Basin strategies for linking CO2 enhanced oil recovery and storage of CO2 emissions

Publisher Summary This chapter discusses that CO 2 -based enhanced oil recovery (CO 2 -EOR) offers an opportunity to combine two high priority national and international objectives, namely: increase world oil supplies and safely store CO 2 emissions. As such, the oil production industry could become a major customer and market for CO 2 emissions captured from electric power plants and industrial sources. The chapter examines and updates the CO 2 -EOR and CO 2 storage potential for the U.S. and selected other oil producing countries. It sets forth a series of “basin strategies” that would stimulate this dual energy and environmental activity in the major oil basins of the world. A field-by-field data base and an updated reservoir and economic model provide the foundation for this analysis. The chapter mainly focuses on two topics: the impact of incentives, such as carbon credits or tax credits, on the outlook and economics of CO 2 - EOR and CO 2 storage; and, the role that public-private partnerships and progress in technology can and needs to have on expanding the reservoir capacity and fields favorable for EOR and CO 2 storage.