Summit Carbon Solutions announced that Continental Resources Inc. will commit $250 million over the next two years to help fund the development and construction of Summit’s $4.5 billion carbon capture and sequestration project.
Continental Resources Chairman Harold Hamm and CEO Bill Berry along with Summit Agricultural Group CEO Bruce Rastetter attended a press conference hosted by North Dakota entrepreneur Gary Tharaldson at the Tharaldson Ethanol Plant in Casselton, which is participating in the carbon capturing project.
“Continental Resources has called North Dakota home over 25 years. As the state’s largest leaseholder and producer, no company knows the geology better than we do,” said Harold Hamm, Continental Resources Founder and Chairman. “I want to thank the tremendous leadership of Senator Hoeven who, as governor, had the foresight to lay the groundwork for a project like this. North Dakota’s regulatory environment is second to none as the state will continue to lead in finding innovative ways to help reduce carbon emissions around the world.”
North Dakota Gov. Doug Burgum and Nebraska Gov. Pete Ricketts also attended the press conference which highlighted the importance of carbon capture and storage to U.S. energy security.
U.S. Senator John Hoeven could not make the press conference, but said this to The Crude Life.
“Continental Resources has a long history of investment and innovation in North Dakota. Now, they get to be part of this important CCUS effort, which will enable biofuel producers in North Dakota and our region to access low-carbon fuel markets, providing an important source of revenue for the biofuel plants, farmers and landowners,” said Senator Hoeven. “It’s important to remember how we got to the point where such a massive project is even possible. It takes the right legal, regulatory and tax environment, and in North Dakota, we are ahead of the curve. We’ve been working to make this possible for more than 14 years. In 2008, as governor, I put together a plan for the necessary legal and regulatory framework to safely capture and store CO2. We took that plan to our state legislature in 2009 and passed it into law, creating the necessary regulatory framework for carbon sequestration. As senator, I worked to secure the necessary EPA approval for North Dakota, as well. We are now one of two states in the nation with this authority. We not only have the necessary geology but all state and regulatory approvals to safely secure and store CO2.”
Summit Carbon Solutions is partnering with 31 ethanol plants across five states – Iowa, Minnesota, Nebraska, North Dakota and South Dakota – to build the largest carbon capture and storage project of its kind in the world. Carbon dioxide from the ethanol plants will be aggregated and transported via a 2,000-mile pipeline network to North Dakota, where it will be permanently and safely stored in underground rock formations.
The system will be the largest CCUS project of its kind and is projected to have initial pipeline capacity of 12 million tons of CO2 per year, which will be captured and transported from biofuel facilities in five states to North Dakota for permanent geologic storage.
“Combining the considerable resources and geologic expertise of one of North Dakota’s most productive and pioneering oil and gas operators with this visionary model of carbon capture and storage is a win-win-win for our farmers and ethanol plants, environmental stewardship and U.S. energy security,” Burgum said. “By capitalizing on our geologic jackpot of enormous underground storage capacity, we can safely store not only our own carbon dioxide but also our neighbors’ CO2 while creating jobs, generating income for North Dakota landowners and strengthening our economy.”
“Continued investments in carbon capture and storage highlight the forward-thinking leadership throughout the biorefining industry,” Ricketts said. “This innovative approach shows the world that energy producers can pursue a reduced carbon footprint without sacrificing production vital to a secure economy that fuels America and beyond.”
North Dakota Lt. Gov. Brent Sanford and state legislators also attended today’s announcements, along with local leaders, businesspeople, residents and ethanol plant staff.
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