Dow, State of Wyoming and University of Wyoming partner to advance oil recovery
Rhea-AI Summary
Dow, the State of Wyoming, and the University of Wyoming have partnered for the Wyoming Gas Injection Initiative (WGII) to enhance oil recovery in Wyoming. This collaboration involves advanced oil recovery methods like foam-assisted gas injection using recovered hydrocarbon gases and carbon dioxide. The project aims to extend the life of oil fields and mitigate greenhouse gas emissions. Wyoming will provide $25 million in matching funds through the University of Wyoming, and private operators such as Ballard Petroleum, Devon Energy, and Occidental will contribute an additional $25 million. Dow will support field implementation and research activities by supplying tailored conformance control agents and leveraging its ELEVATE™ additives to increase oil production and extend the economic life of oil assets.
Positive
- Dow, Wyoming, and the University of Wyoming have formed a strategic partnership to enhance oil recovery.
- Wyoming will provide $25 million in matching funds for the WGII project.
- Private operators are contributing an additional $25 million to the initiative.
- The project uses advanced methods like foam-assisted gas injection to revitalize oil fields.
- The initiative aims to mitigate greenhouse gas emissions while enhancing oil productivity.
- Dow will offer tailored conformance control agents and share learnings from previous projects.
- Initial research involves using Dow's ELEVATE™ additives, which could significantly boost oil production.
- The project extends the economic life of oil assets, benefiting long-term financial performance.
Negative
- The success of the WGII project relies heavily on the efficacy of new technologies, which remain unproven on a large scale.
- There is a substantial financial outlay required, totaling $50 million, which poses a risk if the project does not yield expected results.
- Oil recovery projects are often subject to regulatory and environmental scrutiny, which could delay progress.
News Market Reaction – DOW
On the day this news was published, DOW declined 0.61%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Field pilot projects under the Wyoming Gas Injection Initiative will extend the life of oilfields and recover more oil with fewer resources
WGII will provide field pilot testing of advanced oil recovery methods, such as foam-assisted gas injection using recovered hydrocarbon gases, carbon dioxide or other gases for revitalization of oil fields, as well as mitigation of greenhouse gas emissions by operations in
"The Wyoming Gas Injection Initiative is a powerful example of the possibilities that can be brought to life through collaboration with like-minded organizations, in this case meeting the world's growing energy demand with more sustainable technology," said Pankaj Gupta, business vice president, Dow Industrial Solutions. "Our team is proud to share our materials science portfolio and experience to help shape a future where oil recovery is optimized, resources are conserved, and greenhouse gas emissions are significantly reduced in
Dow will support the field implementation and the research activities to be conducted at COIFPM by providing tailored conformance control agents (foaming additives) and sharing learnings from previous field pilot projects. Initial research will develop novel formulations using Dow's ELEVATE™ additives, which have the potential to increase oil production significantly and extend the economic life of oil assets. These formulations will then be further optimized and piloted in