Shell, BP May Reap Profits Using CO2 to Extract Oil
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Royal Dutch Shell Plc and BP Plc are among oil companies that stand to make “serious profit” by pumping carbon dioxide from power plants into oil fields, according to Petroleum and Renewable Energy Co.
Putting carbon dioxide into old wells may yield profits of as much as $40 a metric ton of captured CO2 in the next decade, Stewart Whiteley, managing director at the consultant known as Petrenel, said yesterday at a seminar at London’s Geological Society. This assumes a source of CO2 is available, he said.