Carbon Capture and Storage (CCS) In Oil and Gas Fields: Economic and Environmental Assessment for Sustainable Energy Transition

Carbon Capture and Storage (CCS) is gaining importance in helping to lower green house gas emissions and supporting worldwide efforts to move toward renewables. The oil and gas sector can profit from CCS by helping reduce its environmental effect and preserving resources in the new, carbon-cutting setting. The findings are based on a thorough analysis of the economy and environment of CCS use in oil and gas fields, examining cost-effectiveness, financial return, and positive environmental effects. This research combines info from ongoing CCS projects and compares before-combustion, after-combustion, and oxy-fuel methods. Research suggests that using CCS for power generation can cut CO₂ emissions by more than90% when the appropriate technology and storage processes are applied. Yet, for these projects to thrive, the sensitivity of economic viability depends on spending on capital projects, running costs, carbon pricing systems, and laws backing the industry. The distribution of CCS project costs is shown in a pie chart, and bar charts and tables are used to compare NPV and IRR in various deployment scenarios. Also, when we look at global CCS activities on a map, we can see a rising number of pilot projects in North America, the Middle East, and Asia. As shown by environmental analysis, CCS reduces the carbon intensity of hydrocarbon production but does not remove upstream emissions. According to the study’s conclusions, one approach includes offering fiscal incentives, carbon trading, and public-private partnerships to make CCS more scalable. The study moves the conversation forward by joining the need for environmentally responsible action with the ability to make fossil fuel-powered energy profitable.