Storage resource management system developed to support commercialization of CO2 storage
SPE’s Storage Resource Management System (SRMS), first released in 2017, is a system that aims to provide the carbon capture and storage (CCS) community with a standardized framework for classification and categorization storage resources. This project-based system provides all stakeholders with a way to compare and contrast CO2 storage estimates based on the uncertainty of project commerciality and storable quantities. The SRMS classification is aligned with that of the proven and widely used SPE Petroleum Resource Management System (PRMS).
Total storage resources are divided into discovered and undiscovered storage resources based on project maturity. For resource assessments, a notional project is specified to estimate undiscovered resources or potential storage resources (PSR) using the lowest project maturity sub-classification, PSR‑Play. The most mature Project PSR sub-classification is PSR-Prospect, a potential storage well location sufficiently defined to represent a viable drill target or identification of an existing well to be characterized for storage and the specified project.
Discovered storage resources are subdivided into contingent storage resources (CSR) and capacity. At the time of the storage project assessment, CSR is sub-commercial and Capacity is commercial. The SRMS recommends the use of net cash flow or net present value to determine the commerciality of a CO2 stand-alone storage project or integrated into the economy of a related project (e.g. CO2 source, such as an ethanol plant). For commercial projects, based on the uncertainty of storable quantities, capacity can be classified as proven (P90), probable (P50) and possible (P10). (Capacity is analogous to reserves in the PRMS.) Commercial project specifications should include projections of technological, economic, legal, environmental, social, and governmental factors for the specified life of the project.
The most mature project sub-classification used by SRMS is Capacity-On Injection, for projects actively injecting and storing CO2. However, for storable quantities to be classified as Capacity, active injection is not required at the time of the evaluation. The least mature subclass of commercial projects are those justified by capacity for development. For the storable quantities determined for a project in this subcategory, there must be a reasonable expectation that funding will be obtained and allocated to the project, all required permits will be acquired, and all required contracts will be completed within a reasonable time based on of the detailed development plan.
Storable quantities, the accessible porous volume in a geological formation in which the CO2 could be stored, is the basis of SRMS. The following methods for calculating storable quantities are similar to on-site methods for oil and gas: volumetrics, rate-time plots, material balance, and reservoir simulation. Depending on the maturity of the project, different assumptions are acceptable for each method used to estimate storable quantities. It is explicit in the definition of storable quantities that the geological and wellbore confinement must be verified.
In 2022, the SRMS guidelines were published by SPE and are co-sponsored by SPE, SPEE, AAPG, SPWLA, SEG, WPC and EAGE, who also co-sponsor the SRMS. The SRMS guidelines include suggestions for the application of the SRMS with the aim of including details on the processes for quantification, categorization and classification of storable quantities so that the subjective nature of subsurface assessments can be consistent between storage resource evaluators.
CO2 The Storage Resources Committee (CSRC), which reports to the Carbon Dioxide Capture, Utilization and Storage (CCUS) SPE Technical Section, manages the SRMS and guidelines. Currently, CSRC is developing training materials, working on an update to SRMS, and developing web pages for user feedback and questions.
The SRMS document is available here.
SRMS guidelines are available for purchase here.
The Carbon Dioxide Storage Resource Management System (SRMS) Guidelines eBook (with updated SRMS) is available for purchase here.