Opportunities, challenges and the way ahead for carbon capture, utilization and sequestration (CCUS) by the hydrocarbon industry: Towards a sustainable future

While carbon capture and sequestration (CCS) has garnered many headlines in the recent past, its wider applicability on an industrial scale is yet to be explored due to a plethora of industrial challenges, primarily involving the short-term financial attractiveness of CCS projects. However, CCS represents a crucial technology for the hydrocarbon industry to extend its utility and financial attractiveness in this age where environmental, social and governance (ESG) criteria applied by financial institutes restrict access to capital by the hydrocarbon industry. However, CCS opportunities in the hydrocarbon industry are varied and require a more detailed understanding of the various processes for them to be successful in their desired operational parameters. Alternatively, the captured carbon dioxide (CO2) may be utilized for enhanced oil recovery (EOR) or methane production, which is referred to as carbon capture, utilization and storage (CCUS). Hence, the primary purpose of this review is to introduce the wider research audience to the various process of CCUS in the hydrocarbon industry by providing a brief introduction to their various process and their carbon storage potential. The review article discusses multiple CCS technologies and studies the Technology Readiness Level (TRL) values of each of these technologies in order to give a better outlook about the CCS technologies being employed in the contemporary world. Also, the viability of each CCUS process in subsurface oil mobilization applications would be explored for adverse conditions. Finally, a brief highlight on the implementation of proposed CCUS methods and their transition towards CO2 storage gas has been elaborated upon. Apart from reviewing the literature related to CCUS technologies, the authors have elaborated upon the economic aspects of these technologies. There authors have also studied the economic impact of carbon capture in different industries like the chemical industry, cement industry, etc. and thus, the review paper is intended to act as a guide for policy makers about the intended future course of action with regards to reducing the carbon footprint of the oil, till better and more equitable sources of energy replace it. (C) 2022 Published by Elsevier Ltd.