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262 IPCC Special Report on Carbon dioxide Capture and Storage 5.9.4.1 Enhanced oil recovery distance and oil price are –92.0 and +66.7 US$/tCO2 stored. The low-cost case assumes favourable assumptions for all parameters (effectiveness, reservoir depth, productivity) and a 20 US$ per barrel oil price. Higher oil prices, such as the 50 US$ per barrel prices of 2005, will considerably change the economics of CO2-EOR projects. No published studies are available for these higher oil prices. The costs of onshore CO2-flooding EOR projects in North America are well documented (Klins, 1984; Jarrell et al., 2002). Carbon dioxide EOR projects are business ventures to increase oil recovery. Although CO2 is injected and stored, this is not the primary driver and EOR projects are not optimized for CO2 storage. The commercial basis of conventional CO2-EOR operations is that the revenues from incremental oil compensate for the additional costs incurred (including purchase of CO2) and provide a return on the investment. The costs differ from project to project. The capital investment components are compressors, separation equipment and H2S removal, well drilling and well conversions and completions. New wells are not required for some projects. Operating costs are the CO2 purchase price, fuel costs and field operating costs. Other estimates for onshore EOR storage costs all show potential at negative net costs. These include a range of –10.5 to +10.5 US$/tCO2 stored for European sites (Hendriks et al., 2002). These studies show that use of CO2 enhanced oil recovery for CO2 storage can be a lower cost option than saline formations and disused oil and gas fields. In Texas, the cost of CO2 purchase was 55–75% of the total cost for a number of EOR fields (averaging 68% of total costs) and is a major investment uncertainty for EOR. Tax and fiscal incentives, government regulations and oil and gas prices are the other main investment uncertainties (e.g., Jarrell et al., 2002). At present, there are no commercial offshore EOR operations and limited information is available on CO2 storage costs for EOR options in offshore settings. Indicative storage cost estimates for offshore EOR are presented by Hendriks et al. (2002). Their range is –10.5 to +21.0 US$/tCO2 stored. For the North Sea Forties Field, it has been shown that CO2- flooding EOR is technically attractive and could increase oil recovery, although at present it is not economically attractive as a stand-alone EOR project (Espie et al., 2003). Impediments are the large capital requirement for adapting facilities, wells and flowlines, as well as tax costs and CO2 supply. It is noted that the economics will change with additional value for storage of CO2. The CO2 price is usually indexed to oil prices, with an indicative price of 11.7 US$/tCO2 (0.62 US$/Mscf) at a West Texas Intermediate oil price of 18 US$ per barrel, 16.3 US$/ tCO2 at 25 US$ per barrel of oil and 32.7 US$/tCO2 at 50 US$ per barrel of oil (Jarrell et al., 2002). The CO2 purchase price indicates the scale of benefit for EOR to offset CO2 storage costs. The potential benefit of EOR can be deduced from the CO2 purchase price and the net storage costs for CO2-EOR storage case studies. The indicative value of the potential benefit from enhanced oil production to CO2 storage is usually in the range of 0–16 US$/tCO2. In some cases, there is no benefit from EOR. The maximum estimate of the benefit ranges up to $92 per tonne of CO2 for a single case study involving favourable parameters. In general, higher benefits will occur at high-oil-price scenarios similar to those that have occurred since 2003 and for highly favourable sites, as shown above. At 50 US$ per barrel of oil, the range may increase up to 30 US$/tCO2. 5.9.4.2 Cost of CO2 storage with enhanced oil recovery Recent studies have estimated the cost of CO2 storage in EOR sites (Bock et al., 2003; Hendriks et al., 2002). Estimates of CO2 storage costs for onshore EOR options in North America have been made by Bock et al. (2003). Estimates for a 2-MtCO2 yr–1 storage scenario are based on assumptions and parameters from existing EOR operations and industry cost data. These include estimates of the effectiveness of CO2-EOR, in terms of CO2 injected for each additional barrel of oil. The methodology for these estimates of storage costs is to calculate the break- even CO2 price (0.3 tCO2). 5.9.4.3 Cost of CO2 storage with enhanced gas recovery Experience from field operations across North America provides information about how much of the injected CO2 remains in the oil reservoir during EOR. An average of 170 standard m3 CO2 of new CO2 is required for each barrel of enhanced oil production, with a range of 85 (0.15 tCO2) to 227 (0.4 tCO2) standard m3 (Bock et al., 2003). Typically, produced CO2 is separated from the oil and reinjected back underground, which reduces the cost of CO2 purchases. CO2-enhanced gas recovery is a less mature technology than EOR and it is not in commercial use. Issues are the cost of CO2 and infrastructure, concerns about excessive mixing and the high primary recovery rates of many gas reservoirs. Cost estimates show that CO2-EGR (enhanced gas recovery) can provide a benefit of 4–16 US$/tCO2, depending on the price of gas and the effectiveness of recovery (Oldenburg et al., 2002). The base case for a representative reservoir at a depth of 1219 m, based on average EOR parameters in the United States with an oil price of 15 US$ per barrel, has a net storage cost of –14.8 US$/tCO2 stored. Negative costs indicate the amount of cost reduction that a particular storage option offers to the overall capture and storage system. Low- and high-cost cases representing a range of CO2 effectiveness, depth, transport 5.9.4.4 Cost of CO2 storage with enhanced coal bed methane The injection of CO2 for ECBM production is an immature technology not yet in commercial use. In CO2-ECBM, the revenues from the produced gas could offset the investment costs and provide a source of income for investors. Cost data are based on other types of CBM operations that are in use. There is significant uncertainty in the effectiveness of CO2 storage in coal beds in conjunction with ECBM, because therePDF Image | CARBON DIOXIDE CAPTURE AND STORAGE
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