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  • 1.
    Abdulbaqi, Dana M.
    et al.
    Saudi Aramco, Dhahran.
    Dahl, Carol
    Luleå University of Technology, Department of Business Administration, Technology and Social Sciences, Social Sciences. Mineral and Energy Economics Program and Payne Institute of Earth Resources, Division of Economics and Business, Colorado School of Mines, Golden, CO .
    Al-Shaikh, Mohammed
    Saudi Aramco, Dhahran.
    Enhanced Oil Recovery (EOR) as a Stepping Stone to Carbon Capture and Sequestration (CCS)2018In: Mineral Economics, ISSN 2191-2203, E-ISSN 2191-2211, Vol. 31, no 1-2, p. 239-251Article in journal (Refereed)
    Abstract [en]

    Environmental concerns about carbon emissions coupled with the oil industry’s need to secure additional CO2 for enhanced oil recovery (CO2-EOR) projects have sparked interest in the potential that CO2-EOR may have in jumpstarting carbon capture and sequestration (CCS). However, existing studies on the viability of coupling CO2-EOR with CCS have generally placed more focus on either the engineering or economic aspects of the problem. Most engineering studies focus on the technical aspects of the CO2-EOR project to produce the maximum amount of oil, while simultaneously storing the most CO2 during the production process with the economics as an afterthought, while most economic studies found have focused on a singular aspect of the issue such as impacts of exogenously varying injection rates. Furthermore, modelling efforts have stopped at the end of the productive life of the field. We build a unique two-stage dynamic optimization model, which simultaneously addresses engineering and economic policy aspects, to study the viability of coupling CO2-EOR transitioning into CCS. Our model includes a carbon tax for emissions, which becomes a subsidy for full scale sequestration after oil production has ceased; this allows us to explore the transition from CO2-EOR, our first stage, to sole CO2 sequestration in our second stage for a single field. We maximize the operator’s profits across both stages, while tracking the responsiveness of oil production and total carbon movements to both price and policy changes. We pair our optimization model with a reservoir simulation model, allowing us to mimic actual field behavior, giving our work a more realistic representation of both production and sequestration profiles. Our results suggest that small increases in the level of carbon tax can have large and discontinuous impacts on net sequestration. This stems from the observed transition from limited natural sources of CO2 to more expensive captured CO2 resulting from the implemented policy. With appropriate taxes, total volumes of captured CO2 sequestered across both stages are equivalent to 30 to 40% of the emissions from the use of the oil produced. With the credits oil producers receive from sequestering CO2, which equate to the tax, relatively high carbon taxes incentivize additional sequestration without significantly impacting the supply of oil. This, alongside maintaining a steady stream of profits, is a win-win situation for energy security and the climate.

  • 2.
    Akimaya, Muhammad
    et al.
    Colorado School of Mines.
    Dahl, Carol
    Luleå University of Technology, Department of Business Administration, Technology and Social Sciences, Social Sciences. Mineral and Energy Economics Program and Payne Institute of Earth Resources, Division of Economics and Business, Colorado School of Mines, Golden, CO .
    Estimating the Cross-Price Elasticity of Regular Gasoline with Respect to the Price of Premium Gasoline2018In: Journal of Transport Economics and Policy, ISSN 0022-5258, E-ISSN 1754-5951Article in journal (Refereed)
  • 3.
    Akimaya, Muhammad
    et al.
    Colorado School of Mines.
    Dahl, Carol
    Luleå University of Technology, Department of Business Administration, Technology and Social Sciences, Social Sciences. Mineral and Energy Economics Program and Payne Institute of Earth Resources, Division of Economics and Business, Colorado School of Mines, Golden, CO .
    Simulation of price controls for different grade of gasoline: The case of Indonesia2017In: Energy Economics, ISSN 0140-9883, E-ISSN 1873-6181, Vol. 68, p. 373-382Article in journal (Refereed)
    Abstract [en]

    A gasoline subsidy is one of the most prevalent strategies for distributing welfare to the people in oil-producing countries. However well-intentioned, the policy will distort the gasoline market with the resulting inefficiencies. Furthermore, the gasoline subsidy takes a great amount of government's budget. Arguably, these funds could be spent elsewhere with a greater impact on economic growth. These governments are aware of the cost of such a policy, yet face difficulties in removing the policy because of strong resistance from the public. This paper looks at the unique case of Indonesia that only provides a subsidy for regular gasoline and in turn proposes an alternative policy that introduces a subsidy for premium gasoline at a lower rate to reduce the overall gasoline subsidy cost. There has yet to be any research that simulates price controls for gasoline with different grades. The aggregate demand for gasoline in Indonesia is replicated using a translog cost calibration approach. Simulations based on the calibrated demand are then performed and the results confirm the existence of potential savings that are largely determined by the cross-price elasticities between regular and premium gasoline. The benchmark scenario, based on a recent study of substitutability between gasoline by grades, results in an 11.5% reduction in subsidy cost of around 950 million USD with a subsidy rate of Rp 2254/liter. Furthermore, the optimal rate of subsidy for premium gasoline results in a reduction of inefficiency as consumers' welfare increase by 6.8 trillion rupiahs (or 560 million USD).

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