Economic Costs and Benefits
Adding oil recovery methods adds to the cost of oil — in the case of CO2 typically between 0.5-8.0 US$ per tonne of CO2. The increased extraction of oil on the other hand, is an economic benefit with the revenue depending on prevailing oil prices. Onshore EOR has paid in the range of a net 10-16 US$ per tonne of CO2 injected for oil prices of 15-20 US$/barrel. Prevailing prices depend on many factors but can determine the economic suitability of any procedure, with more procedures and more expensive procedures being economically viable at higher prices. Example: With oil prices at around 90 US$/barrel, the economic benefit is about 70 US$ per tonne CO2.
Read more about this topic: Enhanced Oil Recovery
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