Projeo Corporation will demonstrate the feasibility of converting a mature oil and gas field in the Permian Basin into a dedicated CO2 storage facility.

The project was selected for CarbonSAFE Phase III: Site Characterization and Permitting. It has completed studies of subsurface conditions and will now focus on conducting detailed site characterization, planning, and permitting stages of project development:

The project is among 16 projects selected by the U.S. Department of Energy in November 2023 to receive over $444 million. The 16 projects were selected for negotiation to support the development of new and expanded large-scale, commercial carbon storage projects, each with the capacity to securely store 50 or more million metric tons of carbon dioxide over a 30-year period.