Geological uncertainty and investment risk in CO2-enhanced oil recovery

Kris Welkenhuysen, Tine Compernolle, Kris Piessens, Andrea Ramírez, Jort Rupert, Rudy Swennen

Research output: Contribution to journalConference articleScientificpeer-review

1 Citation (Scopus)

Abstract

CO2-enhanced oil recovery (CO2-EOR) has the potential to combine the environmental benefits of greenhouse gas emission reduction and the optimal use of natural resources. In economic simulations, CO2-EOR is generally approached in a classical way, with fixed parameters and limited flexibility. We propose a more realistic approach that combines realistic investment decision making with geological and techno-economic uncertainties. A cluster of seven active oil fields in the North Sea is simulated using a newly developed software tool, allowing to assess when EOR technology replaces primary production. CO2 can be delivered from different onshore locations via ship or pipeline. The introduction of near-realistic investment geological and economic risks in CO2-EOR projections will allow for in-depth assessment of CO2-EOR at the level of the North-Sea Basis, as well as of individual potential projects.

Original languageEnglish
Pages (from-to)7878-7883
Number of pages6
JournalEnergy Procedia
Volume63
DOIs
Publication statusPublished - 2014
Externally publishedYes
Event12th International Conference on Greenhouse Gas Control Technologies, GHGT 2014 - Austin, United States
Duration: 5 Oct 20149 Oct 2014

Keywords

  • CO-EOR
  • Geological storage
  • North sea
  • Techno-economic simulation

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    Welkenhuysen, K., Compernolle, T., Piessens, K., Ramírez, A., Rupert, J., & Swennen, R. (2014). Geological uncertainty and investment risk in CO2-enhanced oil recovery. Energy Procedia, 63, 7878-7883. https://doi.org/10.1016/j.egypro.2014.11.823