I just returned from a trip to Weyburn Field in Saskatchewan, Canada. Weyburn, operated by EnCana Corp., is the site of the largest full-scale, in-the-field study of CO2 storage in a commercial EOR operation. Weyburn is a huge, 50-year-old field that produces from Mississippian Midale. Original oil in place was 1.4 billion barrels; 370 million will be recovered via primary and secondary methods. The CO2 flood is estimated to add 155 million barrels of incremental oil. In addition to the well-accepted use of CO2 to aid oil recoveries, Weyburn also demonstrates the ability of old oilfields to store CO2. At the end of the commercial oil-recovery phase, some 33 million tons of industrially generated CO2 will be permanently sequestered in the Midale formation. As a yardstick, the average car emits about six tons of carbon dioxide every year. So Weyburn will eventually hold the volume of CO2 that would be saved by taking 5.5 million cars off the roads for a one-year period. This sequestration is one of the truly exciting trends in the oil industry. EOR processes can usefully employ the waste gases thrown off by industrial processes, and afterward the target oilfields can serve as secure storage containers for that gas. Many thanks to the province of Saskatchewan and the people of EnCana for their warm hospitality and enlightening visit. --Peggy Williams, Senior Exploration Editor, Oil and Gas Investor firstname.lastname@example.org
2023-10-19 - A merger between Chesapeake Energy Corp. and Southwestern Energy Co. would create the nation’s largest natural gas E&P, analysts say. But a multibillion-dollar combination could also draw scrutiny from regulators.
2023-09-18 - Here’s a roundup of the latest E&P headlines, including an awarding of blocks from Lease Sale 259 and the start of production from a new well.
2023-10-31 - Chevron’s recent $53 billion all-stock deal to acquire Hess Corp. will boost the company’s portfolio in Latin America, a former Chevron executive told Hart Energy.
2023-11-14 - Exxon Mobil is eyeing gross production of 620,000 bbl/d offshore Guyana in the Stabroek Block in the first half of 2024 with the start-up of its third project Payara, which has a production capacity of 220,000 bbl/d.
2023-12-06 - Exxon Mobil plans to achieve $14 billion in earnings and cash flow growth between 2024 and 2027, anchored by production growth of at least 11% amid a continued focus on high-return, low-cost-of-supply, value-accretive investments.