RESERVED CO₂EOR Accounting JK
- 1 October 2016
- Policy & Regulation
- Storage
The report attempts to review issues associated with greenhouse gas emissions accounting where anthropogenic carbon dioxide is captured and used for enhanced oil recovery (CO₂-EOR) in conjunction with long-term geological storage of CO₂. Whilst this suggests a fairly narrow scope of research, it in fact opens up several lines of complex enquiry, requiring a strong understanding of global oil production, trade, supply and demand. This is a topic to which countless hours of debate and consideration are made on an ongoing basis, generally without any clear consensus in respect of matters such as ‘peak oil’, ‘carbon lock-in’ and fossil fuel ‘demand destruction’. It is also a topic that is highly political, with oil being at the heart of economic activity and life-style behaviour. As such, the analysis presented herein has required some simplifying assumptions in order to provide limits to the discussions presented. This has been carried out to the best of the authors’ capacity, commensurate with the time and resources available for the study. The report does not claim to provide a definitive view on how to resolve issues of greenhouse gas emissions accounting for CO₂- EOR, but rather provides a source of ideas on how to establish a framework for considering the issues at hand, and food for thought in respect of further discussion and debate.