Considerations for Large Scale

CCUS Deployment
Michael E. Moore
Executive Director NACCSA
Vice President Energy Commodities and Advisory Services
FearnOil Inc.
June 9
th
2014 Birmingham, AL

The Astrup Fearnley group represents over a century of history, growth and excellence in the area of shipping
services. This fascinating legacy is a success story created by generation after generation of the Astrup Fearnley
family. We believe it is a story worth telling.
Fearnleys traces its history back to the year 1869 when its founder, Thomas Fearnley, established a shipbroking
and agency business in Christiania, as the city of Oslo was known in those days. The little company soon prospered
and engaged in, among others, the trade in lumber, wine, pitch and ice.
In connection with its trading activities the company bought shares in vessels and chartered vessels. Although the
company began by chartering sailing vessels, by 1880 the age of the steamship had clearly begun. By 1881 the
partnership of Fearnley & Eger established the Christiania Steamship Company which contracted two
newbuildings at the the Kockums Shipyard in Malm, the 1235 deadweight Oslo and the 1215 deadweight
Bygdy.
By the end of the 1880s the company had contracted a further six units. In the beginning of the 1900s Fearnley &
Eger became, more or less, a shipowning company and invested in ever larger units. The company engaged in both
liner and tramp activities and survived the two world wars. In addition to these shipowning activities, the firm
continued to engage in developing its skills in the area of shipping services and was engaged primarily in the area
of dry cargo shipbroking. As the tanker industry started to develop at the beginning of the 20th century, Fearnleys
became enthusiastically involved in this new field of endeavour. Later on, when the transportation of gas by sea
became an important area of commerce, Fearnleys developed a broking department which specialized in this new
commodity. All in all, the history of the company has been closely focused on the concept of innovation; whenever
new ideas and new industries developed which required seaborne transportation, Fearnleys was quickly on the
scene.
As the 20th century progressed, the need for brokerage services for the transportation industry became so great
that Fearnleys began to develop these (along with related ancillary services) as its principal business area. Always
on the cutting edge of new trends, the company became involved in car carrier transportation in the 1960s,
offshore and rig broking in the 1970s, coinciding with the onset of the development of the Norwegian continental
shelf offshore oil fields, and energy trading and financial services in the 1980s. Fearnleys was also a pioneer in the
development of transportation industry research and consultancy services, and has been involved in monitoring
and analysing shipping markets since the early 1960s when Fearnresearch was first established. Now at the dawn
of the 21st century the little company which started in Christiania in 1869 is firmly established in every corner of
the world and assumes a global perspective on transportation much to the benefit of its worldwide customer
base.
Covered Topics
US Oil, Gas and Coal Resources: CCUS Siting
Considerations in the US
Impacts of US Shale Gas: Expect Increasing
Price Volatility
CO
2
-EOR and CCUS Developments
Coal
Global-US Inter-related Energy Activities
CCS/CCUS Financing
US Oil, Gas and Coal Resources:
CCUS Siting Considerations in the US
US Conventional Oil and Gas Reservoirs
US Hazardous Liquids Pipelines-Oil, Products,
Natgas etc. ~500,000 miles
http://phmsa.dot.gov/portal/site/PHMSA/menuitem.ebdc7a8a7e39f2e55cf2031050248a0c/?vgnextoid=4351fd1a874c6310VgnVCM1000001ec
b7898RCRD&vgnextchannel=f7280665b91ac010VgnVCM1000008049a8c0RCRD&vgnextfmt=print
US Shale Plays - Unconventional Oil &Gas
US Coal Resources
Source: http://pubs.usgs.gov/of/1996/of96-092/Comp/main.gif
US Federal & Tribal Lands
http://nationalatlas.gov/printable/images/pdf/fedlands/fedlands3.pdf
US Population Density Map 2010 ~320mm
Source: http://upload.wikimedia.org/wikipedia/commons/2/21/US_population_map.png
US Power Grid
Source: http://en.wikipedia.org/wiki/File:UnitedStatesPowerGrid.jpg
Impacts of US Shale Gas:
Expect Increasing Price Volatility
Marcellus Increasing US Daily Gas
Production
Major Shale (Gas/Oil) Basin Wells
Rapid Declining Production Curve
http://www.ogj.com/articles/print/vol-110/issue-
4/exploration-development/bakken-s-maximum.html
US Shale (Gas) Impacts
US vs. Europe: Energy Battle Heats Up
http://www.cnbc.com/id/101365772
It all comes down to shale gas and the energy revolution it has triggered in the United States. As a result of the rapid advance of shale technology,
the United States now has an abundance of low-cost natural gas at one-third the price of European gas. European industrial electricity prices are
twice as high as those in some countries and are much higher than those in the United States. To a significant degree, this is the result of a pell-mell
push toward high-cost renewable electricity (wind and solar), which is imposing heavy costs on consumers and generating large fiscal burdens for
governments. In Germany, it was further accentuated by the premature shutdown of its existing nuclear industry after the 2011 Fukushima nuclear
accident in Japan.
