Argument: Sequestered CO2 can be injected into reservoirs to recover oil
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"Carbon capture and storage, CO2 for enhanced oil recovery, and gas flaring reduction." OPEC. June 8th, 2004: "This is the official report on the Joint Workshop held on the above subject by OPEC and the World Petroleum Congress at the OPEC Secretariat in Vienna, Austria, on 8–9 June 2004
Big reductions in carbon dioxide emissions are possible with the continued use of petroleum, through the application of a technology that is being developed today, CO2 capture and sequestration.
This was the overriding message to emerge from a workshop held in OPEC’s Secretariat in Vienna, Austria, on 8–9 July. However, it was acknowledged that there was a need to reduce the cost of applying this technology, before it was able to realise its full potential.
The two-day workshop was organised jointly by OPEC and the World Petroleum Congress, and its theme was carbon capture and storage, CO2 for enhanced oil recovery, and gas flaring reduction.
Carbon dioxide emissions from power plants and stationary industrial sources account for more than 60 per cent of global greenhouse gas emissions. However, this CO2 can be captured and stored, and, if injected into depleting oil reservoirs, can increase recovery through an “enhanced oil recovery” (EOR) process. Thus, CO2 capture and storage and EOR present opportunities for the oil industry to participate in activities that will substantially reduce emissions, and, in the case of EOR, increase the recovery from oil fields.
Gas flaring, another source of greenhouse gas emissions, can be practically eliminated in oil field operations by utilisation of the gas for re-injection, as fuel for power generation, and/or for poverty reduction programmes that are focused on bringing modern energy supplies to the least developed areas of the world, consistent with the principles of sustainable development."