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 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 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 it consist of more than half of the total CO EOR projects in the world. 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 and 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. 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 has strong support from local and state government that drives the development of CO2 supply network thus the CO2 EOR market ,These norms and regulations provide tax befits and incentives for carbon capture and storage plants. 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 high number of 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.