The Carbon Dioxide (CO2) Enhanced Oil
Recovery (EOR) Market 2014-2024

©notice
This material is copyright by visiongain. I...
Contents
1. Executive Summary
1.1 Global Carbon Dioxide Enhanced Oil Recovery Market Overview
1.2 Benefits of This Report
...
Contents
3.2.2.4 Tight Financing
3.2.2.5 Longer Return on Investment Period
3.2.2.6 Carbon Dioxide Leakage and Environment...
Contents
4.4.4.2 The Alberta Carbon Trunk Line (ACTL) Project to Begin Operations in 2015
4.4.4.3 Swan Hills Synfuels Proj...
Contents
6.1.4 Potential Development Timeline for the North Sea CO2 EOR Market
6.1.5 The Importance of Government Funding ...
Contents
7.2.2 Energen Resources Corporation
7.2.3 Fasken Oil & Ranch Ltd.
7.3.4 Husky Energy
7.3.5 Magellan Petroleum
7.3...
Contents
List of Tables
Table 1.1 Global Carbon Dioxide Enhanced Oil Recovery Market Forecast Summary 2014, 2019, 2024 ($m...
Contents
Table 4.20 Brazilian Carbon Dioxide Enhanced Oil Recovery Forecast 2014-2024 ($m, AGR %, CAGR%, Cumulative)
Table...
Contents
Table 7.14 Kinder Morgan Overview: Headquarters, Employees, Stock Exchange, Number of CO2 EOR Projects, 2013
CO2 ...
Contents
List of Figures
Figure 2.1 Historical Oil Prices 2002-2013 (Cushing, OK WTI Spot Price and Europe Brent Spot Pric...
Contents
Figure 4.27 Oil Production in the Leading 9 European Countries 2003-2012 (Thousand bpd)
Figure 4.28 Rest of the W...
Contents
Chesapeake Energy
Chevron Corporation
China Datang Corporation
China National Petroleum Corporation (CNPC)
Conoco...
Contents
Hua Neng (Tian Jin) IGCC Company Limited
Husky Energy
Hydrogen Energy International
IESA
International Finance Co...
Contents
Pemex
Pengrowth
PennWest Exploration
PetroChina
Petrofac
Petro-Hunt
Petroleo Brasileiro S.A. (Petrobras)
Petroleu...
Contents
TransAlta Corporation
Turkish Petroleum Corporation (TPAO)
Whiting Petroleum Corporation
Wolverine Power Cooperat...
The Carbon Dioxide (CO₂) Enhanced Oil
Recovery (EOR) Market 2014-2024
Table 4.19 Planned Carbon Dioxide Capture Projects L...
The Carbon Dioxide (CO₂) Enhanced Oil
Recovery (EOR) Market 2014-2024
4.6 The Brazilian Carbon Dioxide Enhanced Oil Recove...
The Carbon Dioxide (CO₂) Enhanced Oil
Recovery (EOR) Market 2014-2024
6. Expert Opinion
6.1 Scottish Carbon Capture and St...
The Carbon Dioxide (CO₂) Enhanced Oil
Recovery (EOR) Market 2014-2024
7.1.1 Anadarko Petroleum Corporation
Table 7.3 provi...
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The Carbon Dioxide Enhanced Oil Recovery (EOR) 2014 2024

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For an Executive Summary of this report please contact ediz.ibrahim@visiongain.com (+44 (0)20 7549 9976) or refer to our website http://www.visiongain.com/Report/1162/The-Carbon-Dioxide-%28CO2%29-Enhanced-Oil-Recovery-%28EOR%29-Market-2014-2024

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The Carbon Dioxide Enhanced Oil Recovery (EOR) 2014 2024

  1. 1. The Carbon Dioxide (CO2) Enhanced Oil Recovery (EOR) Market 2014-2024 ©notice This material is copyright by visiongain. It is against the law to reproduce any of this material without the prior written agreement of visiongain. You cannot photocopy, fax, download to database or duplicate in any other way any of the material contained in this report. Each purchase and single copy is for personal use only.
