June 28, 2022 by Andrew Seto, VP Technology, Energi Simulation
To combat climate change, many countries have undertaken various initiatives to transition away from high carbon intensity energy sources. Renewable energy, carbon capture and storage, hydrogen fuel and other clean energy alternatives are being considered towards the goal of achieving net-zero carbon emission by 2050. To support the industry and society in the global energy transition, Energi Simulation has recently established geothermal energy and CCUS research chairs at world-renowned universities.
As the world endeavors to achieve net-zero carbon emission, we should also note that, according to an energy consumption forecast, oil and gas would still be supplying 20-35% of total global energy, even though renewables would be dominant at 45% to 60% in 2050. The largest challenge the oil and gas industry faces would be on how the carbon intensity of existing projects could be minimized, while considering the environmental, social and governance issues.
As enhanced oil recovery (EOR) projects are mostly developed for mature oilfields, the incremental carbon footprints should be small. Research and development to optimize EOR is therefore a sensible way to keep the oil and gas industry viable in providing a solid base of energy supply during the energy transition period. This is the reason why Energi Simulation is still sponsoring several research chairs in EOR and other ‘clean’ technologies to help optimize the economic development of existing oil and gas reservoirs.