Potential For EOR in United States
The United States has been using EOR for several decades. For over 30 years, oil fields in the Permian Basin have implemented CO2 EOR using naturally sourced CO2 from New Mexico and Colorado. The Department of Energy (DOE) has estimated that full use of 'next generation' CO2-EOR in United States could generate an additional 240 billion barrels (38 km3) of recoverable oil resources. Developing this potential would depend on the availability of commercial CO2 in large volumes, which could be made possible by widespread use of carbon capture and storage. For comparison, the total undeveloped US domestic oil resources still in the ground total more than 1 trillion barrels (160 km3), most of it remaining unrecoverable. The DOE estimates that if the EOR potential were to be fully realised, state and local treasuries would gain $280 billion in revenues from future royalties, severance taxes, and state income taxes on oil production, aside from other economic benefits.
Read more about this topic: Enhanced Oil Recovery
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