  2. 2. Contents 1. Executive Summary 1.1 Global Carbon Dioxide Enhanced Oil Recovery Market Overview 1.2 Benefits of This Report 1.3 Who is This Report For? 1.4 Methodology 1.5 Global Carbon Dioxide Enhanced Oil Recovery Market Forecast 2014-2024 1.6 Leading National Carbon Dioxide Enhanced Oil Recovery Markets Forecast 2014-2024 2. Introduction to the Carbon Dioxide Enhanced Oil Recovery Market 2.1 Brief History of the CO2 EOR Industry 2.2 The Importance of Oil Prices 2.3 The Main Costs Involved in CO2 EOR Operations 2.4 Miscible and Immiscible EOR Methods 2.5 From Where is Carbon Dioxide Sourced? 2.6 Advantages and Disadvantages of Using CO2 for EOR 2.7 Competition from Rival Technologies 2.8 Prospects for Offshore CO2 EOR 2.9 Environmental Issues Linked to CO2 EOR Production 3. The Global Carbon Dioxide Enhanced Oil Recovery Market 3.1 The Global Carbon Dioxide Enhanced Oil Recovery Market Forecast 2014-2024 3.2 Drivers and Restraints in the Carbon Dioxide Enhanced Oil Recovery Market 3.2.1 Drivers in the CO2 EOR Market 3.2.1.1 Vast Geological Storage Potential in Oil Fields 3.2.1.2 Extensive Industry Experience with CO2 EOR 3.2.1.3 Billions of Barrels of Added Oil Yield 3.2.1.4 Many Fields Approaching Limit of Waterflood Recovery Potential 3.2.1.5 High Costs of Decommissioning Oil & Gas Infrastructure 3.2.1.6 Residual Oil Zones (ROZ) 3.2.1.7 Carbon Trading and Cost Reductions 3.2.2 Restraints in the CO2 EOR Market 3.2.2.1 Limited CO2 Availability 3.2.2.2 High Cost of Carbon Capture 3.2.2.3 Limited Financial Incentives to Invest www.visiongain.com
  3. 3. Contents 3.2.2.4 Tight Financing 3.2.2.5 Longer Return on Investment Period 3.2.2.6 Carbon Dioxide Leakage and Environmental Issues 3.2.2.7 Limited or No Government Funding 3.2.2.8 Offshore Decommissioning and Well Abandonment 3.2.2.9 Poorly Conducted Onshore Decommissioning 3.3 Barriers to Entry Analysis 4. The Leading National Carbon Dioxide Enhanced Oil Recovery Markets Forecast 2014-2024 4.1 The Leading National Carbon Dioxide Enhanced Oil Recovery Market Share Forecast 2014-2024 4.2 The United States Enhanced Oil Recovery Market Forecast 2014-2024 4.2.1 History of CO2 EOR in the United States 4.2.2 Where are the CO2 EOR Projects in the US Located? 4.2.3 Where is the CO2 Sourced From? 4.2.4 Recent and Upcoming Production Projects in the US CO2 EOR Market 4.2.5 Future Anthropogenic CO2 Sources 4.2.6 The Importance of Government Support and Regulations 4.2.7 The Impact of Increasing Shale (Tight) Oil Production on the CO2 EOR Market 4.2.8 Offshore EOR Unlikely to Come to Fruition 4.2.9 How is the US CO2 EOR Market Likely to Develop over the Next 10 Years? 4.3 The Chinese Enhanced Oil Recovery Market Forecast 2014-2024 4.3.1 Brief History of Enhanced Oil Recovery in China 4.3.2 Current Chinese CO2 EOR Projects 4.3.3 China’s High Emissions and the Need for More Oil 4.3.4 How Suitable is China’s Geology for CO2 EOR 4.3.5 China’s Efforts to form International Partnerships to Help Promote CO2 EOR 4.3.6 The Need for More Government Support for CO2 EOR 4.3.7 Upcoming Projects in the Chinese CO2 EOR Market 4.4 The Canadian Enhanced Oil Recovery Market Forecast 2014-2024 4.4.1 The Success of the Weyburn-Midale Project 4.4.2 Other Operational Canadian CO2 EOR Projects 4.4.3 An Evaluation of Canada’s Previous CO2 EOR Pilot Projects 4.4.4 Upcoming Projects in the Canadian CO2 EOR Market 4.4.4.1 SaskPower’s Boundary Dam Project to Begin Supplying CO2 to Weyburn in 2014 www.visiongain.com
