CapturePoint LLC recognizes that reducing carbon emissions is a global concern for governments, investors, businesses, and society. While reducing carbon emissions is important, we are also focused on reducing our overall impact on the environment. CapturePoint reports its greenhouse gas (“GHG”) emissions annually at both the state and federal levels. We are undertaking efforts with an independent third party to develop the methods and processes necessary to estimate the Company’s Scope 1, 2 and 3 emissions on an annual basis. Based on comparisons with similar companies we believe we are presently carbon negative based on Scope 1 and 2 emissions as approximately 80% of the additional CO2 we inject daily is captured from industrial processes. To further reduce our CO2 emissions, we launched CapturePoint Solutions to focus on additional Carbon Capture and Storage (CCS) projects. Based on our expected growth in CapturePoint Solutions’ CCS activities, we fully expect to achieve net negative emissions by 2035.
We are committed to engaging with stakeholders, policy makers and regulators on reducing CO2 emissions and addressing our impact on the environment. We believe, we can be a leader in the CCS industry and facilitate significant reductions in CO2 emissions with our experienced team of professionals dedicated to capturing, transporting, and sequestering CO2. We continuously evaluate new methods and processes that can deliver cost-effective solutions to reduce emissions, effluents and waste throughout our operations.
CO2 EMISSION REDUCTIONS - CO2 EOR
Our existing CO2 EOR assets offer environmental benefits not associated with the majority of other oil and gas operations. CO2 EOR projects utilizing CO2 emissions from industrial sources (anthropogenic) in many cases utilize (store) more CO2 than the oil will ultimately release. Our CO2 EOR operations have utilized nearly 1 million metric tons of CO2 captured from industrial sources on an annual basis since their inception. We continually evaluate potential opportunities to ultimately replace all CO2 that is naturally sourced from underground reservoirs with industrial sources. CO2 EOR is a proven, economical and technically feasible method to recover oil that would not be produced otherwise from existing impacted areas while providing the added benefits of CO2 storage.
CO2 EMISSION REDUCTIONS - CO2 CCS
CapturePoint Solutions was formed in 2020 to primarily focus on CCS activities not associated with CO2 EOR. The over 100 years of cumulative CO2 experience and associated technical capabilities allows CapturePoint to invest in all aspects of the CCS operations, carbon capture, transportation (pipelines) and sequestration in Class VI sites. We are currently developing multiple Class VI sites and negotiating with multiple industrial sources to capture, transport and sequester their CO2 emissions. Within the next ten years, we expect to sequester CO2 volumes from industrial sources that are many multiples of our current 1 million metric tons annually. CO2 volumes sequestered, at our Class VI sites, will result in CapturePoint achieving significant net negative emissions.