MEOR set to expand it's horizons

Written by EER LTD. Posted in Enhanced Energy Recovery & Oil Industry Blog

EOR (Enhanced Oil Recovery) is an enormous investment opportunity, with total global EOR recovery potential estimated to exceed 750 billion barrels of oil.

The Middle East has the greatest EOR potential with over 475 billion barrels of recoverable oil.

The U.S. DOE estimates that the U.S. has reserves of 100-160 billion barrels of stranded oil that could be recovered (equivalent to 35 years worth of crude oil imports at current levels).

Similar stranded oil extraction opportunities exist in Asia. Since the oil targeted for EOR is located in wells that have already been drilled, exploration risk is virtually eliminated. Effectively, depleted oil reserves can dramatically increase in value with EER's abundant, low-cost BBR TM process, which unlocks a large reserve of EOR producible barrels.

Crude oil production through conventional methods is only able to capture about 20-40 percent of the original oil in reservoirs. However, using EOR enables the recovery of between 60-90% of the reservoirs oil.

The use of CO2 for commercial EOR is an established oil recovery method that began in the United States over 30 years ago. There are now over 120 registered CO2 floods worldwide. However, limited supplies of naturally occurring CO2 and high costs of CO2 production, compression and transport have, to date, limited the wide utilization of EOR. Power plants generate large streams of CO2 from combustion of fossil fuels, but the cost of post-combustion capture remains very high and the technology is not yet commercialized.

MEOR (microbial) methods such as EER's BBRTM  process, can achieve the same or better results for a significant saving per barrel, making it a highly attractive alternative with almost unlimited capacity to expand it's market  into a multibillion dollar industry in the future.

Global EOR-Based Oil Recovery Capacity