14 DAY TRIAL // Media reports say that Anglo-Dutch multinational oil and gas company Shell is now very much interested in a technology known as carbon dioxide-driven enhanced oil recovery.
According to Click Green, the oil and gas giant is now a partner of a joint industry project that is spearheaded by Scottish Carbon Capture & Storage, and that aims to establish a carbon dioxide-driven enhanced oil recovery industry in the North Sea.
Other businesses and organizations, such as the Scottish Government, 2Co Energy, Scottish Enterprise, and Nexen Petroleum UK Ltd, are involved in this project, the same source tells us.
Information shared with the public says that, should the folks behind this initiative have their way and establish a carbon dioxide-driven enhanced oil recovery industry in the North Sea, this will allow them to boost oil recovery from depleted fields.
The end goal is to extend the life of oil fields in the North Sea and ensure that they are exploited to the fullest. It is said that, if this were to happen, the United Kingdom's offshore industry would benefit from an economic boost.
By the looks of it, what Shell and its partners wish to do is inject carbon dioxide originating from power plants and various industrial processes in depleted oil fields in the North Sea. It is believed that doing so will boost oil production.
Interestingly enough, the businesses and groups behind this initiative expect that carbon dioxide-driven enhanced oil recovery will also yield some benefits in terms of environmental protection. This is because, once pumped inside offshore oil reservoirs, the greenhouse gas will be stored there.
Then again, burning the oil extracted from these fields has high chances to offset any benefits that might be obtained from storing carbon dioxide in underground reservoirs.
Up until now, the joint industry project on said technology has looked at legal and regulatory frameworks and taxation that the success of this initiative depends on. It now wishes to focus on issues such as reservoir modeling, detailed fiscal arrangements, and public reaction.
Commenting on Shell's decision to become involved in this project, Stuart Haszeldine with Scottish Carbon Capture & Storage said, “We are delighted to welcome Shell to the project as we move into a second phase of research.”
“Not only are they global leaders in CCS development, but they will also bring unrivalled technical capabilities and understanding to the JIP through their oil and gas expertise, especially in the North Sea. This will enable us to significantly build on learnings from the first phase of the project,” he added.