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IOR is EOR in Ridgeway bid for extra barrels

Published Feb 26, 2007

Houston-oil company Ridgeway Petroleum has acquired an old New Mexico oilfield the U.S Department of Energy believes is is one of many ripe for carbon-dioxide induced enhanced oil recovery, or EOR (improved oil recovery, or IOR in Europe).

The Permian Basin oilfield bought in February will be “flooded” with CO2 along with others with “considerable potential”.

The purchase covers 15,000 acres in a 19,000-acre mature oilfield which has produced 24 million barrels of oil, or just 14 percent recovery of 180 MMbbls barrels in place.

A review by consultants Advanced Resources International suggests the field could recover 34 million barrels of oil using CO2 injection processes, and then peack at 10,000 bbls of oil per day.

 

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