Albany, NY (PRWEB) August 12, 2014
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.
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.
Title: CO2 EOR Market: Growth, Future, and Supply Analysis 2013 – 2019
Published: July 2014
Price: US$ 4,795.00 (Single User)
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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.
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.
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.
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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.