UH Report: CO2-EOR Could Unlock 137 Billion Barrels of U.S. Oil Reserves
A new report from the University of Houston suggests that carbon dioxide-enhanced oil recovery (CO2-EOR) could unlock an estimated 137 billion barrels of technically recoverable U.S. oil reserves.
The study, led by Charles McConnell and Zhiyuan Li, examines the potential for CO2-EOR to tap into vast amounts of oil left behind in existing fields while permanently storing carbon dioxide underground.
According to the report, Texas and the Gulf Coast regions contain more than half of the nation's oil resources considered technically favorable for CO2-EOR, potentially positioning the region to lead redevelopment efforts.
The economic feasibility of a CO2-EOR project depends on various factors, including costs associated with carbon capture, transportation, field redevelopment, operations, monitoring, and tax incentives.