EOR's Competitiveness

Historically, the economics of finding new oil in most regions of the world have been much more attractive than squeezing oil out of aging fields.

Today, the economics favour EOR. Sandrea and Sandrea (2007) estimated that EOR could add reserves at a capital expenditure of $2-$4/bbl, compared with about $4-$6/bbl for deepwater development, almost $13/bbl for acquisitions, and more than $14/bbl for overall global finding and development costs in 2006.

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