Rosneft: Rosneft agrees with DeGolyer & MacNaughton to estimate CO2 geological storage resources at its license area

Rosneft and DeGolyer & MacNaughton Corp., as part of ХIV Eurasian Economic Forum in Verona, signed an Agreement to estimate CO2 geological storage resources at the Company’s license areas in Russia.

The estimation will be completed based on methodological recommendations of SPE’s CO2 Storage Resources Management System (SRMS), as well as International Organization for Standardization (ISO) standards.

The study will include the overall economic evaluation of CO2 use for enhanced oil recovery (EOR) processes and recommendations for pilot application of this method at the Company’s license areas. CO2 EOR is one of the main approaches for generating economic benefits from potential carbon storage. According to experts’ estimates, existing projects currently using this method can deliver incremental production of 8-18%.

Carbon Capture and Storage (CCS) is one of the key technologies ensuring reduction of emissions. It involves carbon capture and its subsequent injection into deep reservoirs ensuring its safe storage on a permanent basis.

Rosneft has already completed a series of independent studies on potential CO2 capture and storage projects. According to preliminary estimates, the volume of potential CO2 storage is currently estimated at 240 -1,000 bln tons, with an average estimate of around 500 bln metric tons (Gigatons). Thus, even according to the more conservative estimates, the CO2 storage may technically accommodate Russia’s CO2 emission volumes if captured for over 100 years.