CO2 EOR Market in Permian Basin to Reach 329,069 Barrels/day Due to Regulatory Support: Transparency Market Research
By Business Wire News
By Business Wire News
In a recent research report published by Transparency Market Research, the CO2 enhanced oil recovery (EOR) market in the Permian Basin in West Texas in the U.S. is expected to grow at a 7.0% CAGR during 2013-2019. The report, titled “CO2 EOR Market – Permian Basin Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 – 2019”, mentions that in 2012, CO2 supply from the region was 195,000 barrels per day and is expected to reach 329,069 barrels per day by 2019.
CO2 EOR technology is commercially profitable. The report points out that the abundant CO2 supply in the Permian Basin lowers the cost of CO2 enhanced oil recovery and has led the government to approve projects in this region as well as offer incentives and tax concessions for carbon capture.
This will boost the growth of the CO2 EOR market during the forecast period. The high amount of oil in the region will create a huge opportunity for the market.
The report lists down the major projects running in the region and the revenue generated through them. Presently, there are 127 projects going on, accounting for more than half of the global CO2 EOR market.
An extensive CO2 pipeline network has been developed in the location and the active projects have more than 10 CO2 injection wells in the area. The major players in the CO2 EOR market in Permian Basin include Chevron Corporation, Kinder Morgan Inc., and Occidental Petroleum Corporation.
The report discusses the CO2 supply status in the region. The Permian Basin has natural CO2 reservoirs that provide highly pure CO2. The emergence of new industrial CO2 capture and storage projects will alter the market dynamics on a large scale.
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About Transparency Market Research
Transparency Market Research (TMR) is a U.S. based market intelligence company driven by high-pedigree consultants and researchers. TMR leverages its Syndicated Research, Custom Research, and Market Consulting expertise to help businesses make accurate decisions. TMR’s exclusive blend of quantitative forecasting and trends analysis draws on proprietary data sources and techniques, while their data repository is continuously updated to reflect the latest trends.