CO2
EOR Market
- Global Industry Analysis, Size, Share, Growth and Forecast, 2013 –
2019 ALBANY,
New York, August 5, 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.
Browse
the full Report at
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.
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.
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.
About
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