Feasibility analysis of China's CO2-EOR project based on a comprehensive economic benefit evaluation across the...

Carbon dioxide capture, storage, and utilization (CCUS) technology is crucial for achieving carbon neutrality. However, CCUS technology has not yet achieved widespread technological diffusion, making it difficult to effectively contribute to carbon neutrality efforts. Previous studies have mostly analyzed CCUS technology from the perspective of direct economic benefits, concluding that its economic prospects are not optimistic and it is challenging to achieve technological diffusion. These studies overlooked the indirect economic benefits of this technology. Therefore, this paper takes Carbon Dioxide Enhanced Oil Recovery (CO₂-EOR) as an example, adopting the input-output method to combine both its direct and indirect economic benefits and conduct research from the perspective of comprehensive economic benefits. The results indicate that the comprehensive economic gains reach a significant figure of 1048.24 million USD, which is approximately 15 times the operational cost investment. Based on these findings, policy recommendations are proposed to promote the diffusion of CO₂-EOR technology. Firstly, the capture and transportation stages should be the focus of reducing the cost of CCS technology. Secondly, considering the significant industrial linkage of the CO₂-EOR industry, cooperation between industries can be explored. Government departments can take the lead in promoting one-on-one full-industry chain cooperation between power plants and oilfields. Thirdly, given that the comprehensive economic benefits of the CO₂-EOR sector significantly exceed its cost inputs, the government can increase subsidies for CO₂-EOR technology to facilitate its promotion.