A Profitability Study of CO2-EOR and Subsequent CO2 Storage in the North Sea under Low Oil Market Prices

Welkenhuysen, Kris; Meyvis, Bruno; Piessens, Kris

doi:10.1016/j.egypro.2017.03.1848

Cited by 14 publications

(6 citation statements)

References 3 publications

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“…Regarding economics, there are several related issues relevant for CO2-EOR, such as oil price, CO2 price, legal and policy issues. For example, oil price is a key aspect regarding the profitability of EOR, generally and in the specific case of the North Sea (Welkenhuysen et al, 2017). A relatively low CO2 price is also a barrier to investment in CCS (Oei & Mendelevitch, 2016).…”

Section: Geological Storage In the North Sea And Norwaymentioning

confidence: 99%

Promises and Pitfalls of Bioenergy with Carbon Capture and Storage : Actors' Perspectives, Challenges, and Mitigation Deterrence in Sweden

Rodriguez

2024

Linköping Studies in Arts and Sciences

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Linköping Studies in Arts and Sciences No. 874 At the Faculty of Arts and Sciences at Linköping University, research and doctoral studies are carried out within interdisciplinary research environments, often addressing broad problem areas. Linköping Studies in Arts and Sciences is the Faculty's own series for publishing research. This thesis comes from the Division Environmental Change at the Department of Thematic Studies.

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Section: Geological Storage In the North Sea And Norwaymentioning

confidence: 99%

Promises and Pitfalls of Bioenergy with Carbon Capture and Storage : Actors' Perspectives, Challenges, and Mitigation Deterrence in Sweden

Rodriguez

2024

Linköping Studies in Arts and Sciences

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“…According to some authors, a benefit of CO 2 -EOR is that the fossil fuel industry's infrastructure and geological knowledge could set the groundwork for offshore CO 2 storage via CCS in the North Sea. For example, Welkenhuysen et al (2017a) state that CO 2 -EOR infrastructure could be used for CO 2 storage after oil production. According to Mazzetti et al (2014), there could be an economic motivation to store CO 2 from natural gas streams in EOR projects in the North Sea, and they state that ".…”

Section: Climate Changementioning

confidence: 99%

“…Harrison and Falcone (2013) argue that 100 USD per barrel of oil would be needed to offset financial risks of CO 2 -EOR. Welkenhuysen et al (2017a) state: "CO 2 -EOR is at this moment not applied in the North Sea oil fields, and especially with the current low oil prices, the profitability of such projects is questioned." (p. 7068).…”

Section: Economicsmentioning

confidence: 99%

Storing carbon dioxide for climate's sake: contradictions and parallels with enhanced oil recovery

Rodriguez

2023

Front. Clim.

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An increase in carbon capture and storage (CCS) projects, including bioenergy with CCS (BECCS), has led to an urgent demand for storage sites, and Norway stands out for its ongoing and planned geological storage sites in a European context. Even though there are no commercial carbon dioxide enhanced oil recovery (CO2-EOR) projects in Norway and the North Sea, there is scientific literature linking CO2-EOR and CCS in this geographical region. CO2-EOR utilizes CO2 to extract additional oil, counteracting the climate change mitigation purpose of geological storage. This review article explores how CCS is represented in the scientific literature on CO2-EOR in the North Sea and Norway, with a focus on system synergies and contradictions in relation to climate change mitigation. The main themes in the scientific literature on CO2-EOR in the North Sea are climate change, economics, and geological feasibility. Monitoring, safety, and leakage in addition to transportation of CO2 are less salient. The results show that there are contrasting framings in the literature. One framing is that CO2-EOR is a gateway to large-scale storage which maintains, or even expands, the extraction of fossil fuels and contributes to a sustainable transition in the long run through knowledge building and shared infrastructure. In contrast, another framing is that CO2-EOR combined with CCS have goal conflicts and are therefore not compatible, illustrating complexities with geological storage. Finally, this study reflects on how techno-economic research on CO2 storage in the North Sea and Norway is furthered through critical social science perspectives.

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“…Table 2 lists some of these factors, which all will influence the cash flow of the project. The different assumptions regarding key parameters, as listed in Table 2, make it difficult to systemise and/or compare results from the studies (e.g., References [2,4,5,10,11,13,17,18]). However, typical cash flow will show large expenses and no real income for the first few years, followed by many years with net oil revenues and expenses, mainly in terms of OPEX and tax.…”

Section: Economics Of Offshore Co 2 -Eormentioning

confidence: 99%

“…However, there have been at least six small-scale pilots; one in Vietnam [1] and five in the Gulf of Mexico [2]. There have also been several desk studies, including of the Scottish and Norwegian sectors of the North Sea [3][4][5][6][7][8][9][10][11][12][13], the Persian Gulf and the South China Sea, and Malaysia [2].…”

Section: Introductionmentioning

confidence: 99%

Enabling Large-Scale Carbon Capture, Utilisation, and Storage (CCUS) Using Offshore Carbon Dioxide (CO2) Infrastructure Developments—A Review

et al. 2019

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Presently, the only offshore project for enhanced oil recovery using carbon dioxide, known as CO2-EOR, is in Brazil. Several desk studies have been undertaken, without any projects being implemented. The objective of this review is to investigate barriers to the implementation of large-scale offshore CO2-EOR projects, to identify recent technology developments, and to suggest non-technological incentives that may enable implementation. We examine differences between onshore and offshore CO2-EOR, emerging technologies that could enable projects, as well as approaches and regulatory requirements that may help overcome barriers. Our review shows that there are few, if any, technical barriers to offshore CO2-EOR. However, there are many other barriers to the implementation of offshore CO2-EOR, including: High investment and operation costs, uncertainties about reservoir performance, limited access of CO2 supply, lack of business models, and uncertainties about regulations. This review describes recent technology developments that may remove such barriers and concludes with recommendations for overcoming non-technical barriers. The review is based on a report by the Carbon Sequestration Leadership Forum (CSLF).

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A Profitability Study of CO2-EOR and Subsequent CO2 Storage in the North Sea under Low Oil Market Prices

Cited by 14 publications

References 3 publications

Promises and Pitfalls of Bioenergy with Carbon Capture and Storage : Actors' Perspectives, Challenges, and Mitigation Deterrence in Sweden

Promises and Pitfalls of Bioenergy with Carbon Capture and Storage : Actors' Perspectives, Challenges, and Mitigation Deterrence in Sweden

Storing carbon dioxide for climate's sake: contradictions and parallels with enhanced oil recovery

Enabling Large-Scale Carbon Capture, Utilisation, and Storage (CCUS) Using Offshore Carbon Dioxide (CO2) Infrastructure Developments—A Review

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