Economic Analysis of Lithium and Salts Recoveries from Bakken Formation

Abstract

Oilfield produced water (PW), a byproduct of extracting petroleum, often contains salt and other significant critical elements like lithium (Li). Utilizing these elements provides a chance to enhance revenue streams in the petroleum industry while also tackling sustainability challenges. This research provides a thorough economic analysis of the extraction of critical elements, specifically Li, from PW in the Bakken Formation using the NanoLiSal recovery model. The research aims to evaluate the expenses of project design, anticipate revenue, outline implementation processes, and analyze the environmental impacts using economic analysis strategies to assess the NanoLiSal approach while offering future strategies for applying it. Essential elements comprise financial modeling, investigation of industry trends, and assessments of environmental impact. Economic analysis results provide valuable information on the viability of the recovery process, emphasizing patterns, obstacles, and potential advantages. In this paper, we provide a comprehensive analysis of the economic environment, offering useful insights into future research and potential real-world applications. We presents a clear project framework that outlines the costs and revenue associated with the NanoLiSal recovery process. The results highlight the potential for the petroleum industry to generate additional revenue from disposable waste water while also supporting sustainability objectives. This paper contributes by addressing key economic factors and providing practical guidance for stakeholders in the sector.