A computationally efficient semi-analytical code, CQUESTRA, has been developed for probabilistic risk assessment and rapid screening of potential sites for geological sequestration of carbon dioxide. The rate of dissolution and leakage from a trapped underground pool of carbon dioxide is determined. The trapped carbon dioxide could be mixed with hydrocarbons and other components to form a buoyant phase. The program considers potential mechanisms for escape from the geological formations such as the movement of the buoyant phase through failed seals in wellbores, the annulus around wellbores and through open fractures in the caprock. Plume animations of dissolved carbon dioxide in formation water around the wellbores are provided. Solubility, density and viscosity of the buoyant phase are determined by equations of state. Advection, dispersion, diffusion, buoyancy, aquifer flow rates and local formation fluid pressure are taken into account in the modeling of the carbon dioxide movement. Results from a hypothetical example simulation based on data from the Williston basin near Weyburn, Saskatchewan, indicate that this site is potentially a viable candidate for carbon dioxide sequestration. Sensitivity analysis of CQUESTRA indicates that criteria such as siting below aquifers with large flow rates and siting in reservoirs having fluid pressure below the pressure of the formations above can promote complete dissolution of the carbon dioxide during movement toward the surface, thereby preventing release to the biosphere. Formation of very small carbon dioxide bubbles within the fluid in the wellbores can also lead to complete dissolution. (c) 2007 Elsevier Ltd. All rights reserved.