CO2 EOR Market - Permian Basin Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019
Albany, NY (PRWEB) September 25, 2014
In its market research report published recently, Transparency Market Research, a U.S.-based market intelligence firm states that the global CO2 EOR market in the Permian Basin is expected to grow at CAGR 7% from 2013 to 2019. The report, titled ‘CO2 EOR Market - Permian Basin Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019,’ is now available for sale on the company’s website.
The TMR market research discusses that the most commercially profitable technology for enhanced oil recovery out of the three basic types namely, chemical, thermal and gas/CO2 for the Permian Basin in West Texas, US has been the CO2 enhanced oil recovery technology. This technology uses carbon dioxide for oil extraction from the earth’s crust. The Permian Basin has immense potential for growth and development and this fuels the demand for low cost CO2 to be used for oil extraction.
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Earlier, CO2 was not considered to be eco-friendly, however, with better technology it is ensured that oil can be extracted efficiently by using CO2 with minimal harm to the environment. A large pipeline network of CO2 supply has been developed in the Permian Basin region because of easy availability of CO2. Moreover, the cost of extraction of crude oil is the least when the CO2 enhanced oil recovery technology is incorporated.
This report suggests that there is firm support from state and local governments for the establishment of the CO2 supply network thereby developing the CO2 enhanced oil recovery market. These government bodies also extend incentives and tax concessions for tapping and storage of crude oil. This region in West Texas is the most favored area for crude oil exploration and extraction because of ample supply of CO2 in the US. The Permian Basin dominates the global market for enhanced oil recovery because there lays maximum scope for oil production in this region. According to forecasts, the US will be a significant crude oil exporter in the forthcoming years.
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The significant players operating in the Permian Basin are engaged in developing and adopting strategies pertaining to acquisition so that they can tap and exploit the market thereby enhancing their production potential.
This market research report states and analyses the prominent players engaged in oil production the Permian Basin area. Some of the players discussed in the report are ExxonMobil Corporation, Chevron Corporation, Hess Corporation, Occidental Petroleum Corporation, Whiting Petroleum Corporation and ConocoPhillips Co.
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