  4. 4. Contents 4.4.4.2 The Alberta Carbon Trunk Line (ACTL) Project to Begin Operations in 2015 4.4.4.3 Swan Hills Synfuels Project Suspended Amidst Low Gas Prices 4.4.5 Future Opportunities in the Canadian CO2 EOR Market 4.4.6 High CO2 Costs Prohibiting Development 4.4.7 Shale Oil, Oil Sands and Competition from Other Technologies 4.5 The United Arab Emirates Enhanced Oil Recovery Market Forecast 2014-2024 4.5.1 What are the Factors Driving CO2 EOR Development in the UAE 4.5.2 Progress of the Masdar Initiative 4.5.3 Upcoming Projects in the UAE CO2 EOR Market 4.5.4 Future Potential of the UAE CO2 EOR Market 4.6 The Brazilian Enhanced Oil Recovery Market Forecast 2014-2024 4.6.1 Background and Current CO2 EOR Projects 4.6.2 Prospects for the Lula CO2 EOR Projects 4.6.3 Future Potential for Brazil’s CO2 EOR Market 4.7 The United Kingdom Enhanced Oil Recovery Market Forecast 2014-2024 4.7.1 Increasing Interest in North Sea CO2 EOR 4.7.2 Potential Projects in the UK CO2 EOR Market 4.7.3 Joint Research Ventures and Partnerships Attempting to Promote CO2 EOR in the UK 4.7.4 Why is CO2 EOR Failing to Attract the Necessary Support in the UK? 4.8 The Rest of Europe Enhanced Oil Recovery Market Forecast 2014-2024 4.8.1 The Potential for CO2 EOR in Europe 4.8.2 Why is Progress so Slow at Present? 4.8.3 CO2 EOR Prospects in the Netherlands and Denmark 4.8.4 Norway’s Long-Term CO2 EOR Potential 4.8.5 CO2 EOR Opportunities in Other European Countries 4.9 The Rest of the World Enhanced Oil Recovery Market Forecast 2014-2024 4.9.1 CO2 EOR Projects and Potential in the Rest of the World 5. PEST Analysis of the CO2 EOR Market 2014-2024 6. Expert Opinion 6.1 Scottish Carbon Capture and Storage (SCCS) 6.1.1 SCCS’ Involvement in the CO2 EOR Market 6.1.2 The Prospects for CO2 EOR in the North Sea 6.1.3 Recent Setbacks in the North Sea CO2 EOR Market www.visiongain.com
  5. 5. Contents 6.1.4 Potential Development Timeline for the North Sea CO2 EOR Market 6.1.5 The Importance of Government Funding for Projects 6.1.6 The Importance of CO2 Availability 6.1.7 The Value of Joint and International Research Efforts 6.1.8 The Role of Government Legislation in the CO2 EOR Industry 6.2 Enhance Energy 6.2.1 Enhance Energy’s Involvement in the CO2 EOR Market 6.2.2 The Rationale Behind the Alberta Carbon Trunk Line Project 6.2.3 Progress of the Alberta Carbon Trunk Line Project 6.2.4 Oil Sands Development as a Driver for CO2 EOR Development 6.2.5 The Prospects for CO2 EOR in Alberta 6.2.6 The Importance of Oil prices 6.2.7 The Impact of Government Funding 6.2.8 The Importance of CO2 Supplies 7. Leading Companies in the Carbon Dioxide Enhanced Oil Recovery Market 7.1 Top 15 Companies in the North American CO2 EOR Market 7.1.1 Anadarko Petroleum Corporation 7.1.2 Apache Corporation 7.1.3 BreitBurn Energy Partners 7.1.4 Cenovus Energy Inc. 7.1.5 Chaparral Energy Inc. 7.1.6 Chevron Corporation 7.1.7 ConocoPhillips 7.1.8 Denbury Resources 7.1.9 Devon Energy 7.1.10 ExxonMobil Corporation 7.1.11 Hess Corporation 7.1.12 Kinder Morgan 7.1.13 Merit Energy 7.1.14 Occidental Petroleum Corporation 7.1.15 Whiting Petroleum Corporation 7.2 Other Companies in the North American CO2 EOR Market 7.2.1 Core Energy www.visiongain.com
  6. 6. Contents 7.2.2 Energen Resources Corporation 7.2.3 Fasken Oil & Ranch Ltd. 7.3.4 Husky Energy 7.3.5 Magellan Petroleum 7.3 Major Companies in the International CO2 EOR Market 7.3.1 China National Petroleum Corporation 7.3.2 Masdar 7.3.3 Petroleo Brasileiro S.A. (Petrobras) 7.3.4 Sinopec Group 8. Conclusions 8.1 Carbon Dioxide Enhanced Oil Recovery Market Outlook 8.2 Drivers & Restraints in the Carbon Dioxide Enhanced Oil Recovery Market 8.3 Leading National Carbon Dioxide Enhanced Oil Recovery Markets Forecast 2014-2024 9. Glossary www.visiongain.com
  7. 7. Contents List of Tables Table 1.1 Global Carbon Dioxide Enhanced Oil Recovery Market Forecast Summary 2014, 2019, 2024 ($m, CAGR %) Table 1.2 Leading National Carbon Dioxide Enhanced Oil Recovery Market Forecast Summary 2014, 2019, 2024 ($m, CAGR %) Table 2.1 Advantages and Disadvantages of Using CO2 for EOR Table 2.2 Shale Oil Reserves Top 10 Countries Table 3.1 Global Carbon Dioxide Enhanced Oil Recovery Markets Forecast 2014-2024 ($m, AGR %) Table 3.2 Drivers and Restraints in the CO2 EOR Market Table 4.1 Leading National Carbon Dioxide Enhanced Oil Recovery Markets Forecast 2014-2024 ($m, AGR %) Table 4.2 Leading National Carbon Dioxide Enhanced Oil Recovery Markets Cumulative Spending 2014-2024 (Rank, $m) Table 4.3 US Carbon Dioxide Enhanced Oil Recovery Forecast 2014-2024 ($m, AGR %, CAGR%, Cumulative) Table 4.4 Drivers and Restraints in the US Carbon Dioxide Enhanced Oil