Innovation Energy: Futuristic Perspectives on CO2-EOR Technologies - Research Paper Example

Download file to see previous pages... The Statement of the Problem The biggest issue is know whether CO2-EOR technology, one of the leading “next generation” technologies in enhancing the oil recovery potential with CO2 fulfills the futuristic concerns. CO2 has been a major cause of concern for creating greenhouse effect related to environment. Mitigating the risks associated with excessiveCO2 by injecting it underneath the oil fields fortunately is being used in recovering oil. Whether it is cost effective technology or not is another significant cause of concern. Some of the success stories in leveraging from the CO2-EOR innovation satisfy the quest for knowledge on different aspects through this writing. Definition of Term Enhanced Oil Recovery (EOR)EOR is also known as tertiary oil recovery. It follows primary recovery (oil recovered by the natural pressure in the reservoir) and secondary recovery (using water injection). Out of different EOR technologies, CO2 flooding technology is discussed and analyzed. Theoretical Framework A five part theoretical framework would be used to measure the CO2 stocking capacity and EOR capacity of domestic oil reservoirs, which are: gathering and updating the Leading Oil Reservoirs Database; (2) assessing the minimum miscibility pressure for using CO2 -EOR; employing minimum miscibility pressure and other parameters to find reservoirs suitable for CO2-EOR; computing oil production by using “Next Generation” CO2-EOR technology; and taking the latest cost and economic model. Significance of the Study In the line of many innovative energy concepts for various energy producing resources, the study on enhancing oil production is very crucial, as it serves two purposes at a time, which are drilling oil from reservoirs economically and efficiently and at the same time injecting CO2 underneath the depleted reservoirs. The importance of the study becomes more crucial as it is done on a natural resource that can not last for ever. Efficient and economical exploration and drilling of the oil reserves can play a significant part in this direction. Background of the Study - Overall history of the subject area Innovative energy challenges can be better managed through collaborative efforts for leveraging expertise to be used in speeding up the development and usage of innovative energy and technology. Such collaborations to resolve energy challenges at different state, nation, and global levels need to be supported. Among a number of research initiatives is the Hybrid Power System, which promises high-efficiency and low carbon footprint. Such successful initiatives can decrease dependence on fossil fuels for electricity generation while at the same time enabling the capture and sequestration of CO2. Carbon sequestration (CO2 capture followed by permanent storage) is a dependable electrochemical technique to reduce carbon dioxide emissions from large source points. CO2 capture needs to be energy and cost-efficient to reduce the cost effect (NETL, 2011). Taking the US innovative energy scenario for carbon dioxide enhanced oil recovery (CO 2 EOR), there are 1,200 reservoirs in the down 48 states suitable for CO2 EOR. Against the expected crude oil market cost of $85 each barrel, these reservoirs have the potential of 24 billion barrels to be exploited. Future production from CO2 EOR can increase to 60 billion barrels. This uncovers a huge untapped resource via CO2 capture technology, which is equal to 60-90 GW of coal-fired plants with ...Download file to see next pagesRead More