‘Carbon Assurance’ of Clean Power, Blue Barrels & Carbon Credits
We can build a clean power solution that burns oil or gas, captures the CO2 and stores the CO2 stream in an oil or gas field. The captured and stored CO2 can be tagged to one or several of the energy streams, or sold as Carbon Credits. The stored CO2 volumes are certified, tracked and traded using an IT/AI platform that is delivered as an integral part of the TriGen solution.
In 2019, booked proven reserves were equivalent to some 1500 Gt CO2 emissions. Under the IEA ‘business as usual’ scenario, $2.3 trillion of Oil & Gas investment from 2019 until 2025 is inconsistent with the Paris commitment.
Is it feasible to stop producing fossil fuels?
Yes, but it will take time and it will be very expensive. Of 170,000 TWh of energy required annually, Oil, Gas and Coal account for 80%; Solar, Wind and Other Renewables for 5% to 10%. Even in the most aggressive scenario, the IEA predicts yearly oil and gas consumption of 70 mb/d and 4000 bcm/yr.
Is it ethical to stop producing fossil fuels?
1.2 bn of the world’s population are without electricity. 2.7 bn are without access to clean cooking. Developing countries have other priorities. They need access to reliable and affordable energy, clean water, food, education, safety, sanitary conditions and peace. Who are we to contest these priorities? Developing countries have few alternatives to utilising their natural resources and fossil fuel reserves.
Some industrial greenhouse gas emissions cannot be avoided
Cement production and Steel making are examples of hard to abate industries. Their emissions will likely require CCS to continue production long after 2050.
Solar and Wind Power are intermittent
It takes time to develop large scale energy storage solutions – if possible at all on a national or global scale, let alone for periods exceeding a single night. It will also take decades to develop sufficient nuclear power. A significant percentage of dispatchable power will always be required. Power that can be switched on and off as needed. Fossil fuels make this possible today, and CCS enables doing this without emissions.
CCU and CCS are natural companions for the Oil & Gas industry
CCS Oil and Gas producing companies can produce with much lower emission (smaller emission footprint). It is only a matter of time until governments and the public demand this. Along with a future embargo on the production of coal, or the cessation of production of CO2 from domes for Enhanced Oil Recovery. CCS is a natural fit for Oil and Gas companies: it requires the same assets, same skills and the same financing and commercial structures.
TriGen selected Oxyfuel technology as best suited for Oil & Gas CCUS
After evaluating all promising technology pathways to Carbon Capture, TriGen selected oxyfuel as the technology of choice for Oil & Gas applications. Although oxyfuel incurs an energy efficiency penalty that comes with having to generate pure oxygen, the upsides in Oil & Gas applications more than make up for that. Oxyfuel is highly tolerant to ‘bad’ or stranded gas that is often contaminated with CO2, N2 or H2S. It is also the only power cycle that produces rather than consumes pure water, an increasing concern and cost element in oilfield and power generation operations. And finally, the other product streams an oxyfuel plant produces, such as large volumes of pure N2 and Argon can generate additional revenue, significantly improving the economics of oxyfuel plants in Oil & Gas applications.
TriGen offers the Oil & Gas industry a viable and profitable transition path to Net Zero operations, targeting 100% carbon avoidance by 2035. It enables the industry to monetise its hydrocarbon reserves through the production and sale of clean energy vectors. Decarbonisation pathways can be optimised through AI enabled track & trade.
