Potential of CO2-EOR for Near-Term Decarbonization

Abstract

This paper provides an overview of carbon dioxide enhanced oil recovery (CO 2-EOR) and its ability to reduce greenhouse gas (GHG) emissions (even to the point of negative emissions), the role it needs to play in the challenge of decarbonization, and the need to scale up implementation and deployment in order to meet climate goals. Limitations in current legal and regulatory frameworks for CO 2 injection are explored for both economic and environmental purposes, as well as the economic implications of combining CO 2-EOR with geologic carbon storage. Results from a recent study, which demonstrate that all CO 2-EOR operations produce negative emissions oil during the first several years of production, are analyzed in the context of the urgency of climate change mitigation. Acknowledging that fossil fuels currently provide the energy foundation upon which global societies function, and that a sudden shift in the composition of that foundation can potentially destabilize the global economy and key elements of modern society, we bring CO 2-EOR to the fore as it can supply reduced carbon oil to support the current energy foundation as it steadily transitions toward decarbonization. In order to meet this urgent transition, greater fiscal, and regulatory incentives are needed to begin scaling CO 2-EOR with storage around the globe. A viable and large-scale CO 2-EOR/storage industry depends upon significant capital investments for CO 2 capture and transportation infrastructure. Policy consistency and predictability, combined with targeted subsidies, will help to achieve this goal.

Spiers Memorial Lecture: CO2 utilization: why, why now, and how?

“…As a note, enhanced oil and gas recovery with CO 2 can be considered a form of CO 2 utilization and has been in use for decades already. 22 The use of CO 2 as a cooling or cutting uid can equally be regarded as a signicant use case with potential climate benets through avoided emissions. 23 However, neither of these use categories will be addressed in this paper.…”

Progressive supply-side policy under the Paris Agreement to enhance geological carbon storage

“…Thus, there is scope within the broad ambit of international finance and cooperation to establish innovative approaches aligned around common interests, perhaps involving a 'club' of countries that expands in reach over time (e.g. Nordhaus, 2020). This could include the establishment of a CCS technology 'club' that adopts a storage crediting mechanism as a means to increase geological carbon stocks, and which could be used as an offset against fossil fuel supply.…”

Carbon capture and storage: making fossil fuels great again?

“…Therefore, the fact that the use of CO 2 in enhanced oil recovery offsets the costs makes the process one of the few large-scale demonstration projects to further develop the technology. Alternatively, research is also being carried out into the feasibility to sequester CO 2 in the oceans [6].…”