions and accelerate transitions to a low-carbon future.
Our members collectively invest over $7B each year in low carbon solutions. OGCI Climate Investments, our $1B+ fund, invests in solutions to decarbonize sectors like oil and gas, industrials and commercial transport. OGCI includes BP, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental, Petrobras, Repsol, Saudi Aramco, Shell and Total.