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.
|Number of pages||6|
|Publication status||Published - 2014|
|Event||12th International Conference on Greenhouse Gas Control Technologies, GHGT 2014 - Austin, United States|
Duration: 5 Oct 2014 → 9 Oct 2014
- Geological storage
- North sea
- Techno-economic simulation