Techno-economic evaluation of CO2 enhanced oil recovery (EOR) with the optimization of CO2 supply

Rather considering collectively overall mass flows of CO2 purchase, recycling, sequestration and oil production throughout the whole life-cycle, this study presents the assessment of CO2 EOR in a multi-period manner in which CO2 supply is systematically scheduled, subject to the availability of external CO2 sources and time-dependent relationship between CO2 injection, CO2 supply and CO2 recycle. The methodological procedure for the proposed economical assessment is presented with the case study, in which CO2 supply schedule is optimized to maximize net present value (NPV), considering the constraints imposed by time-dependent availability of CO2 supply sources. Sensitivity analysis of key design parameters is performed to gain conceptual insights for the design and operation of CO2 EOR.