How to promote zero-carbon oilfield target? A technical-economic model to analyze the economic and environmental benefits of Recycle-CCS-EOR project.

Nowadays, environmental problems caused by petroleum industries need to be alleviated urgently for the transit to low-carbon oilfields. Carbon Capture & Storage-Enhanced Oil Recovery (CCS-EOR) is effective to increase oil production while reducing carbon emissions, but few studies evaluated the cyclic projects that connect capture and injection inside the oilfield. Aiming at Recycle-CCS-EOR (RCE) project, this study proposes a comprehensive technical-economic model to analysis the economic and environmental benefits, considering the uncertainties of geological conditions, prices, and CO 2 injection volume. Taking six blocks in real-world oilfields as the example, this model simulates four scenarios under different CO 2 acquisition methods and carbon taxes. The results show that the breakeven oil price of RCE is 29.4 $/barrel for carbon tax and 25.6 $/barrel for no tax. The recommendable CO 2 injection volume of RCE is higher than 33.5% HCPV for tax and 22.8% HCPV for no tax. Under the current range of CO 2 market price, RCE is more profitable when the capture investment is less than 80.9 M$ for carbon tax and 40.7 M$ for no tax. Compared with traditional EOR production, RCE project reduces carbon emissions by about 54.7%, indicating its technical feasibility, economic and environmental advantages in practical engineering. • Develop a Recycle–CCS–EOR model with economic and environmental advantages. • Show the applicability of the model through comparative analysis in four scenarios. • Identify the impact of critical parameters to the model's performance. • Evaluate the economic and environmental benefits of different blocks. [ABSTRACT FROM AUTHOR]