Maja Arnaut, Domagoj Vulin, Lucija Jukić, Daria Karasalihović Sedlar
Faculty of Mining, Geology and Petroleum Engineering, Pierottijeva 6, p.p. 390, 10000 Zagreb, Croatia


3rd International Scientific Conference – EMAN 2019 – Economics and Management: How to Cope With Disrupted Times, Ljubljana – Slovenia, March 28, 2019, CONFERENCE PROCEEDINGS published by: Association of Economists and Managers of the Balkans, Belgrade, Serbia; Faculty of Management Koper, Slovenia; Doba Business School – Maribor, Slovenia; Integrated Business Faculty –  Skopje, Macedonia; Faculty of Management – Zajecar, Serbia, ISBN 978-86-80194-17-2, ISSN 2683-4510


Carbon dioxide injection is the most used enhanced oil recovery (EOR) method and the benefit, besides additional oil recovery, which lies in the fact that in this process carbon dioxide retention in the reservoir occurs. Depleted reservoirs are more promising candidates for the carbon dioxide storage than aquifers and other geological formations since they are well characterized i.e., the reservoir properties are more certain because of the data gathering and reservoir model improvement during production lifetime. Since the hydrocarbon reservoirs retained fluids through geological time scale, they can be considered as proven traps that can retain fluids for a long time. Possibilities for CO2 storage (CCS) and usage for EOR (carbon utilization and storage, CUS) have been extensively evaluated, but comparison of economic parameters is hard to perform. This paper presents the impact of key parameters on hydrocarbon production and stored carbon dioxide. The threshold values for operating costs, capital investments, and discount rate were tested by ESCOM application, enabling the evaluation of different reservoir sizes and conditions in the reservoir for CCS and CUS.


CO2-EOR, CUS, CO2 storage, flaring emissions.


