| Summary: | Thesis of 60 ECTS credits submitted to the School of Science and Engineering at Reykjavík University in partial fulfillment of the requirements for the degree of Master of Science (M.Sc.) in Sustainable Energy Science. This study focuses on developing a thermoeconomic model to estimate the potential of utilizing geothermal water co-produced in an oilfield in Ecuador. A thermoeconomic approach that combines exergy analysis with economic principles was employed to evaluate plant performance and cost effectiveness. An Organic Rankine Cycle (ORC) design using four different working fluids (R123, R600, Isopentane, R245fa) was analyzed to exploit the low enthalpy geothermal fluid from the oilfield. The results revealed that using R601 as the working fluid, the oil field in Ecuador with a temperature range of 100-115°C can generate 326 kWe, with a thermal efficiency of 4%, exergy efficiency of 20%, and electricity generation cost of 2.64 USD cent/kWh, compared to 7.8 USD cent/kWh assuming additional drilling cost required for extracting same potential from a conventional geothermal field. These findings indicate significant potential for low-cost electricity generation in the oilfield, providing an economic benefit to the oil industry. Overall, this study has important implications for the sustainable use of geothermal energy in the oil and gas industry and the development of renewable energy sources in Ecuador, as it highlights the potential of using geothermal resources in oil fields. Þessi rannsókn beinist að því að þróa hitahagfræðilegt líkan til að meta möguleika á að nýta jarðhitavatn sem er samframleitt á olíusvæði í Ekvador. Hitahagfræðileg nálgun sem sameinar álagsgreiningu með hagfræðilegum meginreglum var notuð til að meta árangur og kostnaðarhagkvæmni plantna. Lífræn Rankine Cycle (ORC) hönnun sem notar fjóra mismunandi vinnuvökva (R123, R600, Isopentane, R245fa) var greind til að nýta jarðhitavökvann með lágum enthalpy frá olíusvæðinu. Niðurstöðurnar leiddu í ljós að með því að nota R601 sem ...
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