Permian Basin CO Market Is Now Driving the Growth of the CO2 EOR
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.
Albany, NY -- (SBWire) -- 02/17/2016 --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. Permian Basin is consuming low cost and highly pure CO2 sourced from natural CO2 reservoirs but the trend is expected to change over the entire forecast period as new industrial CO2 capture and storage projects emerge. As a result of high CO2 demand from the Permian Basin, 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.
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Enhanced oil recovery (EOR) has three major methods adopted worldwide namely, thermal, gas/CO2 and chemical. Gas/CO2 method utilized carbon dioxide as an injectant gas to stimulate the extraction of crude oil. Thus, CO2 is basically a type of the gas injection EOR method that provides numerous advantages over other EOR techniques such as neutral behavior of the gas and doesn't affect the quality of crude oil in terms of its chemical composition. Therefore, such factors have helped in the development of large CO2 stations in the Permian Basin region. Being driven by the CO2 EOR market, the Permian Basin CO market is now driving the growth of the CO2 EOR.
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Permian Basin CO2 EOR market is also supported by the number of government norms and regulations in order to avail clean energy generation. The state and local government rules not only provide concession in taxes but also provide some incentives. 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 also has high amount of oil in place which is yet to be extracted. Thus, it 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.
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