Permian CO2 EOR Market Driven by Strong Government Support, to Produce 329,069 Barrels/day by 2019
Leading market intelligence firm Transparency Market Research (TMR) has announced the release of a new market research study. The new report studies the utilization of the global CO2 enhanced oil recovery (EOR) market technology in the Permian Basin in West Texas. The report is titled ‘CO2 EOR Market - Permian Basin Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019’ and is available on the company’s website for sale.
Browse the full CO2 EOR Market - Permian Basin Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019 report at https://www.transparencymarketresearch.com/co2-eor-market.html
Carbon dioxide, or CO2, can be used to boost the production of oil and gas from a fossil fuel reservoir. The injection of CO2 helps decrease the viscosity of the oil present in the reservoir, which allows it to mix more easily with water. Since crude oil is naturally immiscible in water, this step is crucial in ensuring maximum extraction. This method is one of many methods used for enhanced oil recovery. However, CO2 injection is cheaper than other EOR methods and the relatively low reactivity of carbon dioxide with crude oil components results in the availability of crude oil with minimal impurities, a rarity with other EOR methods. This has propelled the CO2 EOR market, with EOR operations in the Permian Basin taking up a major share in the global market.
According to the new TMR report, oil production in the Permian basin using CO2 EOR totaled 195,000 barrels per day in 2012. Exhibiting a strong 7% CAGR from 2013 to 2019, the CO2 EOR market in the Permian Basin is expected to rise to 329,069 barrels per day.
The easy availability of cheap CO2 in the Permian Basin is a major driver propelling the Permian Basin CO2 EOR market. CO2 used in oil E&P operations in the Permian basin mostly comes from natural CO2 reservoirs. However, in the coming years, industrially sourced CO2 is expected to become the dominant source. The firm establishment of a competent CO2 supply network in the oil-rich Permian Basin will help this switch go off smoothly. CO2 supply figures and forecasts are given in the report for a period from 2012 to 2019.
The high amount of oil and gas present in the Permian Basin region has led the U.S. government to step in and provide steady support for development. This will further make all the raw materials and the CO2 much easier to procure, further propelling the Permian Basic CO2 EOR market. The Permian Basin CO2 EOR region is among the largest application areas of CO2 EOR technology and is set to remain highly productive in the near future.
The report also provides a detailed explanation of the competitive landscape of the Permian Basin CO2 EOR market, with competitive and financial profiles given for all major market participants. Leading companies in the market include Chevron Corporation, ExxonMobil Corporation, Occidental Petroleum Corporation, ConocoPhillips Co., Hess Corporation, Whiting Petroleum Corporation, and Kinder Morgan, Inc. Acquisitions and capacity additions are expected to be the underlying theme of the growth trajectory of the Permian Basin CO2 EOR market in the near future, with major players aiming to maximize oil production in this highly promising location.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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