Abstract This paper presents a mathematical model for designing a carbon dioxide (CO 2 ) value chain. Storage of CO 2 in geological formations is recognized as an important alternative for carbon abatement. When CO 2 is deposited in oil reservoirs it can sometimes be used to achieve additional oil production, enhanced oil recovery (EOR). The model determines an optimal CO 2 value chain from a fixed set of CO 2 emission points and a set of potential injection sites. It designs a transport network and chooses the best suited oil fields with EOR potential or other geological formations for storage. A net present value criterion is used. The model is illustrated by an example of a Norwegian case with 14 oil fields, two aquifers and five CO 2 sources. A sensitivity analysis is performed on the most important parameters.