North Dakota’s biggest oil driller said it would commit $250 million to help fund a pipeline project that would collect carbon dioxide produced by ethanol plants across the Midwest and pump it underground for permanent storage
BISMARCK, ND — North Dakota’s largest oil driller said it would commit $250 million to help fund a pipeline project that would collect carbon dioxide produced by ethanol plants across the Midwest and would pump it underground for permanent storage.
Billionaire oil tycoon Harold Hamm, Continental Resources, was due to formally announce Summit Carbon Solutions’ $4.5 billion pipeline investment Wednesday morning at an ethanol plant in Casselton. The plant is one of 31 ethanol facilities in Iowa, Minnesota, Nebraska and the Dakotas, where emissions would be captured and piped west into North Dakota and buried deep underground.
The pipeline developer’s vice president, Wade Boeshans, said the project could displace up to 12 million metric tons of carbon dioxide per year. This is equivalent to removing the annual carbon emissions from 2.6 million cars.
Boeshans said Hamm’s involvement will likely help raise capital for the project. Hamm’s company helped revive the American oil industry through the use of horizontal drilling to release oil trapped in shale rock.
Summit could also explore other options for the gas, including injecting it into old oil wells to boost production, Boeshans said. But that process has been largely unsuccessful so far in North Dakota.
Continental officials said they have no plans to use the gas for enhanced oil recovery.