Techno-Economic Analysis of Gas Monetisation Technologies Using Topsis

International Journal of Research and Scientific Innovation (IJRSI) | Volume VIII, Issue XII, December 2021 | ISSN 2321–2705

Techno-Economic Analysis of Gas Monetisation Technologies Using Topsis

Okoli Nnanna O.¹, Nwaozuzu Chijioke², Nteegah Alwell³ Onyejekwe Ifeanyi M.^4
1,²,³Emerald Energy Institute, UNIPORT
⁴Department of Petroleum Engineering, FUTO

ABSTRACT
This study conducted a techno-economic comparative analysis of gas monetization technologies (Liquefied Natural Gas (LNG) and Gas to Liquid (GTL)) using the Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS). In the course of the study, the pros (strengths) and cons (constraints/limitations) of the different gas monetization options were discussed, and the economics and technical viabilities of LNG and GTL were ascertained. Technically, five attributes/criteria (volume, distance, cost, time and environmental impact) were considered. From the TOPSIS analysis and results, the technically best technology considering volume, distance, cost, time and environmental impact was GTL with a score of 0.505. This LNG had a score of 0.495. From the analysis, the GTL performed better under the most significant criteria (cost and environmental impact), it also performed better than LNG under time of delivery. Whereas, the criteria where LNG performed better (volume and distance), their weights are not too significant to make it emerge ahead of GTL as a better technology technically. Hence, from the study findings, it can be deduced that GTL performed better technically than LNG.

Keywords: GTL, LNG, TOPSIS, Gas Monetisation.

INTRODUCTION

Nowadays, the continual and indiscriminate fluctuations in the price of oil, coupled with the significant decline in reserves, as well as the new environmental attitude expressed by various national governments about the existing high levels of air pollution, have led to the exploitation of a cleaner and more economically attractive fuel, namely the natural gas (Sydney & Richard, 2003).
In contrast to petroleum or coal, natural gas can be used directly as source of primary eco-friendly energy that causes less carbon dioxide and nitrogen oxide emissions (greenhouse gases). Thus, natural gas has proven to be a strategic commodity that augments current global energy supplies and, to some extent it alleviates some of the possible consequences of using petroleum and petroleum derivatives (Rajnauth et al., 2008).

Read More