Geologically based methodologies to assess the possible volumes of subsurface CO2 storage must apply clear and uniform definitions of resource and reserve concepts to each assessment unit (AU). Application of the current state of knowledge of geologic, hydrologic, geochemical, and geophysical parameters (contingencies) that control storage volume and injectivity allows definition of the contingent resource (CR) of storage. The parameters known with the greatest certainty are based on observations on known traps (KTs) within the AU that produced oil, gas, and water. The aggregate volume of KTs within an AU defines the most conservation volume of contingent resource. Application of the concept of reserve growth to CR volume provides a logical path for subsequent reevaluation of the total resource as knowledge of CO2 storage processes increases during implementation of storage projects. Increased knowledge of storage performance over time will probably allow the volume of the contingent resource of storage to grow over time, although negative growth is possible. ?? 2009 Elsevier Ltd. All rights reserved.