All this puts European industrial production at a heavy cost disadvantage against the United States. The result is a migration of industrial investment
from Europe to the United States what one CEO called an "exodus." It involves, not only energy-intensive industries like chemicals and metals, but
also companies in the supply chains that support such industries.
Yet the competitiveness gap will continue to expand as Europe remains locked in a path of still-higher costs unless there is a change in policy. And
the first signs of a potential change of policy abruptly emerged in both Brussels and Berlin during Davos week. European policy makers, struggling
with already high unemployment, have begun to visualize the further job loss that will result from shutting down European plants. They have also
started to pay attention to the 2.1 million jobs in in the United States supported by the unconventional oil and gas revolution.
His comments reflect the recognition that, if the course remains unchanged, Germany could be facing what Gabriel called "a dramatic
deindustrialization." And that would threaten Germany's prosperity, which hinges to a considerable degree on Germany's international
competitiveness. Exports are responsible for over 50 percent of German GDP, compared to 27 percent for China, which is generally considered to be
the workshop of the world.
Gabriel's comments stirred up criticism from environmentalists; indeed, they may seem strange words coming from the leader of the Social
Democrats (the SPD). But the Social Democrats are very close to the trade unions, for which loss of competitiveness translates into loss of jobs.
And it is jobs, as much the specter of "deindustrialization," the disinvestment in industry, that is now making competitiveness a significant part of
Europe's energy debates, especially on a continent where unemployment is so high. The risk of major job loss could well provide the political stimulus
to moderate energy policies in order to narrow the trans-Atlantic gap that was so evident a theme this year at Davos.
US Coal to Europe Displaces Natgas-
GHG Emissions Go Up
http://www.bloomberg.com/news/2012-10-31/gas-golden-age-darkens-in-europe-on-u-s-coal-energy-
markets.html
Global gas consumption may rise 19 percent by 2017 from 2010 levels as demand surges in
Asia and the U.S. while Europes usage drops 1.6 percent, according to the International
Energy Agency. Increasing coal-fired generation in Europe has cut gas demand by 3 billion
cubic feet a day, according to Sanford C. Bernstein & Co., about 7 percent of consumption.
The IEA last year predicted a golden age for the fuel with new exports from America to
Australia.
Gas for delivery next month on the Netherlands Title Transfer Facility, the mainland
European benchmark, traded at 27.50 euros ($35.65) a megawatt-hour yesterday, more
than double the price four years ago, according to broker data compiled by Bloomberg.
Thats equivalent to $10.43 per million British thermal units and compares with $3.69 per
million Btu for front- month fuel in the U.S., which fell 43 percent over the period.
German power stations make a loss of 11.25 euros a megawatt-hour from burning gas,
according to Bloomberg calculations of the so-called clean-spark spread, which takes into
account electricity, fuel and carbon prices for next month.
The equivalent measure when burning European coal for delivery to Amsterdam,
Rotterdam and Antwerp shows a profit of 14.22 euros a megawatt-hour. U.S. Central
Appalachian Coal Futures for the next month traded at $59.43 a short ton on Oct. 29,
excluding shipping, versus $84.85 a metric ton ($93.53 a short ton) for European coal.
Burning coal has contributed to a 10 percent increase in EU carbon-dioxide output this
year through September, according to Bloomberg New Energy Finance. First-quarter
emissions from power generation in the U.S. dropped to the lowest since 1992 because of
increased gas usage and a milder-than-normal winter, the EIA said in an Aug. 1 report.
California Natgas Shortage
AP Feb 6
th
2014
Water isn't the only resource running short in California. The drought-
stricken state is also low on natural gas. With a move that usually comes
in the height of summer when temperatures are soaring and air
conditioners blasting, Californians were urged to voluntarily cut their
electricity use after frigid weather across the U.S. and Canada caused a
shortage of natural gas at Southern California power plants.
The so-called Flex Alert, in which residents are asked to turn off unneeded
lights, avoid using large appliances or equipment, and turn off electrically
powered heaters, was allowed to expire at 10 p.m. Thursday, nine hours
after it began. The shortage was only in Southern California, but the north
was asked to do its part too.
"Statewide electricity and gas conservation will help free up both
electricity and gas supplies for Southern Californians," the California
Independent System Operator, which runs the state's power grid, said in a
statement. There was no immediate call for an extension of the alert, but
it wasn't clear whether more could be coming.
Stephanie McCorkle, a spokeswoman for the grid operator, said Southern
California has become increasingly dependent on natural gas-fired plants
since the decision last year to shutter the troubled San Onofre nuclear
power plant, which is located between Los Angeles and San Diego.
http://bigstory.ap.org/article/natural-gas-shortage-affects-calif-power-
supply


