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Chapter 5: Underground geological storage 261 5.9.3 Cost estimates for CO2 geological storage This section reviews storage costs for options without benefits from enhanced oil or gas production. It describes the detailed cost estimates for different storage options. and gas fields at the same depths have storage costs of 3.8–8.1 US$/tCO2 stored (most likely value is 6.0 US$/tCO2 stored). The costs depend on the depth of the reservoir and reuse of platforms. Disused fields may benefit from reduced exploration and monitoring costs. The different studies for saline formations and disused oil and gas fields show a very wide range of costs, 0.2–30.0 US$/tCO2 stored, because of the site-specific nature of the costs. This reflects the wide range of geological parameters that occur in any region or country. In effect, there will be multiple sites in any geographic area with a cost curve, providing increasing storage capacity with increasing cost. 5.9.3.1 Saline formations The comprehensive review by Allinson et al., (2003), covering storagecostsformorethan50sitesaroundAustralia,illustratesthe variability that might occur across a range of sites at the national or regional scale. Onshore costs for 20 sites have a median cost of 0.5 US$/tCO2 stored, with a range of 0.2–5.1 US$/tCO2 stored. The 37 offshore sites have a median value of 3.4 US$/tCO2 stored and a range of 0.5–30.2 US$/tCO2 stored. This work includes sensitivity studies that use Monte Carlo analyses of estimated costs to changes in input parameters. The main determinants of storage costs are reservoir and injection characteristics such as permeability, thickness and reservoir depth, that affect injection rate and well costs rather than option type (such as saline formation or depleted field). 5.9.3.3 Representative storage costs Bock et al. (2003) have made detailed cost estimates on a series of cases for storage in onshore saline formations in the United States. Their assumptions on geological characteristics are based on a statistical review of more than 20 different formations. These formations represent wide ranges in depth (700–1800 m), thickness, permeability, injection rate and well numbers. The base-case estimate for average characteristics has a storage cost of 0.5 US$/tCO2 stored. High- and low-cost cases representing a range of formations and input parameters are 0.4–4.5 US$/tCO2 stored. This illustrates the variability resulting from input parameters. The extensive Australian data set indicates that storage costs are less than 5.1 US$/tCO2 stored for all the onshore sites and more than half the offshore sites. Studies for USA and Europe also show that storage costs are generally less than 8 US$/tCO2, except for high-cost cases for offshore sites in Europe and depleted gas fields in the United States. A recent study suggests that 90% of European storage capacity could be used for costs less that 2 US$/tCO2 (Wildenborg et al., 2005b). Onshore storage costs for saline formations in Europe for depths of 1000–3000 m are 1.9–6.2 US$/tCO2, with a most likely value of 2.8 US$/tCO2 stored (Hendriks et al., 2002). This study also presents estimated costs for offshore storage over the same depth range. These estimates cover reuse of existing oil and gas platforms (Hendriks et al., 2002). The range is 4.7–12.0 US$/tCO2 stored, showing that offshore costs are higher than onshore costs. Some information is available on the capital and operating costs of industry capture and storage projects (Table 5.10). At Sleipner, the incremental capital cost for the storage component comprising a horizontal well to inject 1 MtCO2 yr-1 was US$ 15 million (Torp and Brown, 2005). Note that at Sleipner, CO2 had to be removed from the natural gas to ready it for sale on the open market. The decision to store the captured CO2 was at least in part driven by a 40 US$/tCO2 tax on offshore CO2 emissions. Details of the energy penalty and levelized costs are not available. At the planned Snohvit project, the estimated capital costs for storage are US$ 48 million for injection of 0.7 MtCO2 yr-1 (Kaarstad, 2002). This data set is limited and additional data on the actual costs of industry projects is needed. 5.9.4 Cost estimates for storage with enhanced oil and gas recovery The costs of CO2 geological storage may be offset by additional revenues for production of oil or gas, where CO2 injection and storage is combined with enhanced oil or gas recovery or ECBM. At present, in commercial EOR and ECBM projects that use CO2 injection, the CO2 is purchased for the project and is a significant proportion of operating costs. The economic benefits from enhanced production make EOR and ECBM potential early options for CO2 geological storage. 5.9.3.2 Disused oil and gas reservoirs It has been shown that storage costs in disused oil and gas fields in North America and Europe are comparable to those for saline formations (Hendriks et al., 2002; Bock et al., 2003). Bock et al. (2003) present costs for representative oil and gas reservoirs in the Permian Basin (west Texas, USA). For disused gas fields, the base-case estimate has a storage cost of 2.4 US$/tCO2 stored, with low and high cost cases of 0.5 and 12.2 US$/tCO2 stored. For depleted oil fields, the base-case cost estimate is 1.3 US$/tCO2 stored, with low- and highcost cases of 0.5 and 4.0 US$/tCO2 stored. Some reduction in these costs may be possible by reusing existing wells in these fields, but remediation of abandoned wells would increase the costs if required. In Europe, storage costs for onshore disused oil and gas fields at depths of 1000–3000 m are 1.2–3.8 US$/tCO2 stored. The most likely value is 1.7 US$/tCO2 stored. Offshore oil Assessment of these cost estimates indicates that there is significant potential for storage at costs in the range of 0.5–8 US$/tCO2 stored, estimates that are based on the median, base case or most likely values presented for the different studies (Table 5.9). These exclude monitoring costs, well remediation and longer term costs. 5.9.3.4 Investment costs for storage projectsPDF Image | CARBON DIOXIDE CAPTURE AND STORAGE
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