Enhanced oil recovery service provider Fossil Bay Energy LLC has signed a deal that will allow the company to help producers get new oil from old oil fields.
The company announced Jan. 15 that it has entered into a license agreement with Weatherford Technology Holdings LLC for the exclusive right in the United States to make, use and sell exhaust gas handling equipment that incorporates three Weatherford patents in the field of use of oil and gas reservoir injection and pressurization applications.
“With this license from Weatherford, Fossil Bay and its joint venture partners will be able to build low-cost, next-generation, portable exhaust gas CO2 injection equipment to repressurize and revitalize thousands of pressure-depleted, marginally-producing stripper wells and abandoned oil fields in America that still contain billions of barrels of stranded oil, but don’t have local access to a CO2 pipeline,” says Dan Kulka, CEO of Fossil Bay Energy. “By drilling new horizontal injection and production wells, we can use our portable exhaust gas CO2 generators in pressure-depleted reservoirs to produce new oil from old oil fields at all-in costs less than $25 per barrel and with estimated ultimate recoveries of more than 50 percent to 65 percent of the original oil in place.”
Fossil Bay’s portable CO2 enhanced oil recovery process eliminates the need for pipeline-supplied CO2 because its mobile CO2/N2 gas-injection units produce exhaust gas directly at the wellhead. This enables CO2 “huff and puff” and CO2 gas flooding with Nitrogen drive to become an economically viable and available option for thousands of enhanced oil recovery-worthy oil fields worldwide.Tags: enhanced oil recovery, EOR, Fossil Bay Energy, Weatherford Technology