Omnia has led the initiation of a Carbon Capture and Sequestration project called the Permian Regional Carbon Sequestration (PRCS) Hub, situated in the Delaware Basin. This project is uniquely positioned at the confluence of prime geology, a substantial landholding, and accessible CO2 sources.
We employed robust subsurface characterization techniques, conducted quantitative risk assessments for fault slip potential and induced seismicity, and evaluated injection and storage capacities. We’re confident that our groundwork on PRCS, coupled with increasing CCS incentives and cost savings, will unlock significant opportunities for economical capture and sequestration within the Permian corridor.
Omnia has located its initial Class VI sequestration site and established commitments from significant landowners and subsequent pore space to be used for Carbon Sequestration Service (CSS). This foothold secures a critically located CSS storage sink with close proximity to COx emission points, thereby enhancing capital efficiency. Basin CSS activities are currently nil outside of a few incumbent operators converting their own assets for Class VI operations. No single player has aggregated third party volumes and achieved substantial economies of scale to warrant CCS pipelines and with multiple offload points for COx enhanced oil recovery operations or permanent sequestration.
The objective of this project was to pinpoint multiple suitable storage sites with a capacity of over 2,000,000 metric tons of COx per year for long-term storage with the ultimate aim to minimize emissions related to oil and gas operations and fossil fuel-based power generation in the Permian Basin. Our multifaceted strategy will reduce expenses through operational redundancy and economies of scale. Ultimately, this effort will yield not only a favorable rate of return on invested capital but also contribute to the decarbonization of the energy sector and alleviate greenhouse gas emissions.