By Dustin Bleizeffer
WyoFile.com 

Lawmakers float $10M 'stimulus' for enhanced oil recovery in Wyoming

The stimulus is intended to 'equalize' a federal tax incentive that rewards permanent CO2 storage over carbon dioxide used to produce oil

 

February 8, 2024

Dustin Bleizeffer/WyoFile

Crews set up a workover rig June 3, 2022, in the Salt Creek oil field where carbon dioxide from ExxonMobil's Shute Creek facility was injected for enhanced oil recovery.

A measure that would provide a $10 million "stimulus" to encourage more carbon capture for use in the oil industry will advance to the upcoming legislative session following a special hearing this week by the Joint Minerals, Business and Economic Development Committee. The stimulus, according to committee members, aims to enhance a federal tax credit program that they say favors direct storage of the greenhouse gas over pumping it into oilfields to produce hard-to-get reserves.

"The intent of this bill is simply to level that playing field so that that [oil] producer is in the same position...



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