The U.S. National Ocean Industries Association (NOIA) on Wednesday released the policy paper, Carbon Capture, Use, & Storage: An Economic, Employment, & Climate Opportunity for the U.S Offshore Region, where it says that while the U.S. Gulf of Mexico offers "remarkable emissions reduction opportunity here at home," the industry needs certainty and predictability in the regulatory system.
"Along with key policy recommendations, the document details the vast advantages that the deployment of carbon capture, use, and storage (CCUS) in the U.S. Gulf of Mexico can provide our nation as we work to meet ambitious emissions reduction targets to address climate change," NOIA said.
"The U.S. Gulf Coast region offers unique advantages as an emerging global hub for CCUS. The full supply chain of energy companies the region has the engineering experience, expertise, and vision to deploy CCUS projects offshore with the scale and efficiency necessary for success,” said NOIA president Erik Milito.
"The geology of the U.S. Gulf of Mexico makes CO2 storage attractive but, as with any capital-intensive industry, the U.S. CCUS sector requires certainty and predictability in the regulatory system, both at the state and federal level. The technical and commercial feasibility of CCUS is being demonstrated on the global stage and the right policies can enable the advancement of this remarkable emissions reduction opportunity here at home.”
NOIA has cited the International Energy Agency which says that CCUS provides an “important opportunity to achieve deep carbon dioxide (CO2) emissions reductions."
According to NOIA, the U.S Gulf of Mexico offers tremendous advantages and can accelerate the emerging U.S. CCUS sector.
"The U.S. Gulf of Mexico offshore region provides tremendous advantages for an emerging U.S. CCUS sector. The Gulf of Mexico is characterized by vast geologic prospects for CO storage, extensive and established energy infrastructure along the Gulf Coast and throughout the outer continental shelf, a proximity to industrial centers for capturing emissions, and an assessable engineering and energy knowledge base and workforce, along with associated RD&D capabilities," NOIA said.
"The NOIA CCUS policy paper details the promise and opportunity which the U.S. Gulf of Mexico offers for CCUS and highlights the policies the Administration and Congress, as well as states, should support to make widespread offshore CCUS development and deployment a reality in the U.S," NOIA said.