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Tariq Siddiqui's picture
COO Upstream EP Advisors LLC

Oil & Energy | Business Development | Capital Projects | Offshore Wind -  Proven leader in offshore development and operations, with 25+ years’ expertise in managing business through cycles...

  • Member since 2021
  • 126 items added with 84,078 views
  • Jun 21, 2021
  • 489 views

International Energy Agency (IEA), findings show that net zero climate targets will be near impossible to reach without rapid industrial decarbonisation by carbon, capture, utilization and storage (CCUS) technology.  The CO2 Storage Resource Catalogue, the first independent worldwide evaluation of geologic CO2 storage resource assessments. The database has been developed in partnership with The Oil and Gas Climate Initiative (OGCI) and Pale Blue Dot Energy.  The CO2 Storage Resource Catalogue is a pioneering initiative to accelerate the deployment of carbon capture, utilization and storage (CCUS) by supporting the consistent evaluation of storage resources.

KEY INSIGHTS

The Catalogue aims to become the global repository for:

  1. All future storage resource assessments, supporting the growth of a safe and commercially viable CCUS industry.
  2. It will do this by bolstering investors’ understanding of commercial development and maturity of published CO2 storage resources, thereby leading to increased investor confidence.
  • The CO2 Storage Resource Catalogue (CSRC) has assessed 715 CO2 storage resource sites from 18 countries/regions against the SPE Storage Resources Management System (SRMS). Both oil and gas fields, and saline aquifers are assessed.
  • To date, 89.9 Gt storage resource is held within defined storage projects, only a small portion of the total 12,958 Gt project and non-project, aggregated global storage resource. Of this global total, only 4.3% is classed as Discovered (551Gt) with less than 0.002% assessed as Commercial resource (254 Mt).

  • Since CO2 Enhanced Oil Recovery projects are not accounted for in the Storage Resource Management System (SRMS), active commercial projects are only operating in Australia, Canada, Norway and the U.S.A.

INSIGHTS NOT COVERED

There are 21 operational CCS projects, and additional 31 are in various stages of planning; including coal/gas fired power-plants, cement plants, Enhanced oil Recovery (EOR) and Hydrogen production. Equinor has announced worlds first at-scale Hydrogen production facilities from natural gas in combination with Carbon Capture & Storage (CCS). The CO2 Storage Resource Catalogue will help identify storage sites to project like these to mange net-zero climate targets.

BOTTOMLINE

While this assessment has identified several challenges with the SRMS framework, future resource evaluations should comply with SRMS guidelines to build a more robust global picture of CO2 storage potential and maturity.

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Matt Chester's picture
Matt Chester on Jun 21, 2021

CCUS will definitely need to be in the suite of solutions-- but care has to be taken to not let them simply be a crutch that allows fossil generation and burning be unnecessarily extended where they're no longer needed. 

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