The Carbon Dioxide (CO2) Enhanced Oil Recovery (EOR) Market 2014-2024

The Carbon Dioxide (CO2) Enhanced OilThe Carbon Dioxide (CO2) Enhanced Oil Recovery (EOR) Market 2014-2024 PR Newswire LONDON, December 3, 2013 The CO2 EOR market is a well established sector of the oil and gas industry in the United States with the first commercial projects dating back to the early 1970s. The key enabler of this success has been the availability of a large volume of low cost naturally occurring CO2, which has been tapped in the US to provide a regular supply to EOR projects. However, the US remains the only nation to have discovered naturally occurring CO2 sources apart from natural gas collections with a high CO2 content. As maturing oil production markets provide more opportunity for CO2 use in EOR, demand for CO2 has risen while supply volumes have not seen significant additions over the market's 35+ year history. There has therefore been a growing interest in capturing some of the approximately 32 billion tonnes of CO2 released into the atmosphere globally from anthropogenic sources, and using this to boost production of oil from waning production areas. This creates opportunities in many more countries outside the US where CO2 EOR markets have the potential to grow. The intensifying link with carbon capture technology will mean that areas advanced in this technology with significant maturing oil areas will prosper in the CO2 EOR market. Visiongain calculates that spending in the CO2 EOR market will total $5.305bn at the start of 2014.