Subscribe to our free daily newsletters
  Oil and Gas News from OilGasDaily.Com  




Subscribe to our free daily newsletters



OIL AND GAS
Carbon capture is helped by oil revenue, but it may not be enough
by Staff Writers
London UK (SPX) Nov 28, 2017


Comparing world scenarios and CCS development.

The oil industry incentivises the development of carbon-capturing tech, but researchers say this will not reduce emissions to low enough levels.

Carbon dioxide can be used to extract oil, accelerating the development carbon-capturing technologies and limiting climate change. However, in a new analysis researchers say this will not be enough to reduce emissions to the level recommended by climate scientists.

Carbon capture and storage (CCS) is the process of trapping carbon dioxide from fossil-fuel power plants and burying it safely underground. By preventing carbon dioxide from reaching the atmosphere, CCS can help slow global warming and is recognized as a key technology to meet the Paris Climate Agreement.

CCS has the potential to stave off dangerous levels of global warming, but its deployment is not yet widespread. However, in a new study published in Energy and Environmental Science, researchers from Imperial College London and Stanford University suggest the oil industry may play a surprising role in accelerating CCS's development.

Enhanced oil recovery injects carbon dioxide into oil wells, flushing out oil from the surrounding rocks and allowing more oil to be produced from a reserve. Fossil-fuel power plants are a ready source of carbon dioxide for this process.

In fact, many of the largest CCS projects in the world are connected to enhanced oil recovery operations. This investment could help accelerate the development of CCS, but the authors of the new study note this is unlikely to be enough on its own.

The team developed a model they name MIICE (Model of Iterative Investment in CCS with CO2-EOR) to test the influence of different factors on the growth of CCS technologies up to 2050. The three primary drivers were oil price, which would drive enhanced recovery efforts; carbon tax levels, which would incentivize the trapping of carbon dioxide; and how fast knowledge is gained about the technology, allowing innovations to drive down capital costs.

They found that while oil prices and carbon taxes were helping, they are not yet at levels needed to reach the kind of deployment of CCS necessary by 2050 to avert dangerous climate change. However, the oil industry input could still be crucial at this early stage.

Clea Kolster, lead author and PhD student with the Grantham Institute at Imperial, said: "Revenue from oil does make the deployment of CCS far more attractive in the near term by providing the majority of capital in early years before carbon dioxide tax incentives have increased sufficiently to overtake oil revenue.

"This suggests that carbon dioxide storage with enhanced oil recovery can play a crucial role in the key early years of development when major cost reductions will occur due to technological learning."

Taking each factor independently, the team found that CCS only achieves the necessary deployment under one of the following conditions: the price of oil is greater than $85/barrel; the carbon tax incentives increase dramatically to above $75 per tonne of carbon dioxide by 2050; or learning rates for technology deployment are sustained at a high rate, with 14% cost reduction for every doubling of deployment.

Professor Adam Brandt of the Department of Energy Resources Engineering at Stanford University, and senior author on the study, said: "These conditions exceed the current state of energy and environmental markets and suggest that further intervention, for example from governments, is required to boost the deployment of CCS to rates consistent with suggested pathways for avoiding dangerous climate change."

MIICE is an open-source model that can be used to test a range of possible future scenarios, providing insight into the optimum combinations of conditions that will lead to the necessary scale-up of CCS by 2050.

OIL AND GAS
U.S. LNG a message to Putin, Louisiana senator says
Washington (UPI) Nov 22, 2017
Sending liquefied natural gas drawn from U.S. reservoirs to Poland sends a strong message to the Russian president about influence, a Louisiana senator said. Polish Oil and Gas Co., known commonly as PGNiG, signed a five-year contract to secure LNG from the Sabine Pass terminal in Louisiana, the first mid-term contract of its kind. U.S. Sen. Bill Cassidy, R-La., a member of a Sen ... read more

Related Links
Imperial College London
All About Oil and Gas News at OilGasDaily.com


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only

Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

OIL AND GAS
Surrey develops new 'supercatalyst' to recycle carbon dioxide and methane

Coffee set to power London buses in green initiative

Sandia speeds transformation of biofuel waste into wealth

Desert solar to fuel centuries of air travel

OIL AND GAS
Glass microparticles enhance solar cells efficiency

Expanding wavelength range for solar energy conversion

Artificial photosynthesis gets big boost from new catalyst

Recurrent Energy secures debt financing for 20 MW California solar project

OIL AND GAS
New wind farm in service off the British coast

End tax credits for wind energy, Tennessee Republican says

New York sets high bar for wind energy

Construction to begin on $160 million Industry Leading Hybrid Renewable Energy Project

OIL AND GAS
Lightbridge and AREVA NP Sign Agreements to Immediately Advance Fuel Development

UK made grave errors over Hinkley nuclear project: MPs

Belarus nuclear power plant stirs fears in Lithuania

Swiss nuclear plant finds defective tubes from France's Areva

OIL AND GAS
Spain, Portugal struggle with extreme drought

Study settles prehistoric climate puzzle

UN climate envoys agree on way forward, despite Trump

Keeping it real: UN climate talks struggle to stay relevant

OIL AND GAS
Singapore to deploy driverless buses from 2022: minister

Free wheelin' in New York: the Big Apple bike boom

Volvo to supply Uber with self-driving cars

India opens first-ever EV charging station

OIL AND GAS
Suicide car bomb kills 24 in town north of Baghdad

After fall of last town, IS loses grip over Iraqis

Fears of bombs, IS cells haunt Mosul months after 'liberation'

Iraq forces retake last IS-held town in country

OIL AND GAS
China urges talks after US brands N.Korea a terror sponsor

North Korean ICBM program runs into major roadblock at reentry

Chinese envoy ends N.Korea trip

Chinese, N.Korean envoys discuss regional concerns: state media




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News






The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement