We suggest alternative objective functions based on the concept of thermoeconomics (or exergoeconomics) that could be used for simultaneous maximization of economics and energy efficiency of oil-production systems. The suggested functions are evaluated for an oil reservoir, where water is injected to improve its recovery factor. We find that life-cycle optimization of water-injection projects in terms of net present value (NPV) and net cumulative exergy (NCE) leads to consistent results. We show that managing reservoirs based on a long-term objective leads to significant reduction in their CO2 footprint. For oil production by water injection, commitment to reduce CO2 emission provides an opportunity to maximize the NPV of these projects. The sustainability of water injection into hydrocarbon reservoirs is highly dependent on the volumes of the injected and produced liquids. Above a critical water cut (80% in this study), the energy efficiency of the project decreases dramatically, and its CO2 footprint increases exponentially.@en

Production of mature oil fields emits significant amount of CO2 related to circulation and handling of large volumes of gas and water. This can be reduced either by (1) using a low-carbon energy source and/or (2) reducing the volumes of the non-hydrocarbon produced/injected fluids. This paper describes how improved oil recovery techniques can be designed to reduce CO2 intensity (kgCO2/bbl oil) of oil production by efficient use of the injectants. It is shown that CO2 emissions associated with injection of chemicals is strongly influenced by water cut at the start of the project, extent of the water cut reduction, and chemical utilization factor defined as the volume of produced oil per mass or volume of the injectant. As an example, for the oil field considered in this study, 3–8% reduction in water cut can result in 50–80% reduction in its CO2 intensity. In addition to the incremental oil production with lower CO2 intensity, the earlier implementation of enhanced oil recovery methods can extend the lifetime of the mature fields if carbon emission cut-offs are applied. In case of CO2 enhanced oil recovery (EOR), the large storage potential for CO2 can significantly reduce the overall CO2 emissions of oil, albeit at a large energetic cost. For CO2 EOR using CO2 captured from gas power plants, improving the utilization factor from 2 bbl/tCO2 to 4 bbl/tCO2 can reduce the CO2 intensity of the produced oil from 120 kgCO2/bbl to 80 kgCO2/bbl (33% reduction).@en