Scotland is on the cusp of ensuring the country has energy resources and a strong economic base for decades to come. Researchers have discovered that combining carbon storage and enhanced recovery techniques may generate considerable economic gross.
Scotland would then have the resources to create hundreds, if not thousands, of jobs, leading to national economic stability.
If Scotland undertakes this endeavor, 19 suitable oil fields on the UK Continental Shelf (UKCS) might contribute up to 15% of Scotland’s oil production by 2030.
Successfully implementing carbon capture and storage technology on a grand commercial scale would ultimately reduce Scotland’s carbon emissions from fossil fuels, making this endeavor not only smart for the economy, but beneficial to the environment.
However, there are obstacles to CO2 storage and enhanced oil recovery. Making sure there is a stable supply of CO2 to the candidate fields is essential, not to mention the necessity of identifying the best fields in the first place.
UK Energy Minister Fergus Ewing has noted that over half of the North Sea’s oil has yet to be extracted, and extracting the remaining oil would lead to a tremendous economic boom – to the tune of 24 recoverable barrels. Accumulating this amount of oil would ensure that Scotland secures economic resources for decades. Even minor progress will lead to major economic progress. For instance, recovering oil at a 1% increase would equate to ~ $35 billion dollars in total oil recovered.
[via Phys Org]