Screening Methodology for Regional-scale CO2 EOR and Storage Using Economic Criteria

Abstract

Clean energy technologies are driving development of new commercial sources of anthropogenic CO2, opening the possibility of carbon dioxide enhanced oil recovery (CO2 EOR) in new areas. Evaluation of the economic potential of CO2 EOR at the regional scale (e.g., a geologic basin or sub-basin) may solicit interest to implement CO2 EOR projects in these areas. This paper outlines a screening methodology for adding economics to an existing CO2 EOR bulk resource assessment for a sedimentary basin. To carry out this methodology, a field development strategy is chosen; estimates of expenses, revenues, and production and injection streams are made; economic screening of hypothetical mature fields of different sizes is carried out; field sizes which are likely to be able to support CO2 EOR under the given conditions are identified; and a new basin-scale resource estimate is obtained by applying the economic screening results to the bulk resource estimate. A screening example using this methodology to assess CO2 EOR with 16-ha (40-ac) five-spot patterns in the Illinois Basin, USA (the Basin) is presented.