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Putting CO2 to Use: Creating Value from Emissions Technical analysis planting.4 Wholesale ammonia prices also have an effect on supply. This can result in supply shortages, particularly at times of high demand for food and beverage preparation, which is usually highest in the summer months. This imbalance became quite acute in Europe and Mexico in the summer of 2018, with rationing of CO2 supplies in some areas (Sampson, 2018). Box 1. A mature application of CO2 use: enhanced oil recovery (EOR) The oil industry is the largest consumer of externally sourced CO2, with an estimated annual global consumption of around 70 to 80 Mt (in 2017) of CO2 for EOR (CO2-EOR) (US EPA, 2018). CO2-EOR is a well-established commercial technology that has been applied since the 1970s, primarily in the United States. The technology involves the injection of CO2 into oil fields to enhance production. This increases the overall reservoir pressure and improves the mobility of the oil, resulting in a higher flow of oil towards the production wells. The United States continues to dominate the CO2-EOR industry, with around 5% of its oil produced using this technology. This is facilitated by an extensive pipeline infrastructure of over 6 000 km (GCCSI, 2012). Other countries applying CO2-EOR, but on a smaller scale, include Brazil, Canada, China and Turkey. The majority of purchased CO2 is currently produced from underground CO2 deposits; for example, in the United States, less than 30% of the CO2 was derived from non-geological sources, mainly due to the absence of available anthropogenic CO2 sources close to oil fields (IEA, 2018a). Today, between 0.3 and 0.6 t of CO2 is injected in EOR processes per barrel (bbl) of oil produced in the United States, although this varies between fields and across the life of projects (IEA, 2018a). During the process, a portion of the CO2 remains below the ground, while the remainder returns to the surface as the oil is extracted. Most CO2-EOR projects recycle CO2 returning to the surface as it is an expensive input to the production process, resulting in over 99% of the injected CO2 being permanently stored over the life of the project. The cost of CO2 is generally linked to the oil price and can range from around USD 15-30/tCO2: injecting 0.5 tCO2/bbl oil would therefore cost around USD 7.5-15/bbl (IEA, 2018a). If the CO2 is sourced from biomass or the air, and the amount of CO2 stored exceeds the emissions from the production and combustion of the oil itself, the oil could be described as net “carbon negative”. Globally, an estimated 190-430 billion bbl of oil are technically recoverable with CO2-EOR. This would require injecting between 60 and 390 billion tonnes of CO2: for comparison, total global energy- related emissions of CO2 are currently around 32 billion tonnes each year (IEA, 2015). The United States has the greatest potential, but there are also good prospects in Central Asia, the Middle East and the Russian Federation. Today, the key obstacles to wider deployment of CO2-EOR are high capital outlay for projects, suitable geology, a lack of CO2 transport infrastructure, and limited availability of low-cost and reliable sources of CO2 in close proximity to oil fields. 4 While most of the CO2 generated during ammonia production is used in onsite urea manufacturing, some of the CO2 is emitted to the atmosphere or sold for the CO2 market, especially when more ammonia (and thus CO2) is produced than is needed for urea manufacturing. PAGE | 22 IEA. All rights reserved.PDF Image | Putting CO2 to Use Creating value from emissions
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