Recovery Market Table 4.5 Current Anthropogenic Carbon Dioxide Sources in the US (Location, Companies, Start Date and Size) Table 4.6 Under Construction Anthropogenic Carbon Dioxide Sources in the US (Location, Companies, Status and Size) Table 4.7 Proposed Anthropogenic Carbon Dioxide Sources in the US (Location, Companies, Potential Start Up and Size) Table 4.8 Top 10 Shale Oil Producers in the Bakken and Eagle Ford Table 4.9 Chinese Carbon Dioxide Enhanced Oil Recovery Forecast 2014-2024 ($m, AGR %, CAGR%, Cumulative) Table 4.10 Drivers and Restraints in the Chinese Carbon Dioxide Enhanced Oil Recovery Market Table 4.11 Chinese Carbon Dioxide Capture Projects Linked to Enhanced Oil Recovery (Location, Companies, Potential Start Up and Size) Table 4.12 Canadian Carbon Dioxide Enhanced Oil Recovery Forecast 2014-2024 ($m, AGR %, CAGR%, Cumulative) Table 4.13 Drivers and Restraints in the Chinese Carbon Dioxide Enhanced Oil Recovery Market Table 4.14 Current Canadian Carbon Dioxide Enhanced Oil Recovery Projects (Location, Companies, Start Date, Details) Table 4.15 Canadian CO2 EOR Pilots (Project Name, Operator, Operational Dates, Total Oil Production [barrels]) Table 4.16 Canadian Carbon Dioxide Capture Projects Linked to Enhanced Oil Recovery (Location, Companies, Status, Size and Details) Table 4.17 UAE Carbon Dioxide Enhanced Oil Recovery Forecast 2014-2024 ($m, AGR %, CAGR%, Cumulative) Table 4.18 Drivers and Restraints in the UAE Carbon Dioxide Enhanced Oil Recovery Market Table 4.19 Planned Carbon Dioxide Capture Projects Linked to Enhanced Oil Recovery in the UAE (Location, Companies, Potential Start Up, Size) www.visiongain.com
  8. 8. Contents Table 4.20 Brazilian Carbon Dioxide Enhanced Oil Recovery Forecast 2014-2024 ($m, AGR %, CAGR%, Cumulative) Table 4.21 Drivers and Restraints in the Brazilian Carbon Dioxide Enhanced Oil Recovery Market Table 4.22 UK Carbon Dioxide Enhanced Oil Recovery Forecast 2014-2024 ($m, AGR %, CAGR%, Cumulative) Table 4.23 Drivers and Restraints in the UK Carbon Dioxide Enhanced Oil Recovery Market Table 4.24 Rest of Europe Carbon Dioxide Enhanced Oil Recovery Forecast 2014-2024 ($m, AGR %, CAGR%, Cumulative) Table 4.25 Drivers and Restraints in the Rest of Europe Carbon Dioxide Enhanced Oil Recovery Market Table 4.26 Rest of the World Carbon Dioxide Enhanced Oil Recovery Forecast 2014-2024 ($m, AGR %, CAGR%, Cumulative) Table 5.1 PEST Analysis of the CO2 EOR Market 2014-2024 Table 7.1 The 15 Leading Companies in the North American CO2 EOR Market 2013 (Rank, Production [bpd], Market Share %) Table 7.2 The 15 Leading Companies in the North American CO2 EOR Market 2013 (Rank, Number of Active Projects) Table 7.3 Anadarko Overview: Headquarters, Employees, Stock Exchange, Number of CO2 EOR Projects, 2013 CO2 EOR Production (bpd), 2013 Market Share (%) Table 7.4 Apache Overview: Headquarters, Employees, Stock Exchange, Number of CO2 EOR Projects, 2013 CO2 EOR Production (bpd), 2013 Market Share (%) Table 7.5 BreitBurn Energy Partners Overview: Headquarters, Employees, Stock Exchange, Number of CO2 EOR Projects, 2013 CO2 EOR Production (bpd), 2013 Market Share (%) Table 7.6 Cenovus Overview: Headquarters, Employees, Stock Exchange, Number of CO2 EOR Projects, 2013 CO2 EOR Production (bpd), 2013 Market Share (%) Table 7.7 Chaparral Energy Overview: Headquarters, Employees, Stock Exchange, Number of CO2 EOR Projects, 2013 CO2 EOR Production (bpd), 2013 Market Share (%) Table 7.8 Chevron Overview: Headquarters, Employees, Stock Exchange, Number of CO2 EOR Projects, 2013 CO2 EOR Production (bpd), 2013 Market Share (%) Table 7.9 ConocoPhillips Overview: Headquarters, Employees, Stock Exchange, Number of CO2 EOR Projects, 2013 CO2 EOR Production (bpd), 2013 Market Share (%) Table 7.10 Denbury Resources Overview: Headquarters, Employees, Stock Exchange, Number of CO2 EOR Projects, 2013 CO2 EOR Production (bpd), 2013 Market Share (%) Table 7.11 Devon Energy Overview: Headquarters, Employees, Stock Exchange, Number of CO2 EOR Projects, 2013 CO2 EOR Production (bpd), 2013 Market Share (%) Table 7.12 ExxonMobil Overview: Headquarters, Employees, Stock Exchange, Number of CO2 EOR Projects, 2013 CO2 EOR Production (bpd), 2013 Market Share (%) Table 7.13 Hess Overview: Headquarters, Employees, Stock Exchange, Number of CO2 EOR Projects, 2013 CO2 EOR Production (bpd), 2013 Market Share (%) www.visiongain.com
