Recently, the thesis in WU’s SIMC master “Successful Implementation of Carbon Upcycling Activities at Oil and Gas Providers” has been finished.
This thesis focuses on carbon upcycling technologies and how they can successfully be implemented by oil and gas providers. The aim of this research is to outline the different carbon upcycling technologies available, including carbon capture, storage & transport as well as carbon utilization technologies. However, the main focus will be on carbon utilization product applications, in order to find viable solutions that can be implemented by oil and gas providers in a profitable way. Four product applications were identified that strategically fit into the current business models of oil and gas providers. These product applications include carbon fuels, enhanced oil recovery, methane production and the production of ethylene/propylene. These product applications were compared on the basis of four criteria: technology readiness level, company involvement, regulation and commercial viability. This analysis concluded that carbon fuels and enhanced oil recovery are most likely to add additional value to oil and gas providers. Consequently, business models have been built around these product applications, using the triple layered business model canvas. After analysing both business models, it can be concluded that from an environmental and business perspective, carbon fuels will most likely have the highest impact. However, both business models have proven to be profitable and can therefore be implemented successfully.