Analysis of Carbon Markets of CO2 Storage Projects in Oil and Gas Fields in Canada and the United States

This study analyzes carbon markets in the U.S. and Canada, including enhanced oil/gas recovery (EOR/EGR) projects. The American Carbon Registry (ACR), a voluntary carbon market in California, and the Canadian Alberta Emission Offset System have methodologies for EOR and storage in saline aquifers. ACR also presented EGR. EOR-CCS projects demonstrated significant CO2 reductions, ranging from 1,748 to 7,675 million tons in the U.S. and 30 to 3,040 million tons in Canada. The EOR and hydrogen-production-linked CCS projects are representative CCS projects in Canada. CCS infrastructure construction, R&D, and demonstration projects of oil/natural gas-CCS-hydrogen are actively underway in the net-zero policies by the U.S. and Canada. CCS projects in the U.S. and Canada, which are linked to the supply of natural gas and hydrogen energy in Korea, can secure new overseas energy sources and dispose of the CO2 captured in Korea.