1) Ahmed, T. and McKinney, P., 2011. Advanced reservoir engineering. Elsevier.
2) Al-Adasani, A. & Bai, B., 2010, January. Recent developments and updated screening criteria of enhanced oil recovery techniques. In International Oil and Gas Conference and Exhibition in China. Society of Petroleum Engineers.
3) Algharaib, M. and Al-Soof, N.A., 2008, January. Economical modeling of CO2 capturing and storage projects. In SPE Saudi Arabia Section Technical Symposium. Society of Petroleum Engineers.
4) Bachu, S., 2016. Identification of oil reservoirs suitable for CO2-EOR and CO2 storage (CCUS) using reserves databases, with application to Alberta, Canada. International Journal of Greenhouse Gas Control, 44, pp.152-165
5) Breeze, P., 2019. Power generation technologies. Newnes.
6) Calado, P.A., 2012. Modeling and design synthesis of a CCS compression train system via MINLP optimization. Tecnico Lisboa, pp.1-122.
7) Compernolle, T., Welkenhuysen, K., Huisman, K., Piessens, K. and Kort, P., 2017. Offshore enhanced oil recovery in the North Sea: The impact of price uncertainty on the investment decisions. Energy Policy, 101, pp.123-137.
8) Ettehadtavakkol, A., Lake, L.W. and Bryant, S.L., 2014. CO2-EOR and storage design optimization. International Journal of Greenhouse Gas Control, 25, pp.79-92.
9) Ettehad, A., Jablonowski, C. and Lake, L.W., 2010. Gas storage facility design under uncertainty. SPE Projects, Facilities & Construction, 5(03), pp.155-165.
10) Ferguson, R.C., Kuuskraa, V.A., Van Leeuwen, T.S. and Remson, D., 2010, January. Storing CO2 With Next-Generation CO2-EOR Technology. In SPE International Conference on CO2 Capture, Storage, and Utilization. Society of Petroleum Engineers.
11) Flanders, W.A., McGinnis, R.A. and Shatto, A.G., 1993, January. CO2 EOR economics for small-to-medium-size fields. In SPE Annual Technical Conference and Exhibition. Society of Petroleum Engineers.
12) Fukai, I., Mishra, S. and Moody, M.A., 2016. Economic analysis of CO2-enhanced oil recovery in Ohio: Implications for carbon capture, utilization, and storage in the Appalachian Basin region. International Journal of Greenhouse Gas Control, 52, pp.357-377.
13) Gao, P., Towler, B.F. & Pan, G., 2010, January. Strategies for evaluation of the CO2 miscible flooding process. In Abu Dhabi International Petroleum Exhibition and Conference. Society of Petroleum Engineers.
14) Gaspar, A.T.F.S., Suslick, S.B., Ferreira, D.F. and Lima, G.A., 2005, January. Economic Evaluation of Oil-Production Project with EOR: CO2 Sequestration in Depleted Oil Field. In SPE Latin American and Caribbean Petroleum Engineering Conference. Society of Petroleum Engineers.
15) Jablonowski, C.J. and Singh, A., 2010, January. A survey of CO2-EOR and CO2 storage project costs. In SPE International Conference on CO2 Capture, Storage, and Utilization. Society of Petroleum Engineers.
16) Lyons, W.C. and Plisga, G.J., 2011. Standard handbook of petroleum and natural gas engineering. Elsevier.
17) Lekić, A., Jukić, L., Arnaut, M. and Macenić, M., 2019. Simulation of CO2 injection in a depleted gas reservoir: A case study for Upper Miocene sandstone, Northern Croatia. Rudarsko- geološko-naftni zbornik, 34(1), pp.139-149.
18) Luyben, W.L., 2018. Capital cost of compressors for conceptual design. Chemical Engineering and Processing-Process Intensification, 126, pp.206-209.
19) Luo, D. and Zhao, X., 2012. Modeling the operating costs for petroleum exploration and development projects. Energy, 40(1), pp.189-195.
20) Novak, K., Malvić, T. and Simon, K., 2013. Increased hydrocarbon recovery and CO2 management, a Croatian example’, Environmental Earth Sciences.
21) Novak, K. et al., 2014. Increased hydrocarbon recovery and CO2 storage in Neogene sandstones, a Croatian example: Part II, Environmental Earth Sciences.
22) Ramagost, B.P. and Farshad, F.F., 1981, January. P/Z abnormally pressured gas reservoirs. In SPE Annual Technical Conference and Exhibition. Society of Petroleum Engineers.
23) Schilthuis, R.J., 1936. Active oil and reservoir energy. Transactions of the AIME, 118(01), pp.33-52.
24) Smith, L.A., Gupta, N., Sass, B.M., Bubenik, T.A., Byrer, C. and Bergman, P., 2001. Engineering and economic assessment of carbon dioxide sequestration in saline formations (No. DOE/NETL-2001/1144). National Energy Technology Lab. (NETL), Pittsburgh, PA, and Morgantown, WV (United States); Battelle Memorial Institute, Columbus, OH (United States).
25) Taber, J.J., Martin, F.D. & Seright, R.S., 1997. EOR screening criteria revisited-Part 1: Introduction to screening criteria and enhanced recovery field projects. SPE Reservoir Engineering, 12(03), pp.189-198.
26) Tayari, F., Blumsack, S., Dilmore, R. and Mohaghegh, S.D., 2015. Techno-economic assessment of industrial CO2 storage in depleted shale gas reservoirs. Journal of unconventional oil and gas resources, 11, pp.82-94.
27) Tapia, J.F.D., Lee, J.Y., Ooi, R.E., Foo, D.C. and Tan, R.R., 2016. Optimal CO2 allocation and scheduling in enhanced oil recovery (EOR) operations. Applied energy, 184, pp.337- 345.
28) Tracy, G.W., 1955. Simplified form of the material balance equation. Technical note, Petroleum Branch Office, SPE 438-G, vol 204. 1955
29) Vulin, D., Saftić, B. and Macenić, M., 2018. Estimate of dynamic change of fluid saturation during CO2 injection—Case study of a regional aquifer in Croatia. Interpretation, 6(1), pp.SB51-SB64.
30) Vulin, D.; Saftić, B.; Karasalihović Sedlar, D.; Perković, L.; Macenić, M.; Jukić, L.; Lekić, A.; Arnaut, M., ESCOM project – Evaluation system for CO2 mitigation. Nafta i plin, 38, 2018, 23-35
31) Yin, M., 2015. CO2 miscible flooding application and screening criteria.

Share this

Association of Economists and Managers of the Balkans – UdEkoM Balkan
179 Ustanicka St, 11000 Belgrade, Serbia

Udekom Balkans is a dynamic non-governmental and non-profit organization, established in 2014 with a mission to foster the growth of scientific knowledge within the Balkan region and beyond. Our primary objectives include advancing the fields of management and economics, as well as providing educational resources to our members and the wider public.

Who We Are: Our members include esteemed university professors from various scientific disciplines, postgraduate students, and experts from ministries, public administrations, private and public enterprises, multinational corporations, associations, and similar organizations.

Building Bridges Together: Over the course of nine years since our establishment, the Association of Economists and Managers of the Balkans has established impactful partnerships with more than 1,000 diverse institutions across the Balkan region and worldwide.

EMAN conference publications are licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.