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Continental Resources to Invest $250 Million in Summit Carbon Solutions
Minnesota Ag Connection - 03/03/2022

North Dakota Gov. Doug Burgum and Nebraska Gov. Pete Ricketts Wednesday highlighted the importance of carbon capture and storage to U.S. energy security as Summit Carbon Solutions announced that Continental Resources Inc. will commit $250 million over the next two years to help fund the development and construction of Summit's $4.5 billion carbon capture and sequestration project.

Summit Carbon Solutions is partnering with 31 ethanol plants across five states -- Iowa, Minnesota, Nebraska, North Dakota and South Dakota -- to build the largest carbon capture and storage project of its kind in the world. Carbon dioxide from the ethanol plants will be aggregated and transported via a 2,000-mile pipeline network to North Dakota, where it will be permanently and safely stored in underground rock formations.

Burgum participated in today's announcement with Summit Agricultural Group CEO Bruce Rastetter and Continental Resources Chairman Harold Hamm and CEO Bill Berry during a press conference hosted by North Dakota entrepreneur Gary Tharaldson at the Tharaldson Ethanol Plant in Casselton, which is participating in the project.

"Combining the considerable resources and geologic expertise of one of North Dakota's most productive and pioneering oil and gas operators with this visionary model of carbon capture and storage is a win-win-win for our farmers and ethanol plants, environmental stewardship and U.S. energy security," Burgum said. "By capitalizing on our geologic jackpot of enormous underground storage capacity, we can safely store not only our own carbon dioxide but also our neighbors' CO2 while creating jobs, generating income for North Dakota landowners and strengthening our economy."

"Continued investments in carbon capture and storage highlight the forward-thinking leadership throughout the biorefining industry," Ricketts said. "This innovative approach shows the world that energy producers can pursue a reduced carbon footprint without sacrificing production vital to a secure economy that fuels America and beyond."

North Dakota Lt. Gov. Brent Sanford, Commerce Commissioner James Leiman and state legislators also attended Wednesday's announcements, along with local leaders, businesspeople, residents and ethanol plant staff.

Summit Carbon Solutions said the project is on track to be operational in the first half of 2024.

"Continental Resources has a long history of investment and innovation in North Dakota. Now, they get to be part of this important CCUS effort, which will enable biofuel producers in North Dakota and our region to access low-carbon fuel markets, providing an important source of revenue for the biofuel plants, farmers and landowners," said U.S. Senator John Hoeven of North Dakota. "It's important to remember how we got to the point where such a massive project is even possible. It takes the right legal, regulatory and tax environment, and in North Dakota, we are ahead of the curve. We've been working to make this possible for more than 14 years. In 2008, as governor, I put together a plan for the necessary legal and regulatory framework to safely capture and store CO2. We took that plan to our state legislature in 2009 and passed it into law, creating the necessary regulatory framework for carbon sequestration. As senator, I worked to secure the necessary EPA approval for North Dakota, as well. We are now one of two states in the nation with this authority. We not only have the necessary geology but all state and regulatory approvals to safely secure and store CO2."

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