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.
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.
Browse the full CO2
EOR Market (PermianBasin) Report at
http://www.transparencymarketresearch.com/co2-eor-market.html
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.
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.
Permian Basin CO2
EOR Market: Revenue Analysis
For Favorable Market
Conditions
For Unfavorable
Market Conditions
Permian Basin CO2
EOR Market: Region Covered
Permian Basin, West
Texas
Permian Basin CO2
EOR Market: CO Supply Analysis
CO2 Supply Status in
the Permian Basin, West Texas in Terms of Volume
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