An Evaluation of Known Remaining Oil Resources in the State of New Mexico and Wyoming. Volume 4, Project on Advanced Oil Recovery and the States PDF Download

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Languages : en
Pages : 202

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Book Description
The Interstate Oil and Gas Compact Commission (IOGCC) has conducted a series of studies to evaluate the known, remaining oil resource in twenty-three (23) states. The primary objective of the IOGCC's effort is to examine the potential impact of an aggressive and focused program of research, development, and demonstration (RD & D) and technology transfer on future oil recovery in the United States. As part of a larger effort by the IOGCC, this report focuses on the potential economic benefits of improved oil recovery in the states of New Mexico and Wyoming. Individual reports for six other oil producing states and a national report have been separately published by the IOGCC. The analysis presented in this report is based on the databases and models available in the Tertiary Oil Recovery Information System (TORIS). Overall, well abandonments and more stringent environmental regulations could limit economic access to New Mexico's known, remaining oil resource. The high risk of near-term abandonment and the significant benefits of future application of improved oil recovery technology, clearly point to a need for more aggressive transfer of currently available technologies to domestic oil producers. Development and application of advanced oil recovery technologies could have even greater benefits to the state and the nation. A collaborative, focused RD & D effort, integrating the resources and expertise of industry, state and local governments, and the Federal government, is clearly warranted. With effective RD & D and a program of aggressive technology transfer to widely disseminate its results, oil production could be maximized. The resulting increase in production rates, employment, operator profits, state and Federal tax revenues, and energy security will benefit both the states of New Mexico and Wyoming and the nation as a whole.