Construction on the largest carbon capture and sequestration project in the world will soon be underway.
Continental Resources will commit $250 million over the next two years to help fund the development and construction of the project’s associated capture, transportation, and sequestration infrastructure, while also leveraging its operational and geologic expertise to help ensure the safe and secure storage of CO2.
Summit Carbon Solutions will primarily capture CO2 from ethanol plants and other industrial sources in Iowa, Nebraska, Minnesota, North Dakota, and South Dakota. The CO2 will be aggregated and transported to North Dakota via pipeline, where it will be safely and permanently sequestered in extensively researched subsurface geologic formations.
The project has commitments from 31 partner ethanol facilities to deliver more than 8.0 million metric tons per annum (MMtpa) of CO2, with initial pipeline capacity of 12.0 MMtpa, and expansion capabilities to handle up to 20.0 MMtpa.
Summit began developing plans for the project and its partnerships with ethanol producers in 2019. By leveraging experience and relationships across the biofuels and agriculture industries, Summit Carbon Solutions was launched in early 2021, and is on track to achieve its target of being operational in the first half of 2024.
Definitive documentation related to the investment is being finalized and is subject to customary closing conditions.