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Enhanced Oil Recovery and CO2 Storage Potential Outside North America: An Economic Assessment

Author

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  • Colin Ward
  • Wolfgang Heidug

    (King Abdullah Petroleum Studies and Research Center)

Abstract

Storing carbon dioxide (CO2 ) in oil reservoirs as part of CO2 -based enhanced oil recovery (CO2 -EOR) can be a cost-effective solution to reduce emissions into the atmosphere. In this paper, we analyze the economics of this option in order to estimate the amount of CO2 that could be profitably stored in different regions of the world. We consider situations in which the CO2 -EOR operator either purchases the CO2 supplied or is paid for its storage. Building upon extensive data sets concerning the characteristics and location of oil reservoirs and emission sources, the paper focuses on opportunities outside North America. Using net present value (NPV) as an indicator for profitability, we conduct a break-even analysis to relate CO2 supply prices (positive or negative) to economically viable storage potential.

Suggested Citation

  • Colin Ward & Wolfgang Heidug, 2018. "Enhanced Oil Recovery and CO2 Storage Potential Outside North America: An Economic Assessment," Discussion Papers ks-2018-dp27, King Abdullah Petroleum Studies and Research Center.
    • Handle: RePEc:prc:dpaper:ks-2018-dp27
    DOI: 10.30573/KS-2018--DP27
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    File URL: https://www.kapsarc.org/research/publications/enhanced-oil-recovery-and-co2-storage-potential-outside-north-america-an-economic-assessment/
    File Function: First version, 2018
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    File URL: https://libkey.io/10.30573/KS-2018--DP27?utm_source=ideas
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    Keywords

    Carbon dioxide storage; Carbon pricing; Climate change; CO2 based enhanced oil recovery (CO2-EOR); Decarbonization; Enhanced oil recovery;
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