about CO2-EOR modeling

[myhan]

I hope you’re doing well. I’m trying to add a CO2-EOR option in my TIMES model and would appreciate your advice on the recommended setup.

My main question is: how should I represent the EOR revenue so that it is directly linked to the CO2-EOR activity level (e.g., per tCO2 injected or per unit output)? Is the standard approach to model this as a negative cost on the process, or via a commodity flow with a price, or another mechanism you recommend?


If you have a simple example (process/commodity definitions and the key VEDA/TIMES parameters), that would be extremely helpful.

myhan

[Antti-L]

I think there is no "standard" approach for this particular modeling aspect, but only various approaches adopted by different modelers. From my viewpoint, it would seem reasonable to model the revenue, which I believe is increased oil production, by modeling the gain as an additional crude oil output per tonne of CO2 stored. Under VEDA, a simple Output parameter could be used for that purpose.  As far as I recall, this approach has been used in the ETSAP-TIAM / EFDA-TIMES and the JRC-EU-TIMES models. One might even choose to link that to the actual oil extraction processes, by using a dummy commodity representing the added gain in oil recovery.

But of course, you are free to choose also an exogenous monetary value for the enhanced oil recovery, and thereby define a negative cost component representing that value per tonne of CO2 stored.

You can find the JRC-EU-TIMES approach (with an oil output modelled for the Enhanced Oil Recovery CO2 storage option) in the public repositories (Zenodo, Github), just look for SUBRES_10_TECHS_CHP_SUP_IND.

[myhan]

Thank you very much, I found it. I will use this approach as a reference for modeling. Thank you again.

Best regars,