The market for carbon dioxide for enhanced oil recovery (EOR) will total US$4.74 billion this year, according to a new report from Visiongain: ‘Carbon Dioxide (CO2) Enhanced Oil Recovery (EOR) Market Forecast 2015 – 2025’.
This is likely to decline in the short term, as low oil prices hit the CAPEX programmmes of CO2 EOR operators. However, the long-term future is bright, as maturing oil markets provide more opportunity for CO2 use in EOR.
Demand growth for CO2 could in turn provide a boost for carbon capture technology in the power industry as naturally-occurring sources of CO2 have only been discovered in the US.
“There has been a growing interest in capturing some of the approximately 32 billion t of CO2 released into the atmosphere globally from anthropogenic sources, such as power plants, and using this to boost production of oil from waning production areas,” Visiongain said in a press release. “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.”
Written by Jonathan Rowland.
Read the article online at: https://www.worldcoal.com/power/05032015/bright-future-for-co2-eor-industry-2014/