Our Operations
Our enhanced oil recovery project utilizes "carbon-capture-utilization-and storage" to extract oil from the ground.
Beneficial Incentives
For the Planet and Our Business
In 2022, a new door for CO2 supplies was opened when the Inflation Reduction Act was passed. IRS code 45Q provides new benefits for certain point sources of CO2 emissions making it commercially attractive for conventional CO2 capture technologies. At Roosevelt Resources, we're planning to utilize anthropogenic (man-made) CO2 supplies captured from industrial sites as part of our project, thus contributing in a positive way to the decarbonization of the planet, as well as securing an important ingredient needed for the success of our business plan – namely low cost and available CO2.
We're estimating our project will result in storage of up to ~200 million metric tons of CO2 while injecting a peak plateau rate of five to seven million metric tons per year (equal to the removal of approximately one million automobiles each year). Our operational approach, known as "carbon capture utilization and storage” or “CCUS”, should qualify for a 12-year tax credit of $60 per metric ton of captured CO2.
We believe this tax incentive creates an intersection of opportunity for CO2 emitters and CCUS projects like ours. The use of anthropogenic CO2 is expected to lead to an ultra-low, if not carbon-neutral/carbon-negative crude oil.