SCOR backs CRC's Carbon TerraVault in energy transition push

SCOR has backed California Resources Corporation's (CRC) Carbon TerraVault carbon storage project, marking the first EPA Class VI injection site in California. The initial phase, CTV I, began injecting CO2 into a depleted oil and gas reservoir in May 2026 and is expected to store up to 1.6 million metric tonnes of CO2 each year, the French reinsurer said. That volume equals the annual emissions from roughly 400,000 passenger vehicles.

The investment fits within SCOR's New Energy Practice, launched in 2023, which provides insurance coverage for wind, solar, biofuels, and carbon capture projects. SCOR previously supported the Tallgrass carbon capture and storage facility in Wyoming in November 2025.

Carbon capture and storage captures CO2 from industrial sources and injects it into underground rock formations for permanent containment. SCOR noted the technology has been in use since 1972 and is recognized as a safe long-term storage method.

CRC operates exclusively in California, producing oil, natural gas, and natural gas liquids while developing carbon management projects like Carbon TerraVault. The project uses existing infrastructure and supports the state's carbon neutrality goals, SCOR said.

SCOR described its support for Carbon TerraVault as part of a broader strategy focused on enabling a more resilient energy sector. The company expects carbon capture to play a growing role in global emissions reduction, it said.