Exploring the Potential of CO2-EOR as a Mitigation Strategy in the Colombian Oil Value Chain

Abstract

CCS is considered a primary strategy to curb CO2 emissions. In many models, CCS is an essential technology to meet the 2C target. Drastically reducing GHG emissions in the oil and gas industry will be needed to reach the 2C target as this industry is one of the five most energy and GHG intensive sectors. The implementation of CCS technologies has been widely studied for the refining stage of the oil value chain. According to Berghout et al., between 80 to 90% of GHG emissions in the refining industry could be reduced using CCS. However, the cost involved for its implementation, make it an unattractive pathway. CO2-EOR is currently a promising alternative to reduce CCS costs, and would be able to produce an oil with low-associated emissions during its recovery. This paper aims to estimate the techno-economic potential of CO2-EOR for reducing GHG emissions in the Colombian oil industry. For this purpose, the supply and demand of CO2 are studied by including the CO2 capture potential of the oil industry, cement, power generation and bioethanol, as well as the storage potential of CO2 through the oil recovery miscible process. The state-owned oil company Ecopetrol S.A. was taken as a case study, which represents the oil value chain in Colombia, with about 70% of crude oil produced and 100% of oil transported and refined in the country. A total of 193 Mt CO2 between 2025 and 2040 could be stored through CO2-EOR. As the projected emissions of the oil and gas industry in Colombia from 2010 to 2040 are estimated at 570 Mt CO2, this is equivalent to a potential 34% reduction in CO2 emissions. This mitigation represents approximately 20% of the total reduction under the INDC target for the period 2025 to 2030.

Keywords: Oil industry; Enhanced oil recovery; Carbon capture utilization and storage (CCUS); CO2 mitigation; Sink-source matching