Estimation of CO2 Transport Costs in South Korea Using a Techno-Economic Model

Abstract

In this study, a techno-economic model was used to calculate the costs of CO2 transport and specify the major equipment required for transport in order to demonstrate and implement CO2 sequestration in the offshore sediments of South Korea. First, three different carbon capture and storage demonstration scenarios were set up involving the use of three CO2 capture plants and one offshore storage site. Each transport scenario considered both the pipeline transport and ship transport options. The temperature and pressure conditions of CO2 in each transport stage were determined from engineering and economic viewpoints, and the corresponding specifications and equipment costs were calculated. The transport costs for a 1 MtCO(2)/year transport rate were estimated to be US$33/tCO(2) and US$28/tCO(2) for a pipeline transport of ~530 km and ship transport of ~724 km, respectively. Through the economies of scale effect, the pipeline and ship transport costs for a transport rate of 3 MtCO(2)/year were reduced to approximately US$21/tCO(2) and US$23/tCO(2), respectively. A CO2 hub terminal did not significantly reduce the cost because of the short distance from the hub to the storage site and the small number of captured sources.