Reservoir Management Optimization Model Employing Combination Deterministic and Probabilistic Approach for Carbon Sequestration Storage and Utilization: A Case Study from East Natuna

East Natuna is well known for its huge natural gas reserves with a very high CO2 content. The appearance of CO2 content in an oil and gas field is always considered as waste material and will severely affect the economic value of the field. The higher the content, the more costly the process, both technically and environmentally. In this research, the newly proposed reservoir management approach called CSSU (Carbon Sequestration Storage and Utilization) method is trying to change the paradigm of CO2 from waste material into economic materials. The novelty of this research is the combined optimization of deterministic and stochastic methods with the Particle Swarm Optimization (PSO) algorithm to answer complex and non-linear problems in the CSSU (Carbon Sequestration Storage and Utilization) method. The CSSU method is an integration of geological, geophysical, reservoir engineering and engineering economics with the determination of technical and economic optimization of the use of CO2 produced as working fluid in a power generation system that has been conditioned through an injection-production system in geological formations. The CSSU research area is located in a sedimentary basin that has a giant gas field with 70% CO2 content. The Volumetric Storage Capacity for CO2 injection process in research area is 1,749.14 BCF or 94.01 MMTon which being calculated based on static modeling considering geological, geophysical and petrophysical aspects. A combination of Compositional, Geomechanics and Thermal reservoir simulation model had been conducted to determines the Storage Injection capacity and later to prove the CSSU method in which CO2 fluids will be utilized as working fluid, 1 case was built using 2 Injection Wells and 1 CO2 fluid Production Well. The simulation results show with 1 production well the total of CO2 fluid injected from 2 Injection wells can almost double the injection total capacity up to 1,150 BCF. The utilization of supercritical CO2 fluid as working fluid can produce 55 – 133.5 MMBTU/Day or 0.67 - 1.63 MW from 1 production well for 25 years timeframe. The CSSU method is optimized by deterministic and stochastic methods using the Particle Swarm Optimization (PSO) algorithm by looking the technical and economical aspects. The technical optimization aspect is being analyzed by electricity production versus well counts. The economical optimization is being analyzed by operational expenditure saving versus well counts and electricity produced versus NPV 10%. From both aspects the 4 injector wells case and NPV 200.00 MM US$ gives the most optimum result within technically and economically. The CSSU economic model proved with CSSU scheme the economical value is being increased by 57 MMUS$ after operating cost efficiency due to the electricity savings, 92 MMUS$ due to Carbon Trading which resulting the NPV 10% is 172.77 MMUS$.