How IGME Leverages PetroVR for a Greener Tomorrow

Aiming for Net Zero

The Paris Agreement and other green energy initiatives have reshaped every industry’s environmental sustainability practice with an ever-increasing sense of responsibility. For example, the International Energy Agency (IEA) estimates that achieving Net Zero by 2050 will require the capture and storage of 6 billion tons of CO2 annually.¹

A commitment to so much change, no small feat, includes addressing the effects of global warming, limiting temperature increases more actively to 1.5°C, and implementing robust Carbon Capture, Utilization, and Storage (CCUS) measures. Scaling-up CCUS projects so substantially will require meticulous planning, evaluation, and execution. This means enhancing the integration of every technical and commercial aspect through the deployment of innovative technology, including Quorum Software’s PetroVR.

Transforming Resource Modelling and Project Simulation

PetroVR has a direct impact on the Spanish region of the European pilotSTRATEGY project, delivered by the Geological Survey of Spain (IGME) in collaborative partnership with CIEMAT (Centro de Investigaciones Energéticas, Medioambientales y Tecnológicas) and REPSOL as industrial partner. This was discussed by IGME at Quorum’s annual networking and leadership event, Qnections Barcelona 2024. The project aims to mature CCUS projects by conducting comprehensive feasibility studies and techno-economic analyses. With the help of PetroVR, they have successfully identified, evaluated and compared potential CO2 storage sites developments, optimized business cases, and streamlined transportation logistics. The range in which PetroVR supports the evaluation and planning of complex, large-scale CCUS projects points to its critical role in driving the global transition to sustainable energy practices.

With over 20 years of E&P experience the software replaces traditional spreadsheet modelling with a powerful business simulation approach that integrates all elements of a Carbon Storage Resource. It allows for flexible resource modelling, enabling configuration of an asset model to reflect specific complexities. PetroVR also integrates seamlessly with other applications standardizing removing the need for reconciliation.

The Geological Survey of Spain and PetroVR

The Geological Survey of Spain (IGME), successfully applied PetroVR in the evaluation of the pilotSTRATEGY project, a European initiative aimed at advancing CCUS technologies, in which it participates along with CIEMAT and Repsol. These Spanish partners leverage PetroVR to model and assess the feasibility of CCUS projects, ensuring that they are both economically viable and technically sound. The tool's ability to integrate various data points and simulate different scenarios provides invaluable insights into project planning and risk management. IGME's successful utilization of PetroVR underscores its effectiveness and value in advancing CCUS projects.

Paula Canteli leads IGME’s participation in PilotSTRATEGY. She views Petro VR as a way to “De-risk CCS project evaluation, accelerate decision making and accelerate CCS project evaluation by focusing on commercially and technically feasible alternatives.”

A Robust Tool for CCUS Project Management

Providing full cycle asset exploration and development simulation, Petro VR has become an essential tool for CCS Analysts and Production/Reservoir Engineers. This powerful software allows them to better understand the risks and impacts of asset development options. It facilitates the comprehensive techno-economic analysis and feasibility studies crucial for the successful deployment of CCUS initiatives. The software’s capabilities in modeling and simulation allow stakeholders to visualize, optimize, and streamline CCUS processes from capture to storage.

Accelerating CCUS Project Evaluation

Identifying and evaluating potential risks early in a project’s lifecycle accelerates decision-making in CCUS project evaluation with detailed and accurate techno-economic analyses. This enables CCS Analysts, and Reservoir & Facilities Engineers to make informed decisions quickly and confidently, maximizing success potential.

Additionally, by focusing on commercially and technically feasible alternatives, the software's scenario planning capabilities allow users to simulate various operational conditions and market environments, ensuring only the most viable options are considered. This targeted approach reduces time and resources spent on less promising alternatives, speeding up the overall evaluation process.

Key Takeaways

The transition to green energy and achieving Net Zero targets depend on effective CCUS project implementation. PetroVR by Quorum is essential, backed by expert-led programs, and offers a set of tools for comprehensive project analysis and management. Emissions Management Analysts and Production/Reservoir Engineers plan and evaluate CCUS initiatives with PetroVR, ensuring economic viability and technological resilience. The application of PetroVR to the evaluation of IGME’s PilotStrategy project demonstrated its practical value in advancing CCUS technologies—showing how PetroVR maximizes the efficiency and effectiveness of CCUS projects, as an indispensable weapon against climate change.

References

1. IEA (2023), CCUS, IEA, Paris https://www.iea.org/reports/ccus, Licence: CC BY 4.0