Since
1980, huge developments for natural sources of CO2 in Colorado and
New Mexico have been empowered to discover CO2 enhanced oil recovery
(CO2-EOR) projects in the Permian basin. Permian Basin is the region
producing high amounts of oil and gas. Based in New Mexico and West
Texas, the Permian Basin has an oil endowment of 95.4 billion
barrels, of which 35% or 33.7 billion barrels will be recovered. At
present, approximately 61.7 billion barrels of oil is left as
‘stranded oil’ in reservoirs. These reservoirs are economically
amenable for enhanced oil recovery (EOR) by means of carbon dioxide
(CO2) injection.
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CO2 EOR Market Report with Full TOC at
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CO2
EOR Market (Permian Basin)
Permian
Basin focuses on developing demand for low priced and highly pure CO2
substances sourced from natural CO2 reservoirs. The high amounts of
oil in the Permian Basin generate enormous opportunities for the new
EOR projects in the regions of West Texas. The CO2 oil recovery
technology program is proving to be the most reliable, viable, and
commercially profitable activity in America and the Permian Basin
region of West Texas.
Owing
to large capacities of oil reservoirs in the existing fields, the
above mentioned regions have witnessed huge developments and
expansions in terms of number of projects based in this market.
However, this trend will soon change in the near future due to the
evolving new industrial CO2 projects capturing the storage projects
market. To overcome this issue, Permian Basin has developed an
extensive CO2 supply pipeline to meet the increasing demand for CO2
from the CO2 EOR sub-industry.
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Permian
Basin CO2 EOR Market – By CO Supply Analysis
CO2
EOR market consists of three major modes of EOR such as, gas/CO2,
chemical, and thermal. Of all the three segments, the gas/CO2 method
has been growing at a rapid rate in the Permian Basin. In this
method, carbon dioxide utilizes injectant gas to excite the
extraction of crude oil. CO2, when used in the form of injectant
caters a number of benefits over conventional EOR techniques. One of
the most prominent advantages is it has a neutral behavior and does
not cause an impact to the quality of the crude oil or its chemical
composition.
Due
to all these aspects, the development of high-scale CO2 stations in
the Permian Basin region has primarily stirred growth for EOR demand.
Nevertheless, the Permian Basin CO market is now boosting substantial
growth for CO2 EOR as well.
Key
Market Players in CO2 EOR Market
Most
of the key operators in the Permian Basin act under the development
strategies such as production capacities and acquisitions in order to
penetrate the CO2 EOR industry with maximum growth. Operators in the
production of oil from the Permian Basin CO2 EOR fields include
ExxonMobil Corporation, Chevron Corporation, Occidental Petroleum
Corporation, ConocoPhillips Co., Hess Corporation, Kinder Morgan,
Inc., and Whiting Petroleum Corporation.
Browse
Press Release Of CO2 EOR Market
http://www.transparencymarketresearch.com/pressrelease/co2-eor-market.htm
According
to leading market study reports, the market for CO2 EOR in the
Permian Basin region accounted for 195,000 barrels per day in 2012.
However, by 2019, it is anticipated to reach 329,069 barrels per day,
expanding at a CAGR of 7.0% from 2013 to 2019.
CO2
EOR Market - Future Outlook
Today,
we see the Permian Basin region converge into several factors to form
a new path in the CO2 EOR industry. With changing perceptions and
high oil pricing environments regarding targets for CO2 EOR, the
carbon capture companies are paving new strategic positions to form
joint ventures as their projects evolve in the Permian Basin. At
present, the storage of high volumes of CO2 emissions is difficult in
this region, and upon observing such conditions, the world may near
to a tipping point leading us to OPEC and Middle East issues,
Greenhouse Gas mitigation, and Peak Oil debate for national energy
security fuels. Such multitude of reasons has leveraged various
economies, especially India and China to continue their rapid demand
and growth for CO2 for EOR projects in the Permian Basin, as well as
regions outside the Permian to meet the growing supply requirements
for the future.
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