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Economic threshold of CO2-EOR and CO2 storage in the North Sea: A case study of the Claymore, Scott and Buzzard oil fields
International Journal of Greenhouse Gas Control ( IF 3.9 ) Pub Date : 2018-09-08 , DOI: 10.1016/j.ijggc.2018.08.013
Kris Welkenhuysen , Bruno Meyvis , Rudy Swennen , Kris Piessens

CO2-enhanced oil recovery in the North Sea can provide additional oil revenues, prolong the productive lifetime of oil fields, and potentially catalyse the large-scale deployment of CO2 geological storage. Under the current low oil prices, around and below 50 €/bbl, the investment is more difficult to justify. Here we show three case studies for the Claymore, Scott and Buzzard fields offshore of Scotland. A techno-economic assessment is made with the PSS IV simulator considering a low oil price scenario, market uncertainties and geological uncertainty. Stochastic parameters and project flexibility are used to simulate realistic project decisions. The Modified Internal Rate of Return (MIRR) is introduced as a performance indicator in combination with hurdle rate scenarios of 10, 11 and 12% for risk compensation. The possibility of continuing the storage of CO2 after oil production has stopped is considered, and reservoir uncertainty is introduced as stochastic parameters defining the EOR production profile. In terms of total value and development probability, the Buzzard field has the highest potential for a successful CO2-EOR project in all of the simulated scenarios, followed by Claymore and Scott. When compensating for field size, the Buzzard field still has the highest value per barrel of additionally produced oil, but the Scott field has a higher efficiency compared to Claymore. With an increase of the hurdle rate, the probability on investment in CO2-EOR decreases, but the probability on a profitable project increases. It also becomes more likely that if an EOR project is started, it will be followed by a CO2 storage phase. A hurdle rate of 12% even completely offsets the financial risk under the simulated conditions.



中文翻译:

北海CO 2 -EOR和CO 2封存的经济门槛:以克莱莫尔,斯科特和巴扎德油田为例

增强北海中CO 2的采收率可以提供额外的石油收入,延长油田的生产寿命,并有可能催化大规模部署CO 2地质存储。在目前的低油价(约等于或低于50欧元/桶)下,投资更难证明其合理性。在这里,我们展示了苏格兰海上Claymore,Scott和Buzzard油田的三个案例研究。考虑到低油价情况,市场不确定性和地质不确定性,使用PSS IV模拟器进行了技术经济评估。随机参数和项目灵活性用于模拟现实的项目决策。引入了修正内部收益率(MIRR)作为绩效指标,结合了10%,11%和12%的风险补偿率。继续储存CO 2的可能性考虑停止采油后,将储层不确定性作为定义EOR采油剖面的随机参数引入。就总价值和发展可能性而言,在所有模拟方案中,Buzzard油田成功实施CO 2 -EOR项目的潜力最大,其次是Claymore和Scott。在补偿油田规模时,Buzzard油田的每桶增产石油仍具有最高价值,但与Claymore相比,Scott油田的效率更高。随着跨栏率的增加,投资CO 2 -EOR的可能性降低,但实现有利可图的项目的可能性增加。如果启动EOR项目,则很有可能会出现CO 2存储阶段。在模拟条件下,12%的跨栏率甚至可以完全抵消财务风险。

更新日期:2018-09-08
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