The
CO2 EOR market in the Permian Basin accounted for 195,000 barrels per
day in 2012 and is anticipated to reach 329,069 barrels per day in
2019, expanding at a CAGR of 7.0% from 2013 to 2019.
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CO2 EOR Market Report with Full TOC at
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CO2
enhanced oil recovery technology has been proved as the most viable
and commercially profitable in the U.S. Permian Basin region based in
West Texas has experienced the development and expansion of the CO2
EOR market with growing number of project with large capacity
addition to the existing fields. Permian Basin is creating the demand
for low cost and highly pure CO2 sourced from natural CO2 reservoirs;
however, the trend is expected to change in the near future with
emergence of new industrial CO2 capture and storage projects.
Therefore, an extensive CO2 supply pipeline network has been
developed in this region. This extensive network helps to meet the
upward CO2 demand from CO2 EOR sub-industry.
Out
of all the three major methods of enhanced oil recovery (EOR) namely,
thermal, gas/CO2 and chemical; gas/CO2 method has been growing at a
quick pace In the Permian Basin. It utilizes carbon dioxide as an
injectant gas to stimulate the extraction of crude oil. CO2 as an
injectant provides numerous advantages over other EOR techniques as
it has neutral behavior and doesn’t affect the chemical composition
and quality of crude oil. Thus, development of large CO2 stations in
the Permian Basin region has been driven by the EOR demand; however,
being driven by the CO2 EOR market, the Permian Basin CO market is
now driving the growth of the CO2 EOR.
Strong
supportive regulatory framework in the Permian Basin CO2 EOR market
is also drives the development of CO2 supply sources and thus the CO2
EOR market in the Permian Basin. The state and local government norms
not only provide tax concession but also provide some incentives for
carbon capture and storage. Permian Basin CO2 EOR market has
dominated the global CO2 EOR market in terms of oil production as
well as number of projects. There is presence of over 127 CO2 EOR
projects which accounts for more than half of the global CO2 EOR
market.
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Permian
Basin’s high amount of oil in place creates a huge opportunity for
the upcoming EOR projects. Major players or operators in the Permian
Basin are involved in the development strategies such as acquisition
in order to penetrate the market and expand the production
capacities. Major operators involved in the production of oil from
the Permian Basin CO2 EOR fields are Chevron Corporation,
ConocoPhillips Co., ExxonMobil Corporation, Hess Corporation, Kinder
Morgan, Inc., Occidental Petroleum Corporation and Whiting Petroleum
Corporation.
Permian
Basin CO2 EOR Market: Revenue Analysis
- For Favorable Market Conditions
- For Unfavorable Market Conditions
Permian
Basin CO2 EOR Market: Region Covered
- Permian Basin, West Texas
Permian
Basin CO2 EOR Market: CO Supply Analysis
- CO2 Supply Status in the Permian Basin, West Texas in Terms of Volume
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Article Of CO2 EOR Market
http://www.transparencymarketresearch.com/article/co2-eor-market.htm
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