[IEA]：Storing CO2 through Enhanced Oil Recovery

Storing CO2 through Enhanced Oil Recovery (EOR+)

Executive Summary

This report explores the integration of Enhanced Oil Recovery (EOR) with CO2 storage (EOR+) as a method to store CO2 while also producing oil. The study outlines the technical and economic feasibility of EOR+ and provides an overview of its potential impact on oil markets and global CO2 emissions.

Introduction

The International Energy Agency (IEA) has established EOR+ as a promising approach to enhance both oil recovery and CO2 storage. The report details the current state of CO2-EOR, its potential for CO2 storage, and the economic viability of various EOR+ models.

CO2-EOR Today: An Oil Production Tool

What is CO2-EOR?: CO2-EOR involves injecting CO2 into oil reservoirs to increase oil recovery.
What happens to the injected CO2?: CO2 is trapped in the reservoirs, contributing to enhanced oil recovery.
Has CO2-EOR been used to store CO2?: Yes, but primarily as an oil production technique rather than a dedicated CO2 storage method.

Towards Storing CO2: "EOR+" as a Climate Tool

Adding storage to CO2-EOR: EOR+ combines CO2-EOR with CO2 storage, aiming to capture and store CO2 while enhancing oil recovery.
Three Models of EOR+: Conventional, Advanced, and Maximum Storage models.

The Economics of Increasing CO2 Storage through CO2-EOR

Capital and Operating Costs: Detailed analysis of initial investment and ongoing operational costs.
The "CO2 Supply Price": The cost associated with acquiring CO2 for EOR+ projects.
Oil Price Received by EOR+ Operators: Revenue generated from oil production.
NPV of Different EOR+ Models: Net Present Value calculations for various EOR+ scenarios.

Price Drivers for Conventional, Advanced, and Maximum Storage EOR+

Factors Influencing NPV: Key drivers such as CO2 supply price, oil price, and EOR practices.

Global Technical Potential for EOR+

Large Technical Potential: Significant capacity for CO2 storage and oil recovery.
Aggregate Technical Potential: Combined potential for storage and oil recovery.
Geographic Distribution: Analysis of potential across different regions.

Impact of Widespread EOR+ on Oil Markets and Global CO2 Emissions

Accounting for Carbon at the Project Level: Detailed accounting methods for carbon emissions.
Displacement of Oil in Global Markets: Impact on global oil demand and supply.
Response of Oil Markets to EOR+: Market dynamics and price impacts.

Overcoming Barriers to EOR+

Barriers to Wider Use of CO2-EOR: Challenges such as regulatory frameworks and infrastructure.
Framework to Ensure Effective Storage: Recommendations for ensuring safe and effective CO2 storage.
Barriers to More CO2 per Barrel of Oil: Limitations in CO2 usage per unit of oil recovered.

Conclusions

Summary of Findings: Comprehensive overview of the potential and challenges of EOR+.
Recommendations: Suggestions for policymakers, industry stakeholders, and researchers.

Annex 1: Technical Aspects of a Hypothetical CO2-EOR+ Case Study

Production and Injection Profiles: Detailed profiles of hypothetical EOR+ operations.

References

Comprehensive list of references cited in the report.

Acronyms, Abbreviations, and Units of Measure

Glossary of terms and units used throughout the report.

Figures

Figure ES1: Global storage potential for different CO2-EOR practices.
Figure 1: Schematic of CO2-EOR operation.
Figure 2: Core functional activities used in cost analysis.
Figure 3: Average CO2 supply prices under three scenarios.
Figure 4: Oil price trajectories under three scenarios.
Figure 5: NPV of illustrative CO2-EOR project for different ETP scenarios.
Figure 6: Factors contributing to the different NPV results for each CO2-EOR practice.
Figure 7: Illustrative oil and CO2 price impact on choice of EOR+ practices.
Figure 8: Global storage potential for different CO2-EOR practices.
Figure 9: [Incomplete]

This summary provides a structured overview of the key points discussed in the report, focusing on the technical and economic aspects of EOR+ for CO2 storage and oil recovery.