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Life-cycle production optimization of hydrocarbon fields: thermoeconomics perspective

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Abstract

We suggest alternative objective functions based on the concept of thermoeconomics (or exergoeconomics) that could be used for simultaneous maximization of economics and energy efficiency of oil-production systems. The suggested functions are evaluated for an oil reservoir, where water is injected to improve its recovery factor. We find that life-cycle optimization of water-injection projects in terms of net present value (NPV) and net cumulative exergy (NCE) leads to consistent results. We show that managing reservoirs based on a long-term objective leads to significant reduction in their CO2 footprint. For oil production by water injection, commitment to reduce CO2 emission provides an opportunity to maximize the NPV of these projects. The sustainability of water injection into hydrocarbon reservoirs is highly dependent on the volumes of the injected and produced liquids. Above a critical water cut (80% in this study), the energy efficiency of the project decreases dramatically, and its CO2 footprint increases exponentially.

Graphical abstract: Life-cycle production optimization of hydrocarbon fields: thermoeconomics perspective

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Publication details

The article was received on 12 Feb 2019, accepted on 12 Aug 2019 and first published on 12 Aug 2019


Article type: Paper
DOI: 10.1039/C9SE00085B
Sustainable Energy Fuels, 2019, Advance Article
  • Open access: Creative Commons BY-NC license
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    Life-cycle production optimization of hydrocarbon fields: thermoeconomics perspective

    R. Farajzadeh, S. S. Kahrobaei, A. H. de Zwart and D. M. Boersma, Sustainable Energy Fuels, 2019, Advance Article , DOI: 10.1039/C9SE00085B

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