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  • https://doi.org/10.3997/2214-4609.2024101417Copy DOI Icon

Practical Quantitative Risk Assessment of Geological Carbon Storage Projects

  • Jan 1, 2024
  • P Carragher +3 more
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Abstract

Summary Subsurface Capture and Storage (SCS) projects are complex and span many decades, with secure storage required for centuries thereafter. Risk exposure is variable throughout project life and requires a robust workflow that allows for analysis of risk variations in time, including identification of “peak risk”. A workflow and tool is presented that can be applied to these projects. It comprises five steps: Project framing: Thorough framing of the project at the outset is needed to build a staged approach and establish success criteria. Definition of risking scales: An SCS project must include a quantitative assessment of both current and future risks, to evaluate the frequency of potential events and their impacts. Event and hazard identification: Applying the Features, Events and Processes (FEP) methodology facilitates building a comprehensive risk register. Quantification of long-term risk: Utilizing the Poisson formula and Monte Carlo models, we can calculate the probability of events over specific stages of a project. Refinement of risks: Milestones should be identified to enable conformance assessment during injection and monitoring. A thorough quantitative risk assessment enables proactive risk management to facilitate project success and minimize both the chance and impact of failures.

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