Screening methodology for regional-scale CO₂ EOR and storage using economic criteria

Clean energy technologies are driving development of new commercial sources of anthropogenic CO₂, opening the possibility of carbon dioxide enhanced oil recovery (CO2 EOR) in new areas. Evaluation of the economic potential of CO₂ EOR at the regional scale (e.g., a geologic basin or sub-basin) may solicit interest to implement CO₂ EOR projects in these areas. This paper outlines a screening methodology for adding economics to an existing CO₂ EOR bulk resource assessment for a sedimentary basin. To carry out this methodology, a field development strategy is chosen; estimates of expenses, revenues, and production and injection streams are made; economic screening of hypothetical mature fields of different sizes is carried out; field sizes which are likely to be able to support CO₂ EOR under the given conditions are identified; and a new basin-scale resource estimate is obtained by applying the economic screening results to the bulk resource estimate. A screening example using this methodology to assess CO₂ EOR with 16-ha (40-ac) five-spot patterns in the Illinois Basin, USA (the Basin) is presented.