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Evaluation System for CO2 Mitigation – ESCOM

Evaluation System for CO2 Mitigation (ESCOM) represents the scientific project, funded by the Environmental Protection and Energy Efficiency Fund and the Croatian Science Foundation as a part of the Program for encouraging research and development activities in the field of climate change. Petroleum and mechanical engineers and geologists started an interdisciplinary project aiming to use engineering experiences in petroleum industry with the main goal to raise public awareness regarding the opportunities of the oil and gas industry for CO2 emissions mitigation. As CO2 emissions represent the hot potato of the energy industry as a whole, petroleum industry could have significant role in future carbon capture utilisation and storage (CCUS). The main contribution of ESCOM project is an online application able to provide a general assessment of using different methods for estimating lower energy consumption, CO2 emissions, CO2 storage potential which are the main targets among environmental goals of European energy strategy. Petroleum engineers are aware that oil industry is not just negatively affecting the environment but, on the contrary, is able to reduce and dispose CO2 emissions that exceed the amount originally emitted within the upstream and downstream activities, but this statement needs to be spread worldwide along with rising the public awareness of it. The part of the project included investigation of economic issues concerning CO2 mitigation mainly concerning econometric methods of CO2 emission allowances prices, gas and coal prices. The economic analysis showed that carbon capture utilization and storage projects will always be affected by the movements of oil, natural gas and CO2 EUA price, and that CO2 price modeling is not possible by neglecting policy and geopolitical changes. Second conclusion was that to reduce risk of investments in CC(U)S - price percentile probability of capital investments should be used, because it makes the investment studies more flexible i.e. applicable to different moments in time.

upstream ; petroleum industry ; CO2 storage and utilisation ; economics aspects of CO2 mitigation

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