Economic evaluation on CO₂-EOR of onshore oil fields in China
Carbon dioxide enhanced oil recovery (CO₂-EOR) and sequestration in depleted oil reservoirs is a plausible option for utilizing anthropogenic CO₂ to increase oil production while storing CO₂ underground. Evaluation of the storage resources and cost of potential CO₂-EOR projects is an essential step before the commencement of large-scale deployment of such activities. In this paper, a hybrid techno-economic evaluation method, including a performance model and cost model for onshore CO₂-EOR projects, has been developed based on previous studies. Total 296 onshore oil fields, accounting for about 70% of total mature onshore oil fields in China, were evaluated by the techno-economic method. The key findings of this study are summarized as follows: (1) deterministic analysis shows there are approximately 1.1 billion tons (7.7 billion barrels) of incremental crude oil and 2.2 billion tons CO₂ storage resource for onshore CO₂-EOR at net positive revenue within the Chinese oil fields reviewed under the given operating strategy and economic assumptions. (2) Sensitivity study highlights that the cumulative oil production and cumulative CO₂ storage resource are very sensitive to crude oil price, CO₂ cost, project lifetime, discount rate and tax policy. High oil price, short project lifetime, low discount rate, low CO₂ cost, and lowmore »
- Chinese Academy of Sciences (CAS), Wuhan (China). Institute of Rock and Soil Mechanics.
- Pacific Northwest National Lab. (PNNL), Richland, WA (United States)
- China National Petroleum Corporation, Beijing (China). Drilling Research Institute.
- Publication Date:
- OSTI Identifier:
- Grant/Contract Number:
- AC05-76RL01830; XDA07040300; G-1211-17275
- Accepted Manuscript
- Journal Name:
- International Journal of Greenhouse Gas Control
- Additional Journal Information:
- Journal Volume: 37; Journal Issue: C; Journal ID: ISSN 1750-5836
- Research Org:
- Pacific Northwest National Laboratory (PNNL), Richland, WA (United States)
- Sponsoring Org:
- USDOE Office of Science (SC); Chinese Academy of Sciences
- Country of Publication:
- United States
- 20 FOSSIL-FUELED POWER PLANTS; 02 PETROLEUM CO₂-EOR; performance model; cost model; CO₂ storage resource; onshore oil fields
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