Detailed Reservoir Modeling and Simulation YES. Delay... Business-As-Usual or Different EOR Technology. (i) (ii) (iii) (iv) (v) (vi)

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3 Physical Screening for Suitable Reservoir Properties YES NO Policy Makers and CO 2 Devolpers Preliminary Economic Scoping for Profitability Business-As-Usual or Different EOR Technology YES NO CO 2 Available and/or Planned Business-As-Usual or Different EOR Technology YES NO Detailed Reservoir Modeling and Simulation Delay... Business-As-Usual or Different EOR Technology YES NO Development Plan and Detailed Economic Analysis Business-As-Usual or Different EOR Technology YES NO Final Contracting and Implementation Delay... Business-As-Usual or Different EOR Technology (i) (ii) (iii) (iv) (v) (vi)

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5 Incremental Oil Production (HCPV) Dimensionless Incremental Oil Production Analogs Lost Soldier Tensleep & Denver San Andres Denver San Andres Unit (DSA) Lost Soldier Tensleep Unit (LST) 17.4% % Cumulative CO2+Water WAG Injection (HCPV)

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7 Wyoming Oil Basin Cumulative Oil (MMbo) Number of Fields Field-Reservoir Combinations (FRCs) FRCs Passing Physical Screening Big Horn Basin 2, Green River Basin Powder River Basin 1, Wind River Basin Totals 5,

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10 Well-Pattern Spacing Oil Prices OOIP Injectivity Incremental EOR Response

11 Outcome Median Std. Deviation 95% Confidence Interval Incremental Oil Production 7.6 MMbo 1.6 MMbo (4.7; 1.8) Cumulative CO 2 Purchased 66.8 Bcf 9.7 Bcf (46.8; 83) Cumulative Profits $334.2 million $19.1 million (55; 779) Upfront Capital Costs (K) $21.9 million $9.5 million (14.3; 46.3) Peak CO 2 Purchase Rate 29.3 MMcfd 9.8 MMcfd (15.3; 53.62) Internal Rate of Return (IRR) 43.6% 24.1% (13.1; 16.2) CO 2 -EOR Flooding Duration years 8.8 years (17.8; 34.5) Prob. IRR>= 99.9% Prob. IRR>1% 98.6% Prob. IRR>15% 96.5% Prob. IRR>2% 92.%

12 Frequency Frequency Frequency Frequency 4 Distribution of Cumulative Incremental Oil 2 Distribution of Cumulative CO2 Purchases 3 Median = 7.6 MMbo 15 Median = 66.8 Bcf Cumulative Incremental Oil (MMbo) Cumulative CO2 Purchases (Bcf) 2 Distribution of Cumulative EOR Profits 35 Distribution of IRR 15 Median = $334.2 MM 3 25 Median = 43.6% Cumulative Profits ($MM) Internal Rate of Return (%IRR)

13 Frequency Frequency Frequency Frequency 1 Distribution of Cumulative Incremental Oil 35 Distribution of Cumulative CO2 Purchases 8 Median =.8 MMbo 3 25 Median = 9.7 Bcf Cumulative Incremental Oil (MMbo) Cumulative CO2 Purchases (Bcf) 35 Distribution of Cumulative EOR Profits 3 Distribution of IRR Median = $3.83 MM Median = 4.1% Cumulative Profits ($MM) Internal Rate of Return (%IRR)

14 Outcome Median Std. Deviation 95% Confidence Interval Incremental Oil Production.8 MMbo.23 MMbo (.43; 1.25) Cumulative CO 2 Purchased 9.7 Bcf 2.2 Bcf (6.1; 13.2) Cumulative Profits $3.83 million $22.9 million (-38.5; 53.7) Upfront Capital Costs (K) $17.9 million $11.7 million (13.9; 5.3) Peak CO 2 Purchase Rate 9.9 MMcfd 2.7 MMcfd (5.3; 15.4) Internal Rate of Return (IRR) 4.1% 27.8% (-59.8; 51.8) CO 2 -EOR Flooding Duration 8 years 3.6 years (5.25; 8.25) Prob. IRR> 57% Prob. IRR>1% 39.8% Prob. IRR>15% 31.2% Prob. IRR>2% 23.8%

