Economical Evaluation of CO2-EOR Projects in the Middle East |
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| Authors: | M. Algharaib N. A. Al-Soof |
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| Affiliation: | 1. Petroleum Engineering Department , Kuwait University;2. Energy Studies Department , Organization of Petroleum Exporting Countries (OPEC) |
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| Abstract: | Abstract Recently, there is a growing interest the in oil industry to utilize carbon dioxide (CO2) to enhance oil production from mature reservoirs. Conversely, there is a rising global attention to reduce CO2 emissions from burning fossil fuels due to environmental concerns. Synchronization between these two objectives is promising through CO2 Capture and Storage (CCS) projects where CO2 is captured from large emission sources and then storedin safe geological structures. Economical evaluation of CO2-EOR projects is a crucial measure in order to ensure a project's viability. In this study, an efficient model was developed to predict the economics of CO2-EOR projects. The developed model consists of five modules that are linked together to allow for fast prediction of CO2-EOR economics. The model was used to predict the economics of a case study where CO2-EOR application is considered for a Middle Eastern reservoir. Moreover, the case study was subjected to sensitivity analyses to evaluate the effects of several parameters on the various economical components of CO2-EOR projects. |
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| Keywords: | carbon capture and storage CCS CO2 economics CO2 sequestration EOR |
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