CO2 EOR Economies for Small-to-Medium-Size Fields

Abstract

ABSTRACT CO2 projects undertaken in the past have generally been large fields that benefited from economy of scale and substantial remaining life. Future CO2 projects will generally not have these advantages. However, since the CO2 source and distribution infrastructure are in place, many smaller oil fields may be candidates for CO2 enhanced oil recovery (EOR). This paper investigates the economic viability of conducting CO2 EOR operations in small to medium-size fields under today’s market conditions. The evaluation uses actual production data from a representative CO2 project, current costs to equip the field for CO2 operations, and operating costs in the actual range of ongoing projects. Sensitivity to these factors plus depth and porosity acre-feet are discussed. The economic impact of EOR tax incentives are also considered. Each potential EOR project must be evaluated for its specific conditions. Rate of return and cost values cannot be directly applied to other EOR projects, but can be used as a guide to relative profitability.