CCUS, an emerging technology for reducing carbon emission, plays a crucial role in achieving the goal of carbon neutrality. CCUS technology exemplified by CO2 enhanced oil recovery (EOR) is gradually progressing from project demonstration to large-scale application. However, the commercial application still faces uncertainties in economic cost, energy efficiency and environmental benefits. This paper takes China's first million-tonne CCUS-EOR project (Qilu Petrochemical-Shengli Oilfield CCUS-EOR project) as an example, and establishes a comprehensive research framework for evaluating CCUS from the three dimensions of energy, environment, and economy, based on economic viability, energy input-output analysis, and carbon input-output analysis. The results demonstrate that during the project lifecycle, when the average oil price is $90/bbl, the project's NPV is $56.09 million, the project's IRR is 13.4 %, the payback period is 8.34 years, and the threshold oil price for the project to be economically profitable is $81.52/bbl. Furthermore, the Energy Return on Investment (EROI) of the project is 9.09, which considerably superior to that of the Shengli Oilfield's non-EOR, and the net energy output is approximately 18,472.57 kilobarrels. The Carbon Return on Investment (CROI) of the project is 4.12, with significant environmental benefits, and the cumulative net carbon emission reduction is approximately 8078.55 kilotonnes. Furthermore, the trends in EROI and CROI of the CCUS-EOR project demonstrate nearly opposite trajectories. The variation trends in EROI emerge N-shaped curve, while that of CROI emerge S-shaped curve. In summary, the Qilu Petrochemical-Shengli Oilfield CCUS-EOR project exhibits notable advantages in terms of energy efficiency and environmental benefits. However, the threshold oil price for triggering economic profitability is relatively high, which may pose certain economic risks to investors during periods of low oil price.
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