Crude Oil Prices Effect on Enhanced Oil Recovery Projects
Enhanced or tertiary oil recovery methods (EOR) contribute significantly in increasing oil recovery factor up to 60%. Additional oil recovery values depend on the type of the applied EOR method (thermal methods that include steam injection, in situ combustion; chemical methods such as polymer, alkaline or surfactant injection and injection of hydrocarbon, carbon dioxide or other gaseous fluids). Implementation of complex EOR methods involves high capital and operational costs, longer period of investmentˋs payback period and more risk and uncertainty in comparison to the use of conventional primary and secondary recovery methods of oil reservoirs.
In general, oil prices have the largest impact on the EOR projects’ economic viability.
Crude oil price decline since June 2014 had large impact at the world energy market, as well as at the application of oil exploitation methods and their commercial viability. In this paper are presented considerations of oil price impact on the oil production by EOR methods.
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