Integration of CCUS and CO₂-EOR Technologies in Venezuela, Geological, Technical and Regulatory Analysis for the Decarbonization of the Oil Sector.

Abstract

Background: Venezuela, with large oil reserves, faces challenges due to its energy dependence and CO₂ emissions. Technologies such as CCS, CCUS and CO₂-EOR offer solutions to reduce environmental impact without affecting production. Objective: to analyze the technical, economic and regulatory feasibility of implementing CCS/CCUS and CO₂-EOR technologies in Venezuela, considering the geological, institutional and regulatory conditions of the country. Method: the research is developed under a mixed methodological approach that integrates three main components: An intergovernmental comparative analysis of applicable international regulatory frameworks; Technical-numerical modeling of Venezuelan oil reservoirs through numerical simulations using tools such as MATLAB; An evaluation of geological suitability of Venezuelan sedimentary basins for the safe storage of CO₂. These tools allow obtaining a comprehensive view of the Venezuelan potential to adopt these technologies within the framework of the energy transition. Results: the findings indicate that Venezuela has suitable geological formations for the safe storage of CO₂, especially in the Eastern Basin and Lake Maracaibo. Also, the technical and economic potential of the combined use of CO₂-EOR and CCUS to increase oil recovery while reducing the carbon footprint is identified. However, significant barriers remain, including high costs, regulatory uncertainty and institutional constraints. Conclusions: This study proposes a conceptual framework for the integration of carbon capture and storage technologies in the Venezuelan energy sector, highlighting the need for a specific legal framework, incentives for private investment and international cooperation.