Reservoir-model-based scenarios for assessing the viability of greenhouse gas mitigation strategies through CO2 enhanced oil recovery

Mollie A. Garvey; Priscilla G. McLeroy; Ruud Weijermars

doi:10.1016/j.esr.2017.03.002

Reservoir-model-based scenarios for assessing the viability of greenhouse gas mitigation strategies through CO₂ enhanced oil recovery

Mollie A. Garvey^*, Priscilla G. McLeroy, Ruud Weijermars

^*Corresponding author for this work

Research output: Contribution to journal › Article › peer-review

6 Scopus citations

Abstract

This study aims to show that utilization of captured carbon dioxide from the power and industrial sectors for enhanced oil recovery (CO₂-EOR) can be a key means of supporting global climate change ambitions. Normative business scenarios are developed to support the economic evaluation of CO₂-EOR under different contexts. A reservoir simulation model provides a realistic basis for economic input parameters and has been developed to support the determination of scenarios in which energy price variations, production tax rates and carbon dioxide prices will make CO₂-EOR economically viable. The scenarios are used to test CO₂-EOR project economics under a variety of oil prices. Projects are shown to be resilient and profitable investments, though arguably not all projects may lead to long-term CO₂ storage. Through the scenarios it is shown that stakeholders, particularly the global citizen, have the ability to significantly impact CO₂-EOR project investments.

Original language	English
Pages (from-to)	54-67
Number of pages	14
Journal	Energy Strategy Reviews
Volume	16
DOIs	https://doi.org/10.1016/j.esr.2017.03.002
State	Published - 1 Jun 2017
Externally published	Yes

Bibliographical note

Publisher Copyright:
© 2017 Elsevier Ltd

Keywords

Carbon capture and storage
Climate change
Energy scenario
Energy strategy

ASJC Scopus subject areas

Energy (miscellaneous)

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

Access to Document

10.1016/j.esr.2017.03.002

Cite this

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title = "Reservoir-model-based scenarios for assessing the viability of greenhouse gas mitigation strategies through CO2 enhanced oil recovery",

abstract = "This study aims to show that utilization of captured carbon dioxide from the power and industrial sectors for enhanced oil recovery (CO2-EOR) can be a key means of supporting global climate change ambitions. Normative business scenarios are developed to support the economic evaluation of CO2-EOR under different contexts. A reservoir simulation model provides a realistic basis for economic input parameters and has been developed to support the determination of scenarios in which energy price variations, production tax rates and carbon dioxide prices will make CO2-EOR economically viable. The scenarios are used to test CO2-EOR project economics under a variety of oil prices. Projects are shown to be resilient and profitable investments, though arguably not all projects may lead to long-term CO2 storage. Through the scenarios it is shown that stakeholders, particularly the global citizen, have the ability to significantly impact CO2-EOR project investments.",

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