Kern County Board of Supervisors Advance CRC's Carbon TerraVault I Project

Core Viewpoint - California Resources Corporation (CRC) has received unanimous approval from the Kern County Board of Supervisors for the conditional use permit for its Carbon TerraVault I (CTV I) carbon capture and storage project, marking a significant milestone in the company's efforts to develop this pioneering project in California [1][2]. Group 1: Project Details - CTV I will be the first carbon capture and storage project in California and the first in the nation to utilize a depleted oil and gas reservoir for CO2 sequestration [2]. - The project is located at CRC's Elk Hills Field in Kern County, which has an estimated CO2 storage capacity of up to 46 million metric tons [2]. - Once operational, CTV I is expected to inject and store over 1 million metric tons of CO2 per year, equivalent to the annual emissions of approximately 200,000 passenger vehicles [2]. Group 2: Community and Environmental Impact - CRC has announced a Community Benefits Plan for CTV I, committing a portion of its investments to local programs and partnerships with labor, community organizations, and academic institutions [3]. - The California Energy Commission recognizes the Elk Hills Field as "one of the premier CO2 sequestration sites in the U.S.," making it an optimal location for permanent CO2 storage [2]. - The California Air Resources Board identifies carbon capture and storage as a critical measure for reducing greenhouse gas emissions [2]. Group 3: Company Overview - California Resources Corporation (CRC) is an independent energy and carbon management company focused on energy transition and environmental stewardship [5]. - The company aims to maximize the value of its land, mineral ownership, and energy expertise for decarbonization through the development of carbon capture and storage and other emissions-reducing projects [5]. - Carbon TerraVault (CTV) is CRC's carbon management business, engaged in capturing, transporting, and permanently storing CO2 for its customers [4].