01:10 PM EST, 12/31/2024 (MT Newswires) -- California Resources ( CRC ) and its Carbon TerraVault business said Tuesday they have received final Class VI well permits from the US Environmental Protection Agency for underground storage of carbon dioxide.

The permit covers the 26R reservoir located in Elk Hills Field in Kern County, California, with a capacity of up to 38 million metric tons of carbon dioxide storage and an expected injection rate of about 1.5 million metric tons annually, according to the company.

The company said the 26R reservoir is part of a joint venture between Carbon TerraVault and Brookfield (BN).

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