Explanation:

Carbon sequestration is the long-term storage of carbon in plants, soils, geologic formations, and the ocean. It occurs both naturally and as a result of anthropogenic activities and typically refers to the storage of carbon.
Types
Terrestrial Carbon Sequestration

• Terrestrial carbon sequestration is the process through which CO2 from the atmosphere is absorbed by trees and plants through photosynthesis and stored as carbon in soils and biomass (tree trunks, branches, foliage, and roots)

Geologic Carbon Sequestration

• CO2 can be stored, including oil reservoirs, gas reservoirs, unmineable coal seams, saline formations and shale formations with high organic content.

Ocean Carbon Sequestration

• Oceans absorb, release and store large amounts of CO2 from the atmosphere. This can be done in two ways- enhancing productivity of ocean biological systems through Iron fertilization, and injecting CO2 into the deep ocean.
• The dumping of iron stimulates phytoplankton production, which in turn leads to enhanced photosynthesis from these microorganisms, helping in CO2 absorption. 

Hence both statements are correct.