CO2 Storage Resources and Their Development
Executive Summary
- Carbon Capture, Utilization, and Storage (CCUS): An essential solution for decarbonizing the global energy system towards net-zero emissions.
- CO2 Storage: Injection of CO2 into the Earth's subsurface began in the 1970s, with dedicated storage since 1996.
- Current Status: Seven commercial-scale dedicated CO2 storage sites exist today, with over 100 more in development.
- Momentum: Despite challenges, there is growing momentum in CO2 storage infrastructure development.
Key Points
- Benefits: Effective and secure way to permanently isolate emissions.
- Risks: Manageable, though unique risks require careful management.
- Policy Support: Essential for commercialization.
- Stages of CO2 Storage Projects:
- Resource Assessment and Site Development
- Site Selection and Characterization
- Site Design and Development
- Technical Assessment Criteria
- Risk Management
Detailed Breakdown
CO2 Storage Resources
- Effective and Secure: Permanent isolation of emissions.
- Where CO2 is Injected: Various geological formations.
- Types of CO2 Storage Resources:
- Physical Properties: Influencing CO2 injection.
- Mechanisms: Trapping injected CO2.
- CO2 Storage Projects: Strategic assets for energy transitions.
Stages of a CO2 Storage Project
- Overview and Project Framing
- Assessment and Development Workflow
- Regional and Site Screening
- Site Selection
- Initial and Detailed Site Characterization
- Site Design and Development
- Technical Assessment Criteria: Determining performance and security.
- Timing of Technical Studies
- Containment: Managing pressure.
- Monitorability: Monitoring CO2 storage.
- Injectivity: Ensuring efficient injection.
- Capacity: Estimating storage capacity.
- Constraints on Matched Capacity
- Risk Management: Unique risks in CO2 storage projects.
- Risk Assessment and Analysis
- Risk Mitigation and Remediation
- Pressure Management: Controlling pressure.
Commercialization of CO2 Storage
- Business Model Development: Required for commercial success.
- Project Type: Diverse project types.
- Project Costs: Evolving costs.
- Cost Evolution: Historical and future cost trends.
- Project Ownership: Role of specialized CO2 storage companies.
- Project Financing: Various financing options.
- Revenue Models: Different revenue streams.
- Financial Risk Management: Strategies for managing financial risks.
Conclusion
The successful deployment of CO2 storage infrastructure is crucial for the widespread adoption of CCUS technologies. With ongoing research, pilot projects, and increasing investment, the industry is moving towards a more secure and sustainable future.
