Abstract
In this study, a techno–economic model was used to calculate the costs of CO2 transport and specify the major equipment required for transport in order to demonstrate and implement CO2 sequestration in the offshore sediments of South Korea. First, three different carbon capture and storage demonstration scenarios were set up involving the use of three CO2 capture plants and one offshore storage site. Each transport scenario considered both the pipeline transport and ship transport options. The temperature and pressure conditions of CO2 in each transport stage were determined from engineering and economic viewpoints, and the corresponding specifications and equipment costs were calculated. The transport costs for a 1 MtCO2/year transport rate were estimated to be US$33/tCO2 and US$28/tCO2 for a pipeline transport of ~530 km and ship transport of ~724 km, respectively. Through the economies of scale effect, the pipeline and ship transport costs for a transport rate of 3 MtCO2/year were reduced to approximately US$21/tCO2 and US$23/tCO2, respectively. A CO2 hub terminal did not significantly reduce the cost because of the short distance from the hub to the storage site and the small number of captured sources.
Highlights
Because of the concerns over climate change in recent years, the need to mitigate CO2 emissions is increasing
Because this study only focused on the transport cost, the capture and storage costs were excluded from the system boundary, but the compression and liquefaction systems were included in the pipe transport and ship transport, respectively
Three scenarios were developed that depended on the locations of the CO2 capture plants, and each scenario included both the pipeline and ship transport methods
Summary
Because of the concerns over climate change in recent years, the need to mitigate CO2 emissions is increasing. Carbon capture and storage (CCS) technology is an active carbon emission reduction method that can be used to capture CO2 from large point sources such as fossil fuel power plants (PP). CCS is expected to serve as intermediary technology for reducing CO2 emissions before renewable energy technologies replace the fossil fuel-based energy portfolio. Many countries are planning on reducing their CO2 emissions using. CCS technology, and 65 large-scale integrated projects are currently in operation or are being planned [1]. The Korean government announced a plan to reduce the country’s greenhouse gas emissions by 30% from the business as usual (BAU) level by
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