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Acquiring and defending carbon storage rights

Carbon capture and sequestration (“CCS”), also known as direct air capture, captures carbon dioxide (CO2) from man-made sources before the CO2 is released into the atmosphere. The captured CO2 is then injected deep into the ground for permanent sequestration. In the United States, the Department of Energy estimates the total CO2 storage capacity by direct air capture to be in the trillions of tons. Angela C. Jones and Ashley J. Lawson, Carbon Capture and Sequestration (CCS) in the United States, p. 12, CONGRESS RESEARCH SERVICE (October 18, 2021), http://sgp.fas.org/crs/misc/R44902.pdf.

Much of this storage is available in the San Andres Formation in the Permian Basin and Gulf of Mexico, which could potentially store all the carbon released in US production. See, for example, Joe Blommaert, The promise of carbon capture and storage, and a Texas-sized call to action, INTERNATIONAL ASSOCIATION OF OIL & GAS PRODUCERS (June 8, 2021), https://www.iogp.org/blog/ benefits-of-oil-and-gas/opinions/the-promise-of-carbon-capture-and-storage-and-a-call-to-action-size-of-the- texas/; Mella McEwen, The Future of the Permian Could Lie in Storing CO2 Emissions, MRT (August 29, 2020) https://www.mrt.com/business/oil/article/Permian-s-future-could-lie- in-storing-CO2-15524972.php.