Operators are drilling a new type of well in east Texas, where carbon dioxide pipelines, top-tier geology and industrial emissions are combining to spark a race to take advantage of incentives fueled by climate change. Houston Chronicle said Monday Chevron started drilling test wells in February for its 142,000-acre carbon storage project in Jefferson County and offshore Port Arthur.
Chevon joins ExxonMobil, Occidental Petroleum, BP and other companies that have recently drilled wells east of Houston to collect subsurface data needed to obtain federal permits for projects to inject carbon dioxide deep underground. Chronicle said Texas oil companies such as Exxon believe the worth of this emerging industry could grow to trillions of dollars a year as demand for climate solutions grows.