Geological uncertainty and investment risk in CO2-enhanced oil recovery

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

doi:10.1016/j.egypro.2014.11.823

Geological uncertainty and investment risk in CO₂-enhanced oil recovery

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

^*Corresponding author for this work

Research output: Contribution to journal › Conference article › Scientific › peer-review

3 Citations (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 language	English
Pages (from-to)	7878-7883
Number of pages	6
Journal	Energy Procedia
Volume	63
DOIs	https://doi.org/10.1016/j.egypro.2014.11.823
Publication status	Published - 2014
Externally published	Yes
Event	12th International Conference on Greenhouse Gas Control Technologies, GHGT 2014 - Austin, United States Duration: 5 Oct 2014 → 9 Oct 2014

Keywords

CO-EOR
Geological storage
North sea
Techno-economic simulation

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10.1016/j.egypro.2014.11.823

Cite this

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title = "Geological uncertainty and investment risk in CO2-enhanced oil recovery",

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.",

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author = "Kris Welkenhuysen and Tine Compernolle and Kris Piessens and Andrea Ram{\'i}rez and Jort Rupert and Rudy Swennen",

year = "2014",

doi = "10.1016/j.egypro.2014.11.823",

language = "English",

volume = "63",

pages = "7878--7883",

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note = "12th International Conference on Greenhouse Gas Control Technologies, GHGT 2014 ; Conference date: 05-10-2014 Through 09-10-2014",

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T1 - Geological uncertainty and investment risk in CO2-enhanced oil recovery

AU - Welkenhuysen, Kris

AU - Compernolle, Tine

AU - Piessens, Kris

AU - Ramírez, Andrea

AU - Rupert, Jort

AU - Swennen, Rudy

PY - 2014

Y1 - 2014

N2 - 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.

AB - 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.

KW - CO-EOR

KW - Geological storage

KW - North sea

KW - Techno-economic simulation

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SN - 1876-6102

VL - 63

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JO - Energy Procedia

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T2 - 12th International Conference on Greenhouse Gas Control Technologies, GHGT 2014

Y2 - 5 October 2014 through 9 October 2014

ER -

Geological uncertainty and investment risk in CO₂-enhanced oil recovery

Abstract

Keywords

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