In other words, the oil industry is playing the green game to sell, or get help with, oil harvest. According to the Sierra Club protesters, this is all about putting carbon that would go into the sky into deep dark abandoned wells.
No, that's not it. Only a small percentage of fields, less than say 5%, are candidates. You have to have high viscosity oil, tight rock, dip angle and a large area of homogenous reservoir to justify a CO2 recovery job. It's big upfront costs and you need a big target so not a lot of opportunities for that.
And, it's expensive. You have to transfer the CO2, compress/liquify it to 3,500 to 5,000 psig to inject it, drill wells in a pattern to sweep the area around existing wells...not cheap at all. The CO2 destroys downhole tubulars and surface facilities through corrosion...partial pressures of CO2 have to be considered at every point in the process. I can't see anyone starting up a CO2 flood on pricing less than $65/bbl for oil.
The help we want is to get the government off of our backs. For instance, instead of being able to tie into a neighboring company's electrical system and metering I'm required to build my own line to the utility provider....$650k vs $300k...some states prevent public utilities from requiring this...Texas doesn't. Basing reserve prices on the end of the year price....so a reserve bbl of oil is one that makes at least a one cent profit per bbl. Using end of year pricing...what, around $33/bbl this year?...that takes a lot of bbls off the company reserves which reduces the company's value and now the bank owns them...next year price is up to $40 and gee no problem with value...but oh too late the value went from 0 to 50 million for the bank. Some kind of dual reporting average is needed but then the banks wouldn't get the hard work of others at a loss. And then there is all of the regulatory reporting, etc....