March 3, 2006
New CO2 Enhanced Recovery Technology Could Greatly Boost U.S. Oil
WASHINGTON , D.C. – The Department of Energy (DOE) released today reports indicating that state-of-the-art enhanced oil recovery techniques could significantly increase recoverable oil resources of the United States in the future. According to the findings, 89 billion barrels or more could eventually be added to the current U.S. proven reserves of 21.4 billion barrels.
“These promising new technologies could further help us reduce our reliance on foreign sources of oil,” Energy Secretary Samuel W. Bodman said. “By using the proven technique of carbon sequestration, we get the double benefit of taking carbon dioxide out of air while getting more oil out of the earth.”
The 89 billion barrel jump in resources was one of a number of possible increases identified in a series of assessments done for DOE which also found that, in the longer term, multiple advances in technology and widespread sequestration of industrial carbon dioxide could eventually add as much as 430 billion new barrels to the technically recoverable resource.
If the 89 billion barrels in resources is converted to reserves, the U.S. would be fifth in the world behind Iraq with 115 billion barrels, and an additional 430 billion barrels would make it first, ahead of Saudi Arabia with 261 billion barrels.
Next-generation enhanced recovery with carbon dioxide was judged to be a “game-changer” in oil production, one capable of doubling recovery efficiency. And geologic sequestration of industrial carbon dioxide in declining oil fields was endorsed last year as a potential method of reducing greenhouse base emissions by the Intergovernmental Panel on Climate Change.
The 430 billion barrel potential was identified in increments of up to 110 billon barrels from applying today's state-of-the-art enhanced recovery in discovered fields – 90 billion in light oil, 20 billion in heavy oil; up to 179 billion barrels from undiscovered oil – 119 billion from conventional technology, 60 billion from enhanced recovery; up to 111 billion barrels from reserve growth – 71 billion from conventional technology, 40 billion from enhanced recovery; up to 20 billion from tapping the residual oil zone with enhanced recovery; and, another 10 billion from tar sands.
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contact(s): Craig Stevens, 202/586-4940
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