CO2 enhanced oil recovery technology has been proven to be commercially profitable in the U.S. Permian Basin region based in West Texas witnessed the expansion of the CO2 EOR market with growing number of project with large capacity addition.
Albany, NY -- (SBWIRE) -- 11/28/2016 -- The CO2 EOR market report by Transparency Market Research provides an in-depth analysis of the Permian Basin CO2 EOR industry. The report provides comprehensive analysis of the CO2 EOR fields, operators and their production capacities and also provides the forecasts and estimates for the Permian Basin CO2 supply market by volume. The report also analyses the demand and supply characteristics of the market by providing a detailed forecast and an analysis of volume and revenue for the period 2013 to 2019.
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Out of all the three major methods of enhanced oil recovery (EOR) namely, thermal, gas/CO2 and chemical, 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 seen high development and expansion of the CO2 EOR market as huge opportunities exist there. Capacity addition as well as exploration of new projects is taking place in the Permian Basin and is creating a demand for highly pure and low cost CO2. Traditionally, the CO2 was 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. Carbon dioxide produced as a byproduct from various industries such as power and fertilizer sector is stored and transported to various fields where CO2 EOR projects are taking place. Thus, carbon dioxide produced from industries is used to extract crude oil from the earth's crust. Hence, it saves the environment from getting polluted. Earlier disposal of greenhouse gas such as carbon dioxide was a huge area of concern, but with the advancements in technology carbon dioxide is easily utilized to extract crude oil, thereby protecting the environment from getting harmed. Carbon dioxide injection technology is expected to increase for two reasons which are: disposal of greenhouse gas and increase in oil recovery through miscibility. Easily available large quantities of CO2 reduces down the cost of crude oil extraction as raw material is available in plenty and accessibility for carbon capture storage are also easier for exploration and production (E&P) companies. 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 and in future it is expected that CO2 injection will be the dominant technology of all the three EOR technologies. Other gases such as nitrogen and hydrogen are also used for the extraction of crude oil but to a lesser extent than CO2.
Permian Basin has strong support from local and state government that drives the development of the CO2 supply network thus the CO2 EOR market. These norms and regulations provide tax benefits and incentives for carbon capture and storage plants. Easily available large quantities of CO2 in the U.S makes Permian basin a preferred choice for oil exploration companies to extract crude oil from a field in Permian region. It is estimated that in the future Permian basin will be one of the most reliable sources of crude oil supply. Considering the global CO2 EOR market, Permian Basin CO2 EOR market has dominated the global CO2 EOR market in terms of oil production due to the high number of projects. Hence, U.S is projected to be a net exporter of crude oil in the coming years.
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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.
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