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Oil prices drive projected carbon dioxide enhanced oil recovery

Posted on 31 July 2014

In its 2014 Annual Energy Outlook (AEO2014), the US Energy Information Administration (EIA) projects that the price of oil will largely determine whether to use carbon dioxide enhanced oil recovery (EOR) technologies to extract additional crude oil from existing producing fields. The OPEC oil output rises in July on fragile Libyan reboundinjection of CO2 gas into oil reservoirs at high pressure forces the CO2 to mix with oil. This reduced the oil’s viscosity and causes the oil to increase in volume.
The result is an increase in the total cumulative volume of oil produced and in the percentage of oil-in-place that is recovered. The decision by a producer whether or not to employ this technique depends on a number of factors, including the geophysical properties of the reservoir, the oil within that reservoir, the cost of applying CO2 EOR and the revenue received from the additional production………………………………………..Full Article: Source


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VRS - who has written 36927 posts on Opalesque Commodities Briefing.


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