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FDR grandson launches enhanced oil recovery/CO2 sequestration project in western Texas

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  • FDR grandson launches enhanced oil recovery/CO2 sequestration project in western Texas
    FDR grandson drilling for oil in West Texas
    Posted: Thursday, May 9, 2013 4:10 pm

    JAMES OSBORNE | The Dallas Morning News

    There are naturally occurring deposits of carbon dioxide underground, but they are in short supply. Roosevelt is banking on getting most of his supply from power plants and other polluters that are trying to reduce their emissions.

    He has a deal with Summit Power, where former Dallas Mayor Laura Miller is projects director, to take carbon dioxide from a 400-megawatt clean coal plant they are planning in the Permian.

    Read more: FDR grandson drilling for oil in West Texas - Top Stories
    Under Creative Commons License: Attribution
    Sec. 202.0545. TAX EXEMPTION FOR ENHANCED RECOVERY PROJECTS USING ANTHROPOGENIC CARBON DIOXIDE. (a) Subject to the limitations provided by this section, until the 30th anniversary of the date that the comptroller first approves an application for a tax rate reduction under this section, the producer of oil recovered through an enhanced oil recovery project that qualifies under Section 202.054 for the recovered oil tax rate provided by Section 202.052(b) is entitled to an additional 50 percent reduction in that tax rate if in the recovery of the oil the enhanced oil recovery project uses carbon dioxide that:

    (1) is captured from an anthropogenic source in this state;

    (2) would otherwise be released into the atmosphere as industrial emissions;

    (3) is measurable at the source of capture; and

    (4) is sequestered in one or more geological formations in this state following the enhanced oil recovery process.

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