  9. 9. Contents Table 7.14 Kinder Morgan Overview: Headquarters, Employees, Stock Exchange, Number of CO2 EOR Projects, 2013 CO2 EOR Production (bpd), 2013 Market Share (%) Table 7.15 Merit Energy Overview: Headquarters, Employees, Stock Exchange, Number of CO2 EOR Projects, 2013 CO2 EOR Production (bpd), 2013 Market Share (%) Table 7.16 Occidental Overview: Headquarters, Employees, Stock Exchange, Number of CO2 EOR Projects, 2013 CO2 EOR Production (bpd), 2013 Market Share (%) Table 7.17 Whiting Petroleum Overview: Headquarters, Employees, Stock Exchange, Number of CO2 EOR Projects, 2013 CO2 EOR Production (bpd), 2013 Market Share (%) Table 8.1 Global Carbon Dioxide Enhanced Oil Recovery Market Forecast Summary 2014, 2019, 2024 ($m, CAGR %) Table 8.2 Drivers and Restraints in the CO2 EOR Market Table 8.3 Leading National Carbon Dioxide Enhanced Oil Recovery Market Forecast Summary 2014, 2019, 2024 ($m, CAGR %) www.visiongain.com
  10. 10. Contents List of Figures Figure 2.1 Historical Oil Prices 2002-2013 (Cushing, OK WTI Spot Price and Europe Brent Spot Price ($ per Barrel) Figure 2.2 World Oil Prices in Three Cases, 2014-2024 (2011 $ per Barrel, Brent Crude Oil) Figure 2.3 Regional Carbon Dioxide Emissions 2002-2011 (Million Tonnes) Figure 2.4 Long-Term Carbon Capture Goals by OECD Region, 2030 and 2050 (Billion Tonnes) Figure 3.1 Global Carbon Dioxide Enhanced Oil Recovery Markets Forecast 2014-2024 ($m, AGR %) Figure 3.2 Barriers to Entry vs. National Market Size vs. CAGR 2014-2024 ($m, CAGR%) Figure 4.1 Leading National Carbon Dioxide Enhanced Oil Recovery Markets CAGR (%) Forecast 2014-2019, 20192024 and 2014-2024 Figure 4.2 Leading National Carbon Dioxide Enhanced Oil Recovery Markets Forecast 2014-2024 ($m) Figure 4.3 Leading National Carbon Dioxide Enhanced Oil Recovery Markets Share Forecast 2014 (%) Figure 4.4 Leading National Carbon Dioxide Enhanced Oil Recovery Markets Share Forecast 2019 (%) Figure 4.5 Leading National Carbon Dioxide Enhanced Oil Recovery Markets Share Forecast 2024 (%) Figure 4.6 Leading National Carbon Dioxide Enhanced Oil Recovery Markets Share Change 2014-2024 (%) Figure 4.7 US Carbon Dioxide Enhanced Oil Recovery Forecast 2014-2024 ($m, AGR%) Figure 4.8 US Carbon Dioxide Enhanced Oil Recovery Share Forecast 2014, 2019 and 2024 (% Share) Figure 4.9 Historical US CO2 EOR Production, 1986-2013 (bpd) Figure 4.10 Carbon Dioxide Enhanced Oil Recovery Projects by State, 2013 Figure 4.11 Location of US Carbon Dioxide Enhanced Oil Recovery Projects, Carbon Dioxide Sources and Carbon Dioxide Pipelines Figure 4.12 Naturally Occurring Carbon Dioxide Sources in the US (Million cubic feet per day) Figure 4.13 Historical US Crude Oil Production, CO2 EOR Production, and CO2 EOR Production as a percentage of Crude Oil Production, 1986-2012 (bpd, %) Figure 4.14 US CO2 EOR Production Forecast 2012-2024 Figure 4.15 Chinese Carbon Dioxide Enhanced Oil Recovery Forecast 2014-2024 ($m, AGR%) Figure 4.16 Chinese Carbon Dioxide Enhanced Oil Recovery Share Forecast 2014, 2019 and 2024 (% Share) Figure 4.17 Canadian Carbon Dioxide Enhanced Oil Recovery Forecast 2014-2024 ($m, AGR%) Figure 4.18 Canadian Carbon Dioxide Enhanced Oil Recovery Share Forecast 2014, 2019 and 2024 (% Share) Figure 4.19 UAE Carbon Dioxide Enhanced Oil Recovery Forecast 2014-2024 ($m, AGR%) Figure 4.20 UAE Carbon Dioxide Enhanced Oil Recovery Share Forecast 2014, 2019 and 2024 (% Share) Figure 4.21 Brazilian Carbon Dioxide Enhanced Oil Recovery Forecast 2014-2024 ($m, AGR%) Figure 4.22 Brazilian Carbon Dioxide Enhanced Oil Recovery Share Forecast 2014, 2019 and 2024 (% Share) Figure 4.23 UK Carbon Dioxide Enhanced Oil Recovery Forecast 2014-2024 ($m, AGR%) Figure 4.24 UK Carbon Dioxide Enhanced Oil Recovery Share Forecast 2014, 2019 and 2024 (% Share) Figure 4.25 Rest of Europe Carbon Dioxide Enhanced Oil Recovery Forecast 2014-2024 ($m, AGR%) Figure 4.26 Rest of Europe Carbon Dioxide Enhanced Oil Recovery Share Forecast 2014, 2019 and 2024 (% Share) www.visiongain.com
