CO2 EOR Market to Undertake Strapping Growth During 2019
Transparency
Market Research has released a new market report titled “CO2 EOR
Market - Permian Basin Industry Analysis, Size, Share, Growth, Trends
and Forecast 2013 - 2019.” According to the report, the CO2 EOR
market in the Permian Basin accounted for 195,000 barrels per day in
2012 and is anticipated to reach 329,069 barrels per day in 2019,
expanding at a CAGR of 7.0% from 2013 to 2019.
Read
Report Overview @
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 experienced the development and expansion of the CO2
EOR market with growing number of project with large capacity
addition to the existing fields. Permian Basin is creating the demand
for low cost and highly pure CO2 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.
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.
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.
Strong
supportive regulatory framework in the Permian Basin CO2 EOR market
is also drives the development of CO2 supply sources and thus the CO2
EOR market in the Permian Basin. The state and local government norms
not only provide tax concession but also provide some incentives for
carbon capture and storage. 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.
Request
to view Sample Report:
Permian
Basin’s high amount of oil in place 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.
Comments
Post a Comment