This paper presents a mathematical model for designing a carbon dioxide (CO2) value chain. Storage of CO2 in geological formations is recognized as an important alternative for carbon abatement. When CO2 is deposited in oil reservoirs it can sometimes be used to achieve additional oil production, enhanced oil recovery (EOR). The model determines an optimal CO2 value chain from a fixed set of CO2 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 CO2 sources. A sensitivity analysis is performed on the most important parameters. (C) 2010 Elsevier Ltd. All rights reserved.