We present a theory for multiply-scattered waves in layered media which takes into account wave interference. The inclusion of interference in the theory leads to a new description of the phenomenon of wave localization and its impact on the apparent attenuation of seismic waves. We use the theory to estimate the localization length at a CO2 sequestration site in New Mexico at sonic frequencies (2 kHz) by performing numerical simulations with a model taken from well logs. Near this frequency, we find a localization length of roughly 180 m, leading to a localization-induced quality factor Q of 360.