CO₂ for Enhanced Oil Recovery Could Add £2.7 Billion to Scotland’s Economy

A report released recently by a Scottish government agency concluded that using carbon dioxide for enhanced oil recovery (CO₂-EOR) could generate as much as £2.7 billion ($4.3 billion) for the country’s economy. The report, commissioned by Scottish Enterprise, identified 19 oilfields on the U.K. continental shelf with a combined potential incremental oil recovery of 2.5 billion barrels of oil. If CO₂ was used to recover one billion barrels of that potential, it would bring £2.7 billion to the economy in terms of jobs and added investments as compared to a scenario where the oilfields would be simply decommissioned.

However, investments in CO₂-EOR are not likely to occur without government support, according to the report. A “wait-and-see approach” may lead to missed opportunities because most suitable U.K. oilfields are slated to be decommissioned by the 2030s. Element Energy Ltd., Dundas Consultants and Heriot-Watt University compiled the research for the report, entitled “Economic Impacts of CO₂ Enhanced Oil Recovery for Scotland.”