Balancing hydrocarbon recovery with carbon neutrality strategies for prospect maturation in the CCS Era
Shell Petroleum Development Company, Nigeria.
Review
International Journal of Frontiers in Science and Technology Research, 2024, 06(02), 021–030.
Article DOI: 10.53294/ijfstr.2024.6.2.0033
Publication history:
Received on 18 February 2024; revised on 28 March 2024; accepted on 30 March 2024
Abstract:
As the global energy landscape undergoes a paradigm shift towards sustainability, the coexistence of hydrocarbon recovery and carbon neutrality emerges as a crucial challenge. This paper navigates the dichotomy between meeting energy demands through hydrocarbon recovery and the pressing need to mitigate carbon emissions. It scrutinizes the environmental impact of conventional recovery methods, emphasizing the urgency for sustainable practices. An in-depth examination of the technical challenges associated with integrating CCS into existing recovery processes sets the stage for proposing prospect maturation strategies. The prospect maturation strategies highlighted in the paper encompass advanced exploration technologies, sustainable drilling practices, and the seamless integration of carbon capture into recovery processes. Through case studies, the paper showcases real-world examples where these strategies have successfully balanced hydrocarbon recovery with carbon neutrality, achieving tangible benefits in both resource extraction and environmental stewardship. Economic viability and investment considerations are scrutinized to provide a comprehensive understanding of the financial landscape, while the regulatory landscape and compliance section shed light on the evolving standards governing carbon-neutral hydrocarbon recovery. The paper anticipates technological innovations as key drivers for continuous improvement in prospect maturation. Stakeholder collaboration and community engagement take center stage, acknowledging the importance of building social acceptance and securing a social license for carbon-neutral practices. The paper aims to guide the energy exploration sector towards a harmonious coexistence of hydrocarbon recovery and carbon neutrality, contributing to a sustainable and responsible future for the industry.
Keywords:
Hydrocarbon; Recovery; Carbon; Neutrality; Strategies; Maturation; CCS Era.
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0