Economic Analysis of Lithium and Salts Recoveries from Bakken Formation

Abstract Oilfield-produced water, a byproduct of extracting petroleum, often contains salts and other significant critical elements like lithium. Utilizing these elements provides a chance to enhance revenue streams in the petroleum industry while also tackling sustainability challenges. This research provides a thorough economic analysis of the extraction of critical elements, specifically lithium, from produced water in the Bakken Formation using the NanoLiSal recovery model. The research aims to evaluate the expenses of project design, anticipate revenue, outline implementation processes, and analyze the environmental impacts. Research utilizes economic analysis strategies to assess the NanoLiSal approach while offering future strategies for applying it. Essential elements comprise financial modeling, investigation of industry trends, and assessments of environmental impact. Economic analysis results provide valuable information on the viability of the recovery process, emphasizing patterns, obstacles, and potential advantages. This article presents a detailed and subtle comprehension of the economic environment, offering direction for future research and real-world implementations. It offers a well-defined project framework that includes the overall expenditure and income generated by the NanoLiSal recovery process. Results emphasize the possibility for the petroleum industry to increase revenue from disposable wastewater while also contributing to sustainability goals. This paper makes a substantial contribution by clarifying economic factors and offering practical insights for individuals and organizations involved in the sector.