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In the Western Canadian Sedimentary Basin, less than 30 per cent of conventional oil is recovered using current technologies. A significant percentage of hydrocarbon reservoirs may be suitable for enhanced recovery using CO2 injection.Investing in R&D on utilizing CO2 to boost current oil recovery by just one per cent would deliver 600 million more barrels of oil – adding almost $3 billion to provincial revenues. Finding ways to efficiently and cost-effectively capture and permanently store CO2 underground will reduce Alberta’s greenhouse gas emissions and help Canada meet its Kyoto accord obligations. Research will also help develop regulatory policy on geological sequestration to address technical, governance and harmonization issues at the corporate, provincial, federal and international level. | |