PTRC Supports Federal Announcement of the Inclusion of CO2-EOR in the CCS Investment Tax Credit (ITC)

The Petroleum Technology Research Centre – as a world leader in the advancement of CO₂ enhanced oil recovery R&D and commercial-scale field projects – is today applauding the Government of Canada’s decision to allow CO₂-EOR as part of the CCS Investment Tax Credit program.

PTRC managed the Weyburn-Midale CO₂ EOR program – the most important project in the world related to the storage and utilization of CO₂ in a depleted oil reservoir – between 2000 and 2015. The company was years ahead of the curve in devising research programs with real-time utilization of CO2 in oil fields.

“PTRC literally wrote the book on CO₂-EOR” noted Erik Nickel, CEO of the PTRC, referencing the publication of Best Practices for Validating CO₂ Geological Storage: Observations and Guidance from the IEAGHG Weyburn-Midale CO₂ Monitoring and Storage Project in 2013. “That report along with the other publications from the project, are industry roadmaps for pursuing more projects for the utilization of CO₂ in oil fields.”

PTRC continues to expand its expertise in CO₂ utilization and storage with its management of Aquistore, the deep saline CO₂ storage project adjacent to SaskPower’s Boundary Dam Capture Facility, and leading the development of ISO international standards for CCS. The PTRC’s creation of its Energy Innovation Hub (EIH) in 2024 – a unique R&D lab with expert staff – can offer companies a better understanding of the subsurface and site characterization conducive for CO2 storage. Over 20 years of developing and testing measurement, monitoring and verification (MMV) technologies for CO₂-EOR and storage has made PTRC sought after by companies in Europe, Japan, Asia, the United States and Australia.

“PTRC is now well-positioned to help Canada’s oil companies determine their capacities to utilize CO₂ in oil recovery, to assist in determining reservoir suitability for injection, and advising on the measurement and monitoring tools necessary to assure the safety of storage,” notes Nickel. “By extension, that means PTRC could also assist in validating the stored CO₂ for approval of credits for EOR in the new ITC.”

For more information on PTRC’s services and knowledge about CO₂-EOR and storage, contact us.

A full text of this release in PDF is available here.

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