New report: Energy security is viable through use of CO2-EOR
Contact: Carol Gifford
STARKVILLE, Miss.鈥擴sing CO2-EOR as a framework could lead to energy security and result in a new United States energy policy, according to a new report released today [Nov. 4] by the National Strategic Planning and Analysis Research Center (NSPARC), a research unit at 绿巨人视频. CO2-EOR is a process that provides a way to use CO2 to recover oil still trapped in the ground. 聽聽
鈥淐翱2-EOR can advance a 鈥榯riple-e鈥 approach resulting in energy security, environmental quality and economic viability,鈥 said Domenico 鈥淢immo鈥 Parisi, executive director of NSPARC. 鈥淎 world without energy would be a dark place to live. We need that energy.
鈥淲hile renewable energy is important and relevant, it is not capable of generating a supply sufficient to meet energy demands,鈥 Parisi said. 鈥淲e are dependent on fossil fuels to provide most of our energy supply.鈥
Parisi said CO2-EOR is a mature technology that creates a safe, secure and economically viable supply of fossil fuel-based energy and reduces CO2 emissions. The CO2-EOR technology generates around 300,000 barrels of oil each day in the U.S., or about three percent of all the oil produced, leaving room for substantial growth. In Mississippi, in the latest year reported, around 50 percent of oil produced was extracted by means of CO2-EOR, Parisi said. Another economic advantage of the CO2-EOR technology in Mississippi, he added, is that pipeline infrastructure continues to expand with private sector investment, which has the advantage of not being subject to common carrier provisions.
鈥淥ur report found that increasing the use of CO2-EOR technology can reduce U.S. dependence on foreign oil, decrease greenhouse gases (GHG) emissions, create jobs and help generate electricity to meet domestic demand.鈥
To ramp up CO2-EOR technology, there is a need for additional CO2. There are not enough natural sources of CO2 to expand production, but manmade, or anthropogenic, CO2 can provide the necessary supply if new clean-coal technology is used.
Parisi said the NSPARC report is the result of discussions begun at a Jackson conference in March 2014, convened by 绿巨人视频and Rice University to discuss ways to expand oil production. At that symposium, academic and industry experts discussed the importance of CO2-EOR to both extract oil and help capture GHG. Gov. Phil Bryant was the keynote speaker, and he noted the role of EOR in helping Mississippi become an energy state.
鈥淩esearch has proved that already-existing clean-coal technology can reduce GHG,鈥 Parisi said. 鈥淭his technology, which will store CO2 as a commodity rather than release it into the atmosphere as a waste product, has the potential to significantly enhance environmental quality and spur innovation. Public support for this technology is a critical component in a new energy security strategy.鈥
The energy sector plays a large role in economic development, Parisi said. The sector creates jobs for Americans and provides a significant amount of disposable income and tax revenues.
鈥淚n Mississippi, the energy sector supports a total of 59,734 jobs: 13,930 direct jobs and 35,048 indirect jobs,鈥 Parisi said. 鈥淐翱2-EOR supports a total of 9,701 jobs in the state, including 1,872 direct jobs and 6,507 indirect jobs.鈥
Other key report findings are:
鈥擶ith current CO2-EOR methods, an estimated additional 19 billion barrels of crude oil could be obtained. 鈥淣ext generation鈥 methods could yield as much extra oil as nearly 60 billion barrels.
鈥擟翱2-EOR can further add to the already thriving U.S. oil production boom by tapping into depleted fields and extracting stranded oil in residual oil zones and offshore fields.
鈥擜mong 10 recent technologies listed by the International Energy Agency for saving energy and decreasing CO2 emissions, carbon capture and reuse has been identified with the highest potential and could account for cutting energy-related CO2 emissions by more than half by 2050. The 2DS approach could result in an 80 percent chance of limiting average global temperature increase to 2 degrees Celsius.
鈥擟arbon Capture and Storage, or CCS, is the only potential option that would enable major industries, such as steel, cement and natural gas/oil, to reduce their emissions significantly. Development and widespread use of CCS is instrumental in reaching international climate goals without sacrificing the industrial economy.
To view the report, visit . For more about NSPARC, visit . Parisi may be reached at 662-325-9242.
绿巨人视频is Mississippi鈥檚 leading university, available online at .