Geological uncertainty and investment risk in CO2-enhanced oil recovery
Welkenhuysen, K.; Compernolle, T.; Piessens, K.; Ramirez, A.; Rupert, J.; Swennen, R. (2014). Geological uncertainty and investment risk in CO2-enhanced oil recovery. Energy Procedia 63: 7878-7883. https://dx.doi.org/10.1016/j.egypro.2014.11.823 In: Energy Procedia. Curran/Elsevier: Red Hook. ISSN 1876-6102; e-ISSN 1876-6102, more |   |
| Author keywords | CO2-EOR; geological storage; techno-economic simulation; North Sea |
| Authors | | Top | - Welkenhuysen, K., more
- Compernolle, T., more
- Piessens, K., more
| - Ramirez, A.
- Rupert, J.
- Swennen, R., more
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| 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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