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Using CO2 to push out Oil

As I understand this is one of a few projects around the world (Norway, UK) looking at using CO2 to increase oil production whilst sequestering the CO2.

But I cant help thinking that unless you are actually storing more CO2 than generated from the Oil you remove, then all your doing is playing funny numbers ecologically.
clipped from www.technologyreview.com

Pollution pays: Blue Source is building the business case for carbon-capture and storage systems by storing CO2 in oil wells. Blue Source profits twice, selling the CO2 to the oil producers who use it to stimulate oil production, and simultaneously earning carbon offsets that could soon be worth 20 euros ($29) per ton.

Credit: Peter Fairley

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