SPE IOR 2024 - Short Course - Carbon Capture and Storage

Carbon Capture and Storage (CCS) is a key means of mitigating climate change and is the only option currently available to decarbonize industries such as cement, steel, petrochemicals and LNG. As opportunities in oil and gas decline, they are growing in CCS. Human activities now generate about 35Gt of CO2 (1 gigatonne=1 billion tonnes) per year. As more and more countries adopt carbon pricing schemes, the potential opportunity becomes enormous, both in new business revenue and in repurposing old assets and delaying decommissioning costs. Mitigation of the worst effects of climate change will require storing billions of tonnes per year, with an industry to match. In the US alone, the National Petroleum Council estimates that CCS could employ ~230,000 people, similar to the current oil industry. This course provides a quick look into the business models for a CCUS project starting by outlining the regulatory, policy, and financial drivers and constraints for CCUS. Design a workflow and perform the key tasks for defining, developing and permitting a CCUS project, including site selection, characterization, risk assessment, and monitoring for operational and post-operational phases. In addition, we will review new concepts in transitioning from CCUS(EOR) to CCS and achieving net zero goals by looking carbon life cycle around the system boundaries.

Host or Publisher SPE Mid-Continent Section