As Gas Generators' Fuel Costs Soar, Grid
Operator Asks FERC To Waive Price Cap
Peter Behr, E&E reporter Published: Friday, January 24, 2014
But PJM said it was obliged to accept bids from various generators for 4,000 megawatts of power
Tuesday at $999 per MWh, in order to meet the heavy demand for power as the cold wave continued.
The price of natural gas to gas-fired plants drove up the price, PJM said.

With heating demands for gas soaring, gas prices at two points on the Transco pipeline running
through the mid-Atlantic region averaged more than $120 per million British thermal units on
Jan. 21 with a high mark of $140 per million Btu,

PJM said -- prices that pushed some generators' costs to more than $1,200 per MWh.
"This is untenable," PJM said in its petition to FERC. "Generators cannot lawfully be required to buy fuel
at a cost of many millions of dollars for the purpose of generating power and selling it at a loss."

Natgas Forward Curve-Volatility Impacts
From Polar Vortex
Source: DTN 2-20-14 vs 2-26-14
The rapid upward change in the nearby pricing a direct effect of this winters longer colder season
US Natgas Storage Hit Hard
EIA Feb 14
th
2014
If the cold weather continues and withdrawals maintain their recent pace of 200 +
Bcf/week then storage could easily fall below 1 Tcf by the end of March, for the first
time since 2003 (orange dashed projection on the chart). RBN 2-24-14
CO
2
-EOR and CCUS Developments
US goes to Carbon Capture Utilization
and Storage
July 28
th
2011 Chuck McConnell at his
first confirmation hearing in the US
Senate Energy and Natural Resources
Committee, puts forth his plan for the
DOE Fossil Energy and the US to make
use of the captured CO
2
such as in
enhanced oil recovery to add value to
the process. He and his plan were
accepted and confirmed.
He based his confidence in this
approach on a recently completed
DOE study on this concept.
http://www.netl.doe.gov/energy-
analyses/pubs/storing%20co2%20w%
20eor_final.pdf

Current CO
2
EOR Operations
US CCUS and CCS Projects
Mississippi Powers Kemper CCUS lignite gasification
Air Products-operational-CCUS methane reformer
Plant Barry-pilot operational-CCS post combustion
ADM-pilot operational-CCS ethanol plant
Summits TCEP-on hold-CCUS polygen
NRG-in development-CCUS post combustion
HECA-in development-CCUS polygen
FutureGen-in development-CCS oxycombustion
DKRW-on hold-CCUS coal to methanol
Peabody-Great Point-on hold-CCUS
Indiana Gasification-on hold-CCUS petcoke polygen
Leucadia Louisiana Methanol (petcoke gasification)-in
development-CCUS petcoke to methanol
Mississippi Power Kemper IGCC Project
http://www.mississippipower.com/kemper/docs/Q4_2013KemperProgressReport.pdf

582-megawatt integrated gasification combined-cycle (IGCC) power
plant in Kemper County uses lignite
~85% complete-only commercial scale CCUS power project in the US
CO
2
going to Denbury and Tellus for EOR and utilization
Visited on January 22
nd
the power block was operational and running
delivering power to the grid in Mississippi
Navajo Nation Speaker Naize Welcomes Royal Norwegian
General Consulate to discuss Energy Initiatives
ROZ or Residual Oil Zone
This study set the
stage for moving
CO
2
EOR in the ROZ
into full gear.
Source: Melzer Consulting
Source: Melzer Consulting
Source: Melzer Consulting
Source: Melzer Consulting
Source: Melzer Consulting
Next Frontier for CO
2
-EOR -- Shale
Oil/Bakken
CO
2
-EOR and EU/EC
January 14
th
2014 EU Parliament passed:
The implementation report 2013: developing and applying carbon
capture and storage technology in Europe (2013/2079(INI))
Note: item 34 Welcomes the various initiatives to make use of CO
2

in ways that reduce overall emissions into the atmosphere and create
alternative products such as sustainable transport fuels;
calls in particular for the Commission to assess urgently the potential
for the secure use of CO
2
to enhance oil and gas recovery within the
EU
http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mo
de=XML&reference=A7-2013-0430&language=EN#title2