  11. 11. Contents Figure 4.27 Oil Production in the Leading 9 European Countries 2003-2012 (Thousand bpd) Figure 4.28 Rest of the World Carbon Dioxide Enhanced Oil Recovery Forecast 2014-2024 ($m, AGR%) Figure 4.29 Rest of the World Carbon Dioxide Enhanced Oil Recovery Share Forecast 2014, 2019 and 2024 (% Share) Figure 7.1 The 15 Leading Companies in the North American CO2 EOR Market 2013 (Barrels per Day Production) Figure 7.2 The 15 Leading Companies in the North American CO2 EOR Market 2013 (Market Share %) Figure 7.3 The 15 Leading Companies in the North American CO2 EOR Market 2013 (Number of Active Projects) Figure 8.1 Global Carbon Dioxide Enhanced Oil Recovery Markets Forecast 2014-2024 ($m, AGR %) Figure 8.2 Leading National Carbon Dioxide Enhanced Oil Recovery Markets Forecast 2014-2024 ($m) Companies Mentioned in This Report 2Co Energy Ltd Abu Dhabi Company for Onshore Oil Operations (ADCO) Abu Dhabi National Oil Company (ADNOC) Agrium Air Liquide Air Products & Chemicals Alstom Anadarko Petroleum Corporation Apache Canada Apache Corporation ARC Resources Arch Coal Babcock & Wilcox Canada Blue Source Bow City Power Limited BP plc BreitBurn Energy Partners Brigham Oil & Gas Burlington Resources Canadian Natural Resources Limited Capital Power Corp Caribbean Nitrogen Company Ltd (CNC) Cenovus Energy Inc. Chaparral Energy Inc. www.visiongain.com
  12. 12. Contents Chesapeake Energy Chevron Corporation China Datang Corporation China National Petroleum Corporation (CNPC) ConocoPhillips Company Continental Resources Core Energy CPS Energy CVR Energy Denbury Resources Devon Canada Devon Energy Corporation DKRW Energy Dongguan Taiyangzhou Power Corporation Elk Petroleum Emirates Aluminium (EMAL) Emirates Steels Industries (ESI) Enbridge Inc. Encana Corporation Energen Resources Corporation Enhance Energy EOG Resources Inc. EP Energy Erora Group ExxonMobil ExxonMobil Chemical Fasken Oil and Ranch Ltd. Fluor Corporation GE Energy George R. Brown Partnership GeoSouthern Energy Glencoe Resources Great Western Drilling Hess Corporation Hitachi Honeywell UOP www.visiongain.com
  13. 13. Contents Hua Neng (Tian Jin) IGCC Company Limited Husky Energy Hydrogen Energy International IESA International Finance Corporation (IFC) Japan Oil, Gas and Metals National Corporation (JOGMEC) Japan Vietnam Petroleum Co., Ltd (JVPC) JGC Corporation KBR Kinder Morgan Koch Industries Koch Nitrogen Company Kodiak Oil & Gas Leucadia Energy Leucadia National Corporation Lianyungang Clean Energy Innovation Industrial Park Ltd. Linde LINN Energy Maersk Oil Magellan Petroleum MAN Ferrostaal Marathon Oil Corporation Masdar MCNIC Pipeline & Processing Company Merit Energy Company Mississippi Power Murphy Oil National Grid Carbon Ltd Neill and Gunter Ltd Nexen Northwest Upgrading NOVA Chemicals NRG Energy Inc. Occidental Chemical Corporation (OxyChem) Occidental Petroleum Corporation Peabody Energy www.visiongain.com
  14. 14. Contents Pemex Pengrowth PennWest Exploration PetroChina Petrofac Petro-Hunt Petroleo Brasileiro S.A. (Petrobras) Petroleum Company of Trinidad and Tobago Limited (PETROTRIN) Petronas Petrovietnam Phillips 66 Pioneer Natural Resources Plain Exploration & Production PROMAN Resolute Natural Resources Roosevelt Resources LLC Royal Dutch Shell (Shell) Sandridge Energy SaskPower SCS Energy Shanxi International Energy Group (SIEG) Shenhua Group Siemens Sinopec Group Slawson Exploration Company SNC Lavalin-Cansolv Southern Energy Statoil Summit Power Swan Hills Synfuels Talisman Energy Taweelah Asia Power Company (TAPCO) Tianjin DaGang Huashi Total Toyota www.visiongain.com
