Analysis of Field Development Strategies of CO2 EOR/Capture Projects Using a Reservoir Simulation Economic Model
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A model for the evaluation of CO2-EOR projects has been developed. This model includes both reservoir simulation to handle reservoir properties, fluid flow and injection and production schedules, and a numerical economic model that generates a monthly cash flow stream from the outputs of the reservoir model. This model is general enough to be used with any project and provide a solid common basis to all of them. This model was used to evaluate CO2-EOR injection and production strategies and develop an optimization workflow. Producer constraints (maximum oil and gas production rates) should be optimized first to generate a reference case. Further improvements can then be obtained by optimizing the injection starting date and the injection plateau rate. Investigation of sensitivity of CO2-EOR to the presence of an aquifer showed that CO2 injection can limit water influx in the reservoir and is beneficial to recovery, even with a strong water drive. The influence of some key parameters was evaluated: the producer should be completed in the top part of the reservoir, while the injector should be completed over the entire thickness; it is recommended but not mandatory that the injection should start as early as possible to allow for lower water cut limit. Finally, the sensitivity of the economics of the projects to some key parameters was evaluated. The most influent parameter is by far the oil price, but other parameters such as the CO2 source to field distance, the pipeline cost scenario, the CO2 source type or the CO2 market price have roughly the same influence. It is therefore possible to offset an increase of one of them by reducing another.