How do you assess the economic viability of power generation from CO2-EOR compared to other sources?

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Enhanced oil recovery (EOR) with CO2 is a technique that injects carbon dioxide into depleted oil reservoirs to increase the pressure and extract more oil. This process can also reduce greenhouse gas emissions by storing CO2 underground. But how do you assess the economic viability of power generation from CO2-EOR compared to other sources? In this article, we will explore some of the factors and challenges that affect the profitability of this option.

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Hector Gutierrez

Energy Executive with extensive experience in power generation, renewable energy, greenfield development, plant…

1 CO2-EOR basics

CO2-EOR involves pumping CO2, usually from industrial sources, into oil wells that have low production rates. The CO2 dissolves in the oil and makes it less viscous and more mobile, allowing it to flow more easily to the surface. The CO2 can also displace the oil and push it towards the production wells. The CO2-EOR process can recover up to 20% of the original oil in place, compared to 5-15% with primary and secondary recovery methods.

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Robert Ballard

Principal Consultant at Ballard Energy Consulting, LLC
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The University of Wyoming's School of Energy Resources has proven studies that recovery amounts are achievable. These studies are available by contacting the School.

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Josemiro Evambi

Engenheiro de Energia | Top Renewable Energy Systems Voice
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The economic viability of energy generation from CO2-EOR (Enhanced Oil Recovery) can be evaluated from several aspects in comparison with other energy sources. CO2-EOR, which involves pumping carbon dioxide into oil wells with low production rates, offers notable advantages in terms of additional oil recovery. Through this process, CO2 dissolves in the oil, reducing its viscosity and facilitating its flow to the surface. This could allow recovery of up to 20% of the original oil in situ, a significant improvement over the 5-15% achieved with primary and secondary methods.

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2 Power generation potential

The power generation potential of CO2-EOR depends on the availability and cost of CO2, the oil price and demand, the characteristics of the reservoir, and the regulatory and environmental factors. The CO2-EOR process can generate electricity by using the excess gas that is produced along with the oil, or by capturing and reusing the CO2 that is separated from the oil at the surface. The electricity can be sold to the grid or used to power the CO2-EOR operations. The power generation capacity of CO2-EOR can vary from a few megawatts to hundreds of megawatts, depending on the scale and efficiency of the project.

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Hector Gutierrez

Energy Executive with extensive experience in power generation, renewable energy, greenfield development, plant operations and asset management with P&L responsibility.
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The articles reads: "The CO2-EOR process can generate electricity by using the excess gas that is produced along with the oil, or by capturing and reusing the CO2 that is separated from the oil at the surface." We can deduce that if there is excess METHANE gas available and it is of acceptable quality (not sour), it can be combusted to generate some power (the amount of power will depend on the amount of methane available). But how exactly do you generate power from "capturing and reusing the CO2 that is separated from the oil at the surface"? I would expect that "capturing and reusing" would USE electricity and not PRODUCE it. Please clarify.

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3 CO2 supply and cost

One of the main challenges of CO2-EOR is securing a reliable and affordable source of CO2. The CO2 can come from natural sources, such as gas fields or geothermal wells, or from anthropogenic sources, such as power plants, refineries, or cement factories. The cost of CO2 depends on the distance and infrastructure required to transport it from the source to the injection site, as well as the quality and purity of the CO2. The cost of CO2 can range from $10 to $60 per ton, depending on the location and market conditions.

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4 Oil price and demand

Another key factor that affects the economic viability of CO2-EOR is the oil price and demand. The oil price determines the revenue and profitability of the CO2-EOR project, as well as the incentive to invest in this technology. The oil demand influences the market size and competition for the CO2-EOR product. The oil price and demand are influenced by various factors, such as supply and demand dynamics, geopolitical events, environmental policies, and technological innovations. The oil price and demand can fluctuate significantly over time, creating uncertainty and risk for the CO2-EOR project.

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Josemiro Evambi

Engenheiro de Energia | Top Renewable Energy Systems Voice
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The economic viability of energy generation from CO2-EOR (Enhanced Oil Recovery) is largely influenced by oil prices and market demand. CO2-EOR involves injecting carbon dioxide into oil reservoirs to increase oil recovery, which can increase production and improve the profitability of mature oil fields. However, the effectiveness and profitability of this process are directly linked to the price of oil, which determines the revenue generated and the return on investment. If the price of oil is low, the additional costs associated with capturing and injecting CO2 may not be offset by the extra revenue gained, making the project economically unviable.

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5 Reservoir characteristics

The reservoir characteristics also play an important role in the economic viability of CO2-EOR. The reservoir characteristics include the size, depth, temperature, pressure, porosity, permeability, heterogeneity, and oil composition of the oil field. These factors affect the amount and quality of oil that can be recovered, the injection and production rates, the recovery efficiency, and the technical feasibility of the CO2-EOR process. The reservoir characteristics can vary widely from one field to another, requiring different designs and optimization strategies for each project.

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6 Regulatory and environmental factors

The regulatory and environmental factors are another aspect that influences the economic viability of CO2-EOR. The regulatory factors include the laws, policies, incentives, and standards that govern the CO2-EOR industry, such as taxation, subsidies, carbon pricing, permits, and reporting requirements. The environmental factors include the impacts and benefits of CO2-EOR on the climate, water, land, and biodiversity, such as emissions reduction, carbon storage, water use, land use, and ecological risks. The regulatory and environmental factors can create opportunities or barriers for the development and deployment of CO2-EOR, depending on the level of support or opposition from the government, stakeholders, and public.

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How do you assess the economic viability of power generation from CO2-EOR compared to other sources?

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1 CO2-EOR basics

2 Power generation potential

3 CO2 supply and cost

4 Oil price and demand

5 Reservoir characteristics

6 Regulatory and environmental factors

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