<p indent="0mm">Clay swelling and dispersion easily occur when encountering water for shale formation, resulting in problems related to wellbore collapse when using water-based fluids, such as drilling fluid or poor fracturing stimulation when using water-based fluids as the fracturing fluid. Supercritical carbon dioxide (ScCO<sub>2</sub>) can effectively protect the clay from hydration and avoid formation damage. Based on this, basic research studies have been performed by researchers regarding the exploitation of shale oil and gas resources using ScCO<sub>2</sub>. The multi-physics coupling model describing the water seepage process cannot explain the ScCO<sub>2</sub> seepage because of a great variation in the physical properties of CO<sub>2</sub> with temperature and pressure. To construct multi-physics coupling models capable of reflecting the ScCO<sub>2</sub> seepage process when developing oil and gas resources using ScCO<sub>2</sub>, the thermal-hydro-mechanical coupling models are established in this study based on the transport and thermodynamic properties of ScCO<sub>2</sub>, combined with the law of effect of ScCO<sub>2</sub> dissolution on the mechanical properties of shale. The finite element method is used to study the distribution of formation temperature, pore pressure, and stress with time and location of ScCO<sub>2</sub> seepage, and the comparison of multi-physics fields is performed between ScCO<sub>2</sub> and water seepage. The results indicate that the compared with water seepage, the formation temperature variation of ScCO<sub>2</sub> seepage is greater, the pore pressure is lower, the stress difference near the wellbore in the direction of minimum <italic>in</italic>-<italic>situ</italic> stress is bigger, and the tangential stress in the direction of maximum <italic>in</italic>-<italic>situ</italic> stress is lower. This study can provide theoretical basis for wellbore stability analysis when using ScCO<sub>2</sub> as the drilling fluid and fracturing design and evaluation when using ScCO<sub>2</sub> as the fracturing fluid.
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