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Frequently Asked Questions (FAQ)^*

1. SRMS
2. CSRC

Since the publication of the SRMS in 2017, the CSRC has received questions regarding the interpretation of the SRMS’s principles and guidelines. This document presents questions received with answers prepared by the CSRC and reviewed by the other Sponsors of the SRMS, offering guidance on the interpretation and usage of the SRMS. Please note that the original text of the original submitted questions has been edited for clarity and rephrased to remove specific references. This FAQ document will be updated by the CSRC from time to time to include both additional pertinent questions and clarifications to responses to existing questions. The latest document version will be referenced in this page.

Version 2024.00

Who uses the SRMS?

All who deal with CO2 storage need to have knowledge and awareness of the SRMS Framework, which includes accounting, engineering, and geology. Regulatory agencies may need to understand and use the SRMS to adequately work with CO2 project stakeholders. Companies may need to, or desire to, report resources under governmental regulations. Additionally, for public relations, companies may desire to announce their Capacity or Storage Resources publicly with a statement of what definitions were used to assess these quantities.

What are the connections between the PRMS and the SRMS?

The PRMS addresses production of petroleum resources and the SRMS addresses the storage of CO2.

What is the value of applying the SRMS in the company resources and reserves system?

Company resources and reserves systems typically use the PRMS system as they relate to hydrocarbon resources. The SRMS is the equivalent system for companies that are interested in CO2 resource management.

How does the SRMS accommodate projects with no credit system available to generate revenue and the storage project has only expenses?

The revenue of the project is linked within a larger scale project for value recognition.

How can I use the SRMS for regional storage assessments?

The SRMS can be used to estimate Storage Resources at a basin scale within an identified geological formation through a notional project which is projected to access these storage resources. The assessment should consider pressure increases, containment, petrophysical uncertainty, regulations and commerciality.

Why was the term Storable Quantities chosen?

Because the 2017 SRMS followed the 2007 PRMS very closely, a term analogous to oil-in-place was needed. Support for the use of either mass or standard volume led to the use of Quantities. Unlike oil-in-place, which is a term for specific volume of oil in the subsurface, per se, CO2 is not in the subsurface but requires a future project. Therefore, Storable was used to imply that storage was not in subsurface at the time of the assessment, and the term Storable Quantities used to reflect the estimated volumes.

Why was the class term Capacity chosen to describe Storable Quantities representing mature projects?

In the mid-2000s, estimates of subsurface storage were often called capacity; however, it was noticed that capacity was a common term that had implied accuracy. For example, gas tank capacity, hotel capacity, oil tanker capacity, all have finite, precise capacity. When storage capacity was used, many stakeholders did not have other context and thought capacity estimates were more certain than they were. Therefore, during the development of the 2017 SRMS, the use of a term that implied less certainty was desirable. The PRMS used resources, so the decision was made to embrace the PRMS precedent and use Storage Resources as a label for subsurface estimates of storage. Stakeholders may have to ask what Storage Resources are, but no longer assume they know what it is because of the use of Capacity.

Can a project be classified in the SRMS if it is injecting CO2 into the same reservoir at the same time as the reservoir is producing hydrocarbons? For example: CO2 in hydrocarbon gas stream is disposed downdip in same reservoir.

The 2017 SRMS does not specifically address storage associated with CO2 EOR, but states that SRMS is likely applicable to CO2 EOR. The 2025 SRMS includes CO2 EOR. In the case of CO2 storage within an aquifer downdip from a producing reservoir, the SRMS is applicable.

How is a CCS project governed in jurisdictions where no CCS regulations currently exist?

The SRMS does not directly address governance of CCS projects, but only that the projects being assessed must abide by governances and regulations.

Is use of the SRMS and ISO-27914 compatible for the same project?

The SRMS is a classification system – it allows stakeholders to uniformly compare different storage resource estimates according to their commercial maturity and range of technical uncertainty. The SRMS states that you need to demonstrate containment – there is no storable quantity without containment – but it does not discuss the how. ISO 27914 standard addresses the how. How do you determine that a geologic formation is suitable for storage – with a particular focus on addressing the question of will the system contain CO2 at the required quantity and stated injection rates for the time period required by the project. The two systems are complementary. Project specifications could state compliance with other standards such as ISO-27914.

How often is the SRMS updated?

The CSRC governance documents requires that the SRMS is reviewed at least once in five years.

Where can one find the latest version of SRMS? If I want to give a copy of SRMS to friends and family, how do I do that?

The SRMS can be obtained from this location.

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What is the CSRC?

The CSRC is the SPE Carbon Dioxide Storage Resources Committee, which is responsible for maintaining and revising the SRMS, its Guidelines, relevant training materials, as well as communicating to industry regarding progress with these documents.

How do I volunteer to contribute to the CSRC?

An SPE member can express interest in volunteering through the self-nomination webpage. Volunteers serve on the CSRC subcommittees. The self-nominating webpage is used by the Chairs of the subcommittees when a volunteer need arises. Members of the SRMS sponsoring societies can contact their respective organizations for serving as their representatives.

How does the industry, including IOCs, NOCs, consultancies, etc., communicate with the SPE and the CSRC about the SRMS and Storage and Classification issues?

The industry can communicate with the SPE and the CSRC in several ways.

• Communication on application of booking CO2 volumes is preferable through workshops on the SRMS organized by the SPE. Workshops provide for direct Q&A exchanges with Subject Matter Experts (SMEs) from the workshop and workshop coordinators are responsible for feedback to the CSRC on completion of the workshop of potential issues raised. The CSRC gathers feedback from these meetings and reviews it periodically to understand the issues that users encounter and consider responses in future updates, guidance, examples, or FAQs.

• Questions about the SRMS can be addressed directly to the CSRC by sending them via e-mail to csrc@spe.org.

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*Disclaimer: These FAQs cannot anticipate every combination of circumstances that may occur. The guidance and examples provided within the FAQs are for general situations. Additional information about the situation could materially modify the guidance. In all cases, the guidance provided herein should never be interpreted to cause a violation of the principles that are the basis of SRMS.