Coal
AEO2014 Projects More Coal-Fired Power Plant
Retirements By 2016 Than Have Been Scheduled
http://www.eia.gov/todayinenergy/detail.cfm?id=15031# February 14, 2014
Coal-fired power plants in the United States have been under significant economic pressure in recent years because of low natural gas prices and slow electricity demand growth. The Annual Energy
Outlook 2014 (AEO2014) Reference Case projects that a total of 60 gigawatts (GW) of capacity will retire by 2020, which includes the retirements that have already been reported to the U.S. Energy
Information Administration.

Coal-fired power plants are subject to the Mercury and Air Toxics Standards (MATS), which require significant reductions in emissions of mercury, acid gases, and toxic metals. The standards are
scheduled to take effect in April 2015, a deadline that is conditionally allowed to be extended by up to one year by state environmental permitting agencies. Projected retirements of coal-fired
generating capacity in the AEO2014 include retirements above and beyond those reported to EIA as planned by power plant owners and operators. In these projections, 90% of the coal-fired capacity
retirements occur by 2016, coinciding with the first year of enforcement for the Mercury and Air Toxics Standards.

To comply with MATS, it is assumed that all coal-fired plants have flue gas desulfurization equipment (scrubbers) or dry sorbent injection systems installed by 2016. Retirement decisions are based on
the relative economics and regulatory environment of the electricity markets. A plant may retire if higher coal prices, lower wholesale electricity prices (often tied to natural gas prices), or reduced
utilization make investment in equipment like scrubbers uneconomical. The Reference case projections shown in the graph above reflect EIA's baseline for comparing a number of different sensitivity
cases exploring variations on these factors. The full Annual Energy Outlook 2014 including all sensitivity cases will be released in the spring.

At the end of 2012 there were 1,308 coal-fired generating units in the United States, totaling 310 GW of capacity. In 2012 alone, 10.2 GW of coal-fired capacity was retired, representing 3.2% of the
2011 total. The table below shows the progression of coal-fired generating unit retirements between 2010 and 2012. Units that retired in 2010, 2011, or 2012 were small, with an average size of 97
megawatts (MW), and inefficient, with an average tested heat rate of about 10,695 British thermal units per kilowatt-hour (Btu/kWh). In contrast, units scheduled for retirement over the next 10 years
are larger and more efficient: at 145 MW, the average size is 50% larger than recent retirements, with an average tested heat rate of 10,398 Btu/kWh.
China Coal Imports
Argus 2-12-14
Coal Export Terminals
http://www.platts.com/news-feature/2012/coal/coalexports/map
US Coal Exports-Imports
http://www.eia.gov/coal/production/quarterly/
U.S. coal consumption totaled 229.5 million short tons in first quarter 2013; this was
1.5% above the 226.1 million short tons reported in fourth quarter 2012
Where US Coal Goes
http://democrats.naturalresources.house.gov/sites/democrats.naturalres
ources.house.gov/files/documents/Our_Pain_Their_Gain1.pdf
Global-US Inter-related Energy Activities
Chinas Energy Appetite Grows
http://www.eia.gov/todayinenergy/detail.cfm?id=8070
China is the world's largest energy consumer. China's economy, which has grown at an
average real rate of about 10 percent per year over the last 10 years, is a key driver of the
increase in energy consumption, both in China and internationally. Economic growth in
China is still robustChina's gross domestic product grew an estimated 7.8% in the first
half of 2012. China had the most installed generating capacity in the world in 2011, at
1,073 gigawatts, slightly higher than the United States.
Map of Basins with assessed Shale Oil and
Shale Gas Formations, as of May 2013
Source: Technically Re coverable Shale Oil and Shale Gas Resources: An Assessment of 137 Shale Formations
in 41 Countries Outside the United States EIA June 13
th
2013
Panama Canal Expansion and Its Impact
It could be the single biggest game changer for the export
of US energy and related commodities to the Far East.
LNG Exports first export facility online in 2015
Coal Exports major expansions of GC terminals
NGL Exports long term export contracts
Transportation Fuels Exports-from foreign and US
crude, GTL and CTL projects
Crude Oil Exports talk to open up lower 48
restrictions
Petrochemical Exports world scale new builds and
expansion underway in the GC
Total vessel throughput last year 18,000new locks
increase throughput and triple vessel sizes.
Arctic Sea Routes
As of September 5, 2013 the NSR
Administration has issued 495
permits to navigate and operate
on the NSR so far this year.
However, most of these permits
are for only parts of the route,
predominantly the western part of
Russian waters, i.e. the
southwestern Kara Sea. As of 31
July 2013, of the 296 permits
granted only 18% (58 permits) are
for actual transits and 45% (133
permits) are approved for voyages
only in the southwestern Kara Sea,
primarily shipping goods within
the region or bringing them south-
westwards to Europe.

