Review of Measures to Enhance Cost-Efficiency in CCS Wells

Abstract

Carbon capture and storage is considered an essential method to mitigate climate change and global warming. In order to accelerate the deployment of CCS and make it more profitable, the costs associated with it must be reduced. The European Union has put a cap on the CO2 market through the EU ETS allowance price, which means that the levelized costs per tonne of CO2 captured and stored can’t exceed this amount. The potential cost reduction by substituting expensive 25 Cr tubing with GRE lined carbon steel has been examined and was found to give a cost reduction of 0.4-0.6 % per tonne of CO2 stored. Although this may seem like an insignificant reduction, the global scale of things will still make this significant. Furthermore, simplification and tailor-made equipment will also contribute to necessary revenue for this emerging industry.