  15. 15. Contents TransAlta Corporation Turkish Petroleum Corporation (TPAO) Whiting Petroleum Corporation Wolverine Power Cooperative XTO Energy Government Agencies and Other Organisations Mentioned in This Report Alberta Department of Energy (ADOE) British Geological Survey Bureau of Land Management (BLM) Centre for North Sea Enhanced Oil Recovery with CO2 (CENSEOR-CO2) China Export-Import Bank Clean Fossil Energy Development Institute (CFEDI) Edinburgh University Energy Information Administration (EIA) Environmental Protection Agency (EPA) European Union (EU) Global Carbon Capture and Storage Institute (GCCSI) Guangdong Low-carbon Technology and Industry Research Centre (GDLRC) Heriot-Watt University International Energy Agency (IEA) Japanese Ministry of Economy, Trade and Industry (METI) National Enhanced Oil Recovery Initiative (NEORI) North Dakota Industrial Commission Organisation for Economic Cooperation and Development (OECD) Petroleum and Petrochemical Consultation Group Scottish Carbon Capture and Storage (SCCS) Scottish Enterprise Texas Railroad Commission UK Carbon Capture and Storage Research Centre (UKCCSRC) UK National Grid US Department of Energy (DOE) World Bank World Wildlife Fund (WWF) www.visiongain.com
  16. 16. The Carbon Dioxide (CO₂) Enhanced Oil Recovery (EOR) Market 2014-2024 Table 4.19 Planned Carbon Dioxide Capture Projects Linked to Enhanced Oil Recovery in the UAE (Location, Companies, Potential Start Up, Size) Project Name Location Companies Potential Start up Size (Mtpa) Emirates Steels Industries (ESI) CCS Project Abu Dhabi Masdar, ADNOC 2015-2016 0.8 Hydrogen Power Project Abu Dhabi Masdar, BP 2018 1.7 Emirates Aluminium Project Abu Dhabi Masdar, EMAL, TAPCO 2018 4 Details (2 from EMAL, 2 from TAPCO) Source: Visiongain 2013 4.5.4 Future Potential of the UAE CO2 EOR Market The three carbon capture EOR projects proposed for development in the UAE provide validation for the peaking forecast. With construction of the Emirates Steel project likely to begin in the next two years, a sharp spike in investment will be seen as materials and components for the construction of carbon capture facilities are purchased, and CO2 floods are initiated. By 2018, two, or possibly three of the projects will have reached full-operational status leading to a sharp drop in investment in the second half of the forecast. There are currently no further plans to develop a CO2 EOR project in the UAE and due to the Emirates’ size, it is unlikely to see rapid growth in the market after 2018-2019. However it is possible further carbon dioxide emitting facilities will be fitted with capture technology and connected to the carbon pipeline network constructed by Masdar for EOR. In particular, The Dubai Integrated Energy Strategy 2030 has suggested that CCS-equipped coal power could be utilised within the next decade, with the emirate of Ras Al Khaimah announcing a feasibility study for such a project. Furthermore, in May 2012 ADNOC also announced it was investigating offshore CO2 EOR opportunities, though the costs of this would be significantly higher. www.visiongain.com Page 87
  17. 17. The Carbon Dioxide (CO₂) Enhanced Oil Recovery (EOR) Market 2014-2024 4.6 The Brazilian Carbon Dioxide Enhanced Oil Recovery Market Forecast 2014-2024 Table 4.20, Figure 4.21 and Figure 4.22 show visiongain’s forecast for the Brazilian carbon dioxide enhanced oil recovery market over the next ten years. Table 4.20 Brazilian Carbon Dioxide Enhanced Oil Recovery Forecast 2014-2024 ($m, AGR %, CAGR%, Cumulative) 2013 2014 105 120 125 14.5 Spending ($m) 2015 4.0 AGR (%) CAGR (%) 2014-19 2016 2017 2018 202 2019 2020 2021 2022 2023 2024 2014-24 225 242 300 350 417 448 488 536 61.7 11.4 7.6 24.0 16.7 19.1 7.4 8.9 9.8 20.1 2019-24 3,453 12.3 16.1 CAGR (%) 2014-24 Source: Visiongain 2013 Figure 4.21 Brazilian Carbon Dioxide Enhanced Oil Recovery Forecast 2014-2024 ($m, AGR%) 600 70% 60% 500 50% 400 AGR 40% 300 30% 200 20% 100 10% 0 0% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Year Source: Visiongain 2013 www.visiongain.com Page 88
