A tertiary oil recovery method that can yield additional oil recovery by injecting gas, polymers, surfactants etc. into oil reservoir. If CO 2 is injected and mixed with oil, the oil becomes more mobile. CO2-EOR method is attractive as CUS technology, supporting the feasible CO 2 storage, because the retention of the most of injected CO 2 in the oil reservoir and cost-effective oil recovery. About 90% of CO 2 projects is implemented commercially in USA, because of a well-developed CO 2 pipeline network, i.e. the CO2-EOR feasibility largely depends on CO 2 availability.
Published in Chapter:
Using European Carbon Dioxide Emission Allowances for Investments in Storage Technologies
Domagoj Vulin (Faculty of Mining, Geology, and Petroleum Engineering, University of Zagreb, Croatia), Maja Arnaut (Faculty of Mining, Geology, and Petroleum Engineering, University of Zagreb, Croatia), Lucija Jukić (Faculty of Mining, Geology, and Petroleum Engineering, University of Zagreb, Croatia), and Daria Karasalihović Sedlar (Faculty of Mining, Geology, and Petroleum Engineering, University of Zagreb, Croatia)
Copyright: © 2020
|Pages: 19
DOI: 10.4018/978-1-7998-1196-1.ch018
Abstract
European Trading Scheme should encourage the idea of CO2 utilization and/or underground storage. Despite the large estimates of CO2 storage capacities, cost-effective storage has not been performed in the EU. As EU ETS went through several phases and is tested to the level that it can be called mature, the trends of CO2 allowance market prices can be analyzed. CO2 reduction can be achieved by simultaneous injection for CO2 Enhanced Oil Recovery (EOR) commercially, which is proved outside the EU. The technology is well developed as a part of the oil and gas business, and the mover for implementing such technologies might be CO2 allowance price. As investments in those technologies are long-term and extremely capital intensive, this chapter discussed CO2 utilization and storage in the context of EU ETS. Additionally, the chapter presented statistical analysis that helps long-term CO2 price understanding; the connection of CO2 price with oil, gas, and electricity price; and guidelines for risk mitigation in assessing the feasibility of applying CO2 utilization and storage (CUS) technologies.