Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 12,454.80 -74.92 -0.60%
S&P 500 1,317.82 -2.86 -0.22%
Nasdaq 2,837.53 -1.85 -0.07%
Ticker Volume Price Price Delta
STOXX 50 2,161.87 +5.35 0.25%
FTSE 100 5,351.53 +1.48 0.03%
DAX 6,339.94 +24.05 0.38%
Ticker Volume Price Price Delta
Nikkei 8,580.39 +17.01 0.20%
TOPIX 722.11 -0.14 -0.02%
Hang Seng 18,713.40 +47.01 0.25%
Gold 1,571.20 +0.73%
EUR-USD 1.2517 -0.1227%
Nasdaq 2,837.53 -0.07%
DJIA 12,454.80 -0.60%
S&P 500 1,317.82 -0.22%
FTSE 100 5,351.53 +0.03%
STOXX 50 2,161.87 +0.25%
DAX 6,339.94 +0.38%
Oil (WTI) 90.86 +0.22%
U.S. 10-year 1.738% -0.039
BAC:US 7.15 +0.14%
FB:US 31.91 -3.39%

Abu Dhabi Studying Proposal to Expand Carbon Capture and Storage

Abu Dhabi National Oil Co. is studying a proposal to expand the injection of carbon dioxide into fields for enhanced oil recovery, or EOR, an official from Adnoc unit Abu Dhabi Co. for Onshore Oil Operations said.

After a successful pilot project using 60 tons a day of carbon dioxide in the Rumaitha field, the company has identified larger areas of the field to inject 1,750 tons a day of CO2, said CO2 EOR Strategy Advisor Ghaniya Bin-Dhaaer al-Yafei.

“We have proposed it to Adnoc; it is being studied,” al- Yafai said at a conference in Abu Dhabi today. “EOR is seen as a way of sustaining the plateau of production, and an opportunity to replace gas currently being used for pressure maintenance.”

Abu Dhabi Co., or Adco, is looking at ways to reduce its use of as much as 40 percent of the 5 billion cubic feet of natural gas produced daily in the U.A.E. so that the fuel can be used to meeting soaring power and industrial demand.

Capturing harmful greenhouse gas emissions is also part of the emirate’s strategy to become a leader in alternative energy, in collaboration with its renewable energy company Masdar.

Potential sources of CO2 for injection would be from Emirates Steel Industries PJSC, as well as the Habshan field, al-Yafei said.

“It depends on the commercial aspects. We are still negotiating with Masdar on the delivery and timeline,” al-Yafei said. “The leadership is very keen, and Adnoc will try to implement the aspirations of the leadership, unless it proves very much uneconomic.”

Gas is used for enhanced oil recovery, increasing pressure inside reservoirs to push more crude out.

To contact the reporter on this story: Ayesha Daya in Dubai at adaya1@bloomberg.net

To contact the editor on this story: Stephen Voss at sev@bloomberg.net

Sponsored Links