  18. 18. The Carbon Dioxide (CO₂) Enhanced Oil Recovery (EOR) Market 2014-2024 6. Expert Opinion 6.1 Scottish Carbon Capture and Storage (SCCS) Visiongain interviewed Gordon Sim, Business Development Executive at Scottish Carbon Capture and Storage (SCCS), in November 2013 and would like to thank him for his valuable insights. 6.1.1 SCCS’ Involvement in the CO2 EOR Market Visiongain: Could you provide me with an overview of SCCS and your involvement in the CO2 EOR market? Gordon Sim: SCCS is a UK based carbon capture and storage research group with internationally renowned researchers from the British Geological Survey and the universities of Edinburgh and Heriot-Watt providing connected strength across the full CCS chain to act as the conduit between academia, industry and government. Acting as single point of coordination for all aspects of CCS research, SCCS undertake strategic fundamental research and consultancy as well as performing a key role in providing impartial advice to industry, the public sector, Government agencies, and policy makers Ultimately SCCS’s mission is to support and promote the commercial scale deployment of CCS as an effective climate change mitigation tool to help meet agreed emissions reduction targets Looking more specifically at the CO2 EOR market, SCCS has recognised that this method of enhanced hydrocarbon production could potentially facilitate CCS and are currently concentrating their EOR research on making links between them. We are running a CO2 EOR Joint Industry Project backed by the Scottish Government, Scottish Enterprise, 2Co Energy, Nexen and Shell. The project is defined in a series of Work Packages, considering various central elements of CO2 EOR. SCCS are also integral members of the DECC PILOT-EOR policy advisory group, which is currently examining the future potential of CO2 EOR in the North Sea and looking at ways of implementing such techniques. 6.1.2 The Prospects for CO2 EOR in the North Sea Visiongain: With North Sea oil production dwindling, high decommissioning costs and forecasts for continued high oil prices, CO2 EOR has become a much discussed technology. How do you rate the prospects for CO2 EOR in the North Sea? www.visiongain.com Page 107
  19. 19. The Carbon Dioxide (CO₂) Enhanced Oil Recovery (EOR) Market 2014-2024 7.1.1 Anadarko Petroleum Corporation Table 7.3 provides an overview of Anadarko Petroleum Corporation in the CO2 EOR market. Table 7.3 Anadarko Overview: Headquarters, Employees, Stock Exchange, Number of CO2 EOR Projects, 2013 CO2 EOR Production (bpd), 2013 Market Share (%) Headquarters The Woodlands, Texas, US Employees 4,800 Stock Exchange New York Stock Exchange: APC Number of CO2 EOR Projects 7 North American CO2 EOR Production 2013 (bpd) 13,800 North American CO2 EOR Market Share 2013 (%) 4.3% 2013 Market Rank 8 th Source: Visiongain 2013 Anadarko is a globally operating oil and gas independent, with its core business taking place in the US onshore and Gulf of Mexico. All Anadarko’s CO2 EOR projects are in Wyoming, US, where it has projects at the Salt Creek and Monell fields, both of which began operations in 2003. The most considerable projects are in the Salt Creek field which has an estimated 1bboe remaining from 1.7 billion barrels of original oil in place. Anadarko currently produces 13,800 bpd from its CO2 enhanced oil recovery projects. ExxonMobil’s LaBarge facility provides the CO2 used by Anadarko in its Wyoming projects. In April 2012, Anadarko announced the creation of a joint venture with LINN Energy in respect to the further development of the Salt Creek field with CO2 EOR. LINN Energy, a specialist in maximising the life of oil and gas assets, will take a 23% share in the field and invest up to $600m over the next three to six years. Investment from both companies in the Salt Creek field is expected to increase production in the concerned part of the field from 1,600bpd (2012) to 3,800bpd (2016). Since 2003, Anadarko has invested an average of $74m per year to develop the different phases of the Salt Creek CO2 EOR project. Anadarko is also looking into conducting CO2 injection at its Sussex field also in Wyoming, though this development is currently being restrained by limited CO2 supply. www.visiongain.com Page 119

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