15 Wyoming Oil Basin (I) (II) (III) (IV) (V) Prob. of Complete Loss>% Prob. of Break- Even<5% Prob. of Break-Even >=9% Prob. of 2% IRR>=5% Meeting both (III) & (IV) Big Horn Basin Green River Basin Powder River Basin Wind River Basin All Basins

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18 Oil Price ($/barrel) 25 Wyoming EOR Incremental Oil Supply (MMbo) Cumulative Incremental Oil (MMbo)

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21 Wyoming Oil Basin Median Cumulative Incremental Oil (MMbo) Median Cumulative CO 2 Purchase Demand (Bcf) Big Horn Basin 523 3,821 (366; 67) (2,629; 4,772) Green River Basin (9; 45) (5; 42) Powder River Basin (54; 137) (34; 95) Wind River Basin (98; 132) (653; 866) All Basins 768 5,463 (554; 931) (3,788; 6,68)

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25 Incremental Oil Production (HCPV).2.18 Dimensionaless Oil Production Analog Curves Actual DSA (17.5% HCPV) %.12 12%.1.8 9% Scaled DSA (Monte Carlo Distribution). -.2 Cumulative CO2+Water WAG Injection (HCPV)

26 Frequency 4.5 x 14 Wyoming Cumulative Incremental EOR Oil Supply 4 Median = 768. MMbo Cumulative Incremental Oil (MMbo)

27 NPV p Q (1 )(1 ) p Q C ( Q ) C ( Q ) T eor o op, eor R SP c cm r cp o lp, eor eor t t t t t t t 1 (1 r) K

28 CO2 (Bcf) Lance Creek Leo CO2 & Incremental Oil Powder River Basin Oil Production (bo) CO2 Injected (Bcf) CO2 Purchased (Bcf) Thousands of Barrels of Oil EOR Flood Year

29 Annual Cash Flows ($MM) Lance Creek Leo EOR Cash Flows & Profits Powder River Basin $5 $4 $3 $2 $1 $ ($1) ($2) ($3) ($4) Cumulative Profits Net Cash Flow Oil Revenue Operating Costs $5 $4 $3 $2 $1 $ ($1) ($2) ($3) ($4) Cumulative Profits ($MM) ($5) EOR Flood Year ($5)

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31 Oil Price ($/barrel) Oil Price ($/barrel) Oil Price ($/barrel) Oil Price ($/barrel) 25 Big Horn Basin Incremental Oil Supply (MMbo) Green River Basin Incremental Oil Supply (MMbo) Cumulative Incremental Oil (MMbo) Powder River Basin Incremental Oil Supply (MMbo) Cumulative Incremental Oil (MMbo) Wind River Basin Incremental Oil Supply (MMbo) Cumulative Incremental Oil (MMbo) Cumulative Incremental Oil (MMbo)

32 CO2 Price ($/Mcf) CO2 Price ($/Mcf) CO2 Price ($/Mcf) CO2 Price ($/Mcf) 6 Big Horn Basin CO2 Purchase Demand (Bcf) 6 Green River Basin CO2 Purchase Demand (Bcf) Cumulative CO2 Purchases (Bcf) Cumulative CO2 Purchases (Bcf) Powder River Basin CO2 Purchase Demand (Bcf) Wind River Basin CO2 Purchase Demand (Bcf) Cumulative CO2 Purchases (Bcf) Cumulative CO2 Purchases (Bcf)

33 CO2 Price ($/Mcf) 6 Wyoming EOR CO2 Purchase Demand (Bcf) Cumulative CO2 Purchases (Bcf)

34 Probability Oil Price ($/barrel) 25 Wyoming EOR Incremental Oil Supply (MMbo) Oil Price % 1.% 8.% 6.% 4.% 2.%.% Cumulative Incremental Oil (MMbo)

35 (van t Veld and Phillips, The Energy Journal, 21)

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