Oklahoma has become the first state to authorize the issuance of carbon credits for the underground injection of carbon dioxide. The Carbon Council of Oklahoma (CCO2) and the Oklahoma Conservation Commission (OCC) worked together to establish the procedure by which the credits will be issued. The agreement authorizes the OCC to issue credits for specific forestry activities and agricultural activities, as well as underground injection of man-made CO2.
The federal government estimates that there is anywhere between 9 and 20 billion barrels of oil reserves in Oklahoma. Using CO2 for enhanced oil recovery (EOR) would enable the state to produce more jobs, increase the tax base and sustain their economy, according to Kevin Tracy, founder of CCO2. Tracy said, “These carbon credits will help make many more CO2-EOR projects economical in this state.”