Could Enhanced Oil Recovery (EOR) Be The Next BIG Thing?
Enhanced Oil Recovery (EOR), a method for increasing the amount of crude oil that can be extracted from an oil field, is being called “the next big thing.” EOR, sometimes called “tertiary recovery,” follows primary and secondary extraction methods and can result in up to 60% extraction of a field’s available oil. It is estimated that EOR can extend an existing oil field’s production life by up to 25 years. Chemical injection, thermal injection and gas injection are the current methods used to enhance recovery at an oil field.
First Titan Corp. (FTTN), a US based oil and gas exploration company with operations in OK, LA, TX, and AL, has been investigating EOR as part of an effort to diversify its business portfolio to better profit from the present market conditions, and is currently conducting due diligence.
“This is an industry that looks like it’s about to take off. If it does, we want to be in a strong position to take advantage of that. The main takeaway is that exploration and production are now becoming cost-prohibitive thanks to continually falling oil prices. EOR is rapidly becoming a cost-effective way to competitively produce in the current price environment.” — Sydney Jim, President and CEO, First Titan Energy Corp.
It is speculated that EOR could be a vital technology to fight against the Organization of the Petroleum Exporting Countries (OPEC) in today’s volatile global war over oil prices.