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
Famous quotes containing the words economic, costs and/or benefits:
“Three factors—the belief that child care is female work, the failure of ex-husbands to support their children, and higher male wages at work—have taken the economic rug from under that half of married women who divorce.”
—Arlie Hochschild (20th century)
“To exercise power costs effort and demands courage. That is why so many fail to assert rights to which they are perfectly entitled—because a right is a kind of power but they are too lazy or too cowardly to exercise it. The virtues which cloak these faults are called patience and forbearance.”
—Friedrich Nietzsche (1844–1900)
“In America the young are always ready to give to those who are older than themselves the full benefits of their inexperience.”
—Oscar Wilde (1854–1900)