Estimating and managing risk across the carbon dioxide capture and geological storage lifecycle

Abstract

Developing a carbon dioxide capture and geological storage (CCS) facility is a complex major project that typically involves the integration of new and established technologies from the power generation, chemical, gas and oil industries to provide a solution. Adding to this complexity are the often large contracting entities made up of joint ventures of companies with differing areas of expertise, multiple stakeholders and a changing international regulatory and financial environment. This paper looks at strategic, technological, geological, safety, environmental and commercial risks across a typical CCS project lifecycle. This lifecycle is in itself a challenge as it includes several distinct phases. The process of site characterisation and selection, design, construction, operation and closure may be spread over 30–50 years, but then extends to several hundred years more when considering the long-term containment aspects. Using information from several CCS and related projects it is shown that a structured approach can be used to estimate, understand and manage risks and support decision making across the lifecycle, and in particular the design and construction phases of the physical CCS process from capture to transport, storage and monitoring.