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The EU can start joint purchases of natural gas to avoid future supply and price crises
There are a lot of guesses...
Mainly to Europe...
Felicity Bradstock is a freelance writer specializing in energy and finance. She holds a master's degree in international development from the University of Birmingham, UK.
After several announcements made by the oil majors in the past year that have invested heavily in carbon capture and storage (CCS) technology, progress appears to have been made. Several governments and oil companies are collaborating to propose various carbon capture solutions, from burying CO 2 in the ground to pumping it into rocks. With the joint efforts of large companies, this may be the medium-term answer to the net zero emissions that the world has been looking for.
This week in the United Kingdom, the Climate Change Commission (CCC) recommended that the country use the reservoir under the North Sea for CCS technology to be the most effective because the technology in the area is already up and running. However, reusing existing onshore oil wells can also provide a cheap and simple way to store carbon without the need to build new structures or find alternative land. Since the business is already in Beihai, the feasibility study and site development will be relatively simple.
Net Zero Rise (Underground Energy Research Infrastructure) is a group of researchers from universities and oil companies who recommended 20 candidate oil wells in Midlands and Yorkshire to bury the initial CO 2 load, about 1,000 per location Ton. The reuse of one well and the construction of two wells with monitoring equipment are estimated to cost approximately US$6.6 million. This happened after similar tests currently conducted in the United States, Canada, and Australia.
By exploring onshore and offshore options, the UK can avoid waste when these wells are filled and abandoned. Richard Davies of Newcastle University explains, “These assets already exist, and drilling [new] boreholes is very expensive and adds a certain amount of risk. The range of boreholes we have will also provide opportunities for testing different rock types.”
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There are several different methods of CCS, and as the super giants invest more in the next ten years, we will begin to see which method is most effective. Currently in the Midwestern United States, research is underway to understand the potential of pumping carbon waste into rock formations. There are two proposals for multiple pipelines in Illinois and North Dakota that, if approved, will transport carbon dioxide from ethanol plants to rocks in each state.
CO 2 will be stored by injecting it into the rock, then pumped into the well, and then stored in a large cave on the rock site. Summit Carbon Solutions from Iowa and Navigator CO2 Ventures from Texas are the companies behind these proposals, after two decades of research in the area as a potential carbon storage option. If realized, Summit’s “Midwest Carbon Rapid Pipeline” will become the largest such pipeline in the world and will also support methane capture in the region.
An increasingly controversial idea is to bury CO 2 in the world’s seabed. Researchers are studying the potential of pipelines to transport carbon to aquifers under the seabed to store them for thousands of years, if not forever. However, the test is particularly difficult due to the difficult-to-reach location and the knowledge of the properties of the area.
Recent innovations mean that scientists can finally study the interaction between carbon dioxide and saline aquifer water, reconstructing the saline solution under pressure and temperature conditions similar to the proposed ocean area. They believe this can provide a carbon storage solution that does not cause the secondary effects of other technologies.
In Australia, the government announced in November that the country's first CCS center will be operational in 2024. Santos and Beach Energy are developing a joint project in Momba, South Australia, hoping to reduce emissions from natural gas production in the region by 70%. At a cost of 157.3 million US dollars, this is the first CCS project that belongs to the Government's Emission Reduction Fund (ERF).
Santos plans to use the Bayu-Undan facility in East Timor to safely store up to 10 million tons of CO 2 annually. This is part of the government's plan to continue producing liquefied natural gas (LNG) to meet global energy demand as the plan continues to curb coal and oil production. Many governments and oil companies regard LNG as a necessary fuel to bridge the gap between other more polluting fossil fuels and renewable alternatives, and use CCS technology to reduce production emissions.
The competition is underway to see who can come up with the technology needed to extract and store carbon dioxide in the most efficient and sustainable way. Whether it's pumping it into huge rocks, keeping it underground, or finding a safe way to inject it into the aquifer under the seabed, CCS seems to stay as part of an international strategy to achieve net zero emissions.
Author: Felicity Bradstock for Oilprice.com
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Felicity Bradstock is a freelance writer specializing in energy and finance. She holds a master's degree in international development from the University of Birmingham, UK.
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