Risk Assessment Using An Adaptive Management Approach to CO2 Storage Projects
The PCOR Partnership has developed an adaptive management approach that ensures successful project implementation while remaining flexible to each projects unique attributes. An overview of the approach is provided on the poster. Each component is continually evaluated and updated throughout the life cycle of the project, with the results of each evaluation serving as input for the remaining components. This iterative cycle is repeated throughout all project phases, from feasibility study through postclosure monitoring. The PCOR Partnership has applied this approach to several geologic CO2 storage sites, and this poster summarizes key processes and outcomes. The poster illustrates the PCOR Partnerships risk assessment approach. Critical to the adaptive management approach is continually updating project knowledge through additional site characterization data, which, in turn, leads to improved modeling and simulation outcomes. Many risks are dynamic, and the risk profile evolves over the life cycle of the CO2 storage project. The PCOR Partnership has conducted multiple risk assessments for the same CO2 storage site over time, continually reevaluating the project risks and their likelihood. As part of the iterative cycle, the PCOR Partnership is continually assessing the site-specific monitoring, verification, and accounting (MVA) plan to ensure that the current MVA plan addresses the revised project risk profile.View/Download Document
Event/Meeting Information
IEAGHG Risk Management & Environmental Research Combined Networks Meeting
9/29/2015
Southampton,