{"refrec":{"BRefID":295714,"RR":"<b>Welkenhuysen, K.; Meyvis, B.; Piessens, K.</b> (2017). A profitability study of CO<sub>2</sub>-EOR and subsequent CO<sub>2</sub> storage in the North Sea under low oil market prices. <i>Energy Procedia 114</i>: 7060-7069. <a href=\"https://dx.doi.org/10.1016/j.egypro.2017.03.1848\" target=\"_blank\">https://dx.doi.org/10.1016/j.egypro.2017.03.1848</a>","BEntID":287801,"PublicFlag":1,"CheckedFlag":1,"wosflag":0,"vabbflag":0,"RefStringPartII":". <i>Energy Procedia 114</i>: 7060-7069. <a href=\"https://dx.doi.org/10.1016/j.egypro.2017.03.1848\" target=\"_blank\">https://dx.doi.org/10.1016/j.egypro.2017.03.1848</a>","DocTypID":8,"DocType":"Journal article","MarineFlag":0,"FreshFlag":0,"BrackishFlag":0,"TerrestrialFlag":0,"Authorstring":"Welkenhuysen, K.; Meyvis, B.; Piessens, K.","OrigTitleTranslFlag":0,"Authorstringtrunc":"Welkenhuysen, K.; Meyvis, B.; Piessens, K.","Englishabstract":"A wide-scale application of CO<SUB>2</SUB>-enhanced oil recovery (CO<SUB>2</SUB>-EOR) in North Sea oil fields can have many advantages, especially when followed by CO<SUB>2</SUB> geological storage. Under the current low oil prices though, even maintaining basic oil production is challenging. A techno-economic assessment is made of the Claymore oil field with the PSS IV simulator, focusing on uncertainty and investment risk. For a stochastic oil price ranging between 10 and 70 €/bbl, a stochastic CO<SUB>2</SUB> revenue of -10 to 70 €/t and stochastic reservoir parameters, an average NPV of almost 500 M€ is obtained with a 73% chance on a positive NPV if the investment is made. Disregarding uncertainty relating to the underground by fixing the stochastic reservoir parameters, leads remarkably, but also erroneously, to a lower average NPV. Results also show that geological uncertainty is an important factor for determining the economic threshold level of an EOR project, and a proper assessment of the real uncertainties can make the difference between profit and loss. In case of assuming a fixed CO<SUB>2</SUB> revenue at 30 €/t, the probability of implementing EOR becomes higher, but the average NPV and project success rate are significantly lower, at 300 M€ and 63% respectively. This demonstrates that a fixed CO<SUB>2</SUB> tax is not a generic CGS enabling solution. It not well-weighted, it can hamper the deployment of certain technologies. A phase of CO<SUB>2</SUB> geological storage (CGS) after oil production becomes economically interesting from a CO<SUB>2</SUB> revenue of 17€/t. If such a price level can be guaranteed, then continuation of CO<SUB>2</SUB> injection can reduce investment risk for both the EOR and CGS investment, reduces the investment hurdle, and can be a catalyzer for large-scale and widespread CO<SUB>2</SUB> storage in Europe.","AbstractOtherLang":null,"BibLvlCode":"AS","StandardTitle":"A profitability study of CO<sub>2</sub>-EOR and subsequent CO<sub>2</sub> storage in the North Sea under low oil market prices","OrigTitleLangCode":"en","OrigTitleLangCodeExtended":"eng","OrigTitleLangID":15,"DateLastModified":{"date":"2024-12-10 01:32:52.928458","timezone_type":1,"timezone":"+01:00"},"UserAccessRight":null,"UserAccID":null,"AuthorKeywords":"CO2-enhaced oil recovery; CO2 geological storage; techno-economoicsimulation","OtherDescriptors":null,"Notes":null,"AnaPub":2017,"MonPub":null,"DateUpdate":"2021-06-07","DateCreate":"2018-05-15","SecASFANote":null,"ConfID":null,"PeerRev":1,"VlizCoreFlag":1,"WoScode":"WOS:000419147307029","VABBcode":null,"OpenAcc":1,"DOI":"10.1016/j.egypro.2017.03.1848"},"refs":null,"anarec":{"AnaID":295714,"PubliDate":2017,"Pagination":"7060-7069","XtraPublOfAnaID":null,"ISBN":null,"Volume":"114","Issue":null,"BRefMon":null,"BRefMonRR":null,"BRefXtra":null,"BRefXtraRR":null,"SerBRefID":258829,"SerRR":"Energy Procedia. 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