http://www.oceansnorth.org/system/files/styl
es/fullsize/private/imagedb/arctic%20shipping
%20map_0.jpg?itok=KITnA6sT
Significant Carbon Events
November 7
th
2013'Unburnable' carbon fuels investment concerns-
Investors group with 7.3tn of assets asks energy giants about their
exposure and response to the risk of falling demand for oil and coal.
http://www.theguardian.com/sustainable-business/unburnable-carbon-
investment-agenda

June 12
th
2013 Obama Quietly Raises 'Carbon Price' as Costs to Climate
Increase. The increase of the so-called social cost of carbon, to $38 a
metric ton in 2015 from $23.80, adjusts the calculation the government
uses to weigh costs and benefits of proposed regulations. The figure is
meant to approximate losses from global warming such as flood damage
and diminished crops. http://www.bloomberg.com/news/2013-06-
12/tougher-regulations-seen-from-obama-change-in-carbon-cost.html

EPA and NSPS on new and existing power plants
President Obamas June 2
nd


TEPCO Plans Two 500 MW IGCC
Projects in Japan
May 21-2014 http://www.enerdata.net/enerdatauk/press-and-
publication/energy-news-001/tepco-plans-two-500-mw-igcc-projects-
japan_28804.html

Japanese power utility TEPCO has submitted to the Minister of Economy, Trade and
Industry of Japan the "Planning Phase Environmental Impact Statement for
Reconstruction of Fukushima: Demonstration plan for large scale coal based
integrated gasification combined cycle". TEPCO aims to build two 500 MW coal based
integrated gasification combined-cycle (IGCC) power plants; the first one would be
built in the Hirono area, on the site of the existing power plant and would be
developed independently by TEPCO. The second one would be built within the
premises of Nakoso power plant, in partnership with Joban Joint Power. Two
additional projects are also under consideration.

("Statement") that summarizes the environmental items to be considered,
independently for the Hirono area, and in collaboration with Joban Joint Power Co.,
Ltd. for the Nakoso area. In addition to the above, for the purpose of making inquiry
references from the viewpoint of environmental preservation, we have also submitted
the said document to the Governor of Fukushima prefecture, and the Mayor of Hirono
town as well as the Mayor of Naraha town for the Hirono area; and the Governor of
Fukushima prefecture and the Mayor of Iwaki city for the Nakoso area.
Mexico Opens Up Its Energy Markets
On Dec. 12, 2013, Mexican legislators approved controversial, far-reaching
reforms to the countrys energy sector. Outside the federal legislative
chambers in Mexico City, protesters pounded on metal barriers with rocks
and spoons, while phalanxes of riot police stood guard behind the
barricades.
Many felt their countrys patrimony and fiscal independence were being
sold at a fire sale. Mexico was opening up its energy sector to private,
foreign interests for the first time since President Lazaro Cardenas had
tossed out foreign companies and nationalized oil reserves to wide and
enthusiastic support in 1938.

For the past 75 years, Mexican oil has been controlled exclusively by the
state-owned oil firm Pemex, the second most profitable company in Latin
America, according to the Fortune 500 index. Almost all of Pemexs profits
go back into national coffers. But the state-owned company is also
notoriously corrupt.
http://www.texasobserver.org/american-media-misses-story-mexican-oil-
reform/


Saudi Aramco Uthmaniyah CO
2
-EOR
at Ghawar
CO
2
EOR Demonstration project.
0.8 Mt of CO
2
injection over 3 years, coming from the Hawiyah gas
plant.
The CO
2
injection will take place in a well characterized field, the
Ghawar field, of which Uthmaniyah represents a small area. The
project will consist of 4 injection wells, 2 observation wells and 4
productions wells.
Monitoring and Surveillance technology will record the
production/injection rates, the residual oil saturation, the plume
evolution (flood front), the well integrity, and the quantity of CO
2

sequestered.
Demonstrate CO
2
EOR with intensive monitoring effort.
CO
2
injection is expected to start in 2015.
http://www.globalccsinstitute.com/project/uthmaniyah-co2-eor-
demonstration-project-0



US Becomes World Scale LPG and
Ethane Exporter
GPA 14: US exports of LPG poised to
skyrocket. 4-15-14
A near-doubling of US propane
exports occurred from 2012 to 2013.
This paradigm shift looks likely to
continue.
At least 77 projects to build or
expand LPG processing capacity are
in the works, Ms. Anderson said.
These projects will bring online 13
billion cubic feet per day (Bcfd) of
additional capacity in US by the end
of 2015.
Bentek anticipates US LPG supply
from gas plants to reach 2 MMbpd by
2019
http://www.hydrocarbonprocessing.c
om/Article/3331124/GPA-14-US-
exports-of-LPG-poised-to-
skyrocket.html

Enterprise Building Ethane Export
Terminal to Cut Glut . 4-22-14
The operator of the largest U.S.
storage hub for natural gas liquids,
plans to reduce an oversupply of
ethane by exporting the plastics
ingredient from the Texas coast.
The refrigerated export facility is
expected to begin operating in the
third quarter of 2016.
It will have the capacity to load
240,000 barrels a day, making it the
largest such facility in the world, the
company said.
U.S. ethane supply currently exceeds
demand by about 300,000 barrels a
day, a figure that may reach 700,000
barrels by 2020.
http://www.bloomberg.com/news/2
014-04-22/enterprise-building-
ethane-export-terminal-to-cut-
glut.html

CO2 Shipping
Anthony Veder CO2 shipping.
http://www.anthonyveder.com/activities/new-business/co2-shipping/
AP Moeller/Maersk CO2 shipping.
http://www.maersktankers.com/Activities/Pages/CO2%20Shipping.aspx
Yara CO2 Business Unit.
http://www.yara.com/media/news_archive/Yara_co2_ships.aspx
GCCSI CO2 Liquid tanker study Vopak.
http://cdn.globalccsinstitute.com/sites/default/files/publications/25491/c
o2-liquid-logistics-shipping-concept.pdf
GCCSI Chiyoda Preliminary Feasibility Study on CO2 Carrier for Ship.
http://www.globalccsinstitute.com/publications/preliminary-feasibility-
study-co2-carrier-ship-based-ccs
Lloyds Feasibility of Danish CCS Scheme Comprised of Capture at Power
Plans, Ship Transport and CO2-EOR. Supports using modified chilled LPG
carriers and modified ethane carriers for CO2 in supercritcal for long haul
shipping.
http://www.dendanskemaritimefond.dk/public/dokumenter/2010/2010-
71/Report%20-
%20Feasibility%20of%20Danish%20CCS%20Scheme%20Comprised%20of
%20Capture%20at%20Power%20Plants%20Ship%20Transport%20and%20
CO2%20EOR.pdf
CCS/CCUS Financing
Money Everywhere But..
In terms of financing for CCS, despite an
increasing number of operating plants, there have
been no examples of commercially (bank) financed
CCS projects yet as far as we are aware..
Allan Baker - Societe Generale
Targeted report: Financing Large Scale Integrated
CCS Demonstration Projects
Report issued May 1, 2014 by GCCSI-Societe
Generale
http://www.globalccsinstitute.com/publications/tar
geted-report-financing-large-scale-integrated-ccs-
demonstration-projects

Available Financing Sources
Financial Institutions and Their Role
Considerations
Risk: project, market, political, regulatory, permitting
Complexity of project to be funded
Term contracted off-take agreements
Lack of familiarity by institutions of the CCUS value
chain
Geographic
Resource access: Water, power, markets for output
Competitive landscape: water, power, land,
alternatives..
Technology: first of kind vs. off the shelf
Project Team
Questions & Thank You!
Michael E. Moore
VP Energy Commodities and Advisory Services
FearnOil Inc. (a division of Astrup-Fearnleys)
www.fearnleys.com

Executive Director
North American Carbon Capture Storage Association
www.naccsa.org

mmoore@fearnoil.com Tel: 281-759-0245