465072 Economic Modeling of Carbon Dioxide for Geologic Sequestration and Enhanced Oil Recovery in Jacksonburg-Stringtown Oil Field, West Virginia, USA

Thursday, November 17, 2016: 10:20 AM
Van Ness (Hilton San Francisco Union Square)
Zhi Zhong and Timothy Carr, Geology and Geography, West Virginia University, Morgantown, WV

Continued global climate change caused by the use of fossil fuels may require effective control or mitigation of greenhouse gases. Geological carbon dioxide (CO2) capture, utilization and storage (CCUS) is one of the three options to limit CO2 emissions into the atmosphere. Injection of CO2 into depleted oil and gas reservoir coupled with enhanced oil/gas recovery (EOR/EGR) is an economic-feasible and short-term methodology. CCUS costs encompass the full chain of CCUS process (i.e., capture, transport, storage and monitoring, including any utilization of CO2 that results in its long-term sequestration). In order to harmonize the costs of CCUS, a common cost-benefit model is developed to evaluate the economic feasibility of geologic CO2 storage implemented in conjunction with enhanced oil recovery (EOR) in Jacksonburg-Stringtown oil field in West Virginia. The cost-benefit analysis framework developed in this study includes a reservoir performance model integrated with a cost model and a discounted cash flow economic model. Realization of the economic incentives is associated with CO2-EOR storage operations in Jacksonburg-Stringtown oil field. This model will improve the clarity and consistency of cost estimation for CCUS and may prove the impetus for commercial scale deployment of CCUS systems from the numerous coal-fired electric power plants in the Ohio River region of the Appalachian basin.

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