2024 Agenda

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Development of an Advanced Cost Estimation Tool for Carbon Capture, Utilization, and Storage Projects

26 Jun 2024
Strategic Forum

This abstract outlines the creation and application of an innovative CCUS cost estimation tool designed to offer comprehensive insights into the economic facets of CCUS projects. The tool incorporates a user-friendly workflow, engineering precision, and current cost databank to anticipate pre-FEED CCUS project costs at various stages. It analyzes intricate factors such as diverse capture technologies, storage geologies, scenarios with variations, and market dynamics to offer precise cost predictions. The tool's user-friendly interface ensures accessibility for a diverse array of stakeholders, including project developers, investors, and policymakers. The scope of cost accuracy covers the variations in cost estimates, ranging from +20% to -10%, ensuring a meticulous and pragmatic evaluation of financial aspects. By augmenting transparency and precision in cost forecasts, this CCUS cost estimation tool makes a significant contribution to the progression and implementation of sustainable CCUS initiatives, thereby promoting a more environmentally friendly and sustainable future. A brief case study employing the cost tool will be unveiled, providing a detailed demonstration of its features and capabilities. This practical example aims to showcase how the tool operates in real-world scenarios, highlighting its effectiveness and functionality for a comprehensive understanding of CCUS projects. 

Speakers
Tianyu Chen, associate director - S&P Global

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