Whether innovation in technology reduces a nations’ dependence on oil is a challenging issue. Innovation in oil can provide solution to geopolitical and environmental issues, boosting the demand to speed up innovation in energy technology…
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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
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[Student’s Name] [Instructor’s Name] [Course Title] 15 April 2012 Qatar's CO2 Emissions Qatar has achieved remarkable economic growth over the years by capitalizing on its natural resources of oil and gas. While it boasts of being one of the richest and developed countries of the world, it also has the highest per capita carbon footprint owing to its use of fossil fuels.
Arguably, energy is an indispensable prerequisite for causing change or performing work. Renewable and none-renewable forms of energy are the two known forms of energy that have been in use for century. The none-renewable energy source is the natural energy source that is in limited supply.
On the other hand, if investors just aim at investing and do not wish to be taking an active part in the company’s operations and still ask for a sufficient equity like Texas group does, the board is going to be consisting of fewer members. If Ockham formulates a large board of directors, there is a possibility that the members would defer their responsibilities to someone else and feel less ownership or responsibility towards decision making and work.
The solution to this problem is alternative energy (LePoire, 2011).
The US government should increase the incentives to attract alternative energy investment. Increase in incentives will increase the alternative energy sources
Its per capita CO2 emissions are the highest in the world and are three times that of the US (Pearce). Although its emissions have multiplied four fold since 1990, the country is not penalized for it, as it is classified as a developing country, thereby escaping the need
Today, innovative technologies have been invented to generate and store solar power from the sun: solar photovoltaic, solar thermal power, and solar architecture among others, which is believed to provide
t day have come up with several measures that are used to conserve the energy resources so that humanity would not face an energy crisis in the future.
The production of renewable energy requires expensive machinery that is used by skilled people. However, in the recent past,
Solar power energy is a form of energy derived from the natural energy contained in sun rays. As the sun rises, solar panels are used to tap this energy throughout the day. It undergoes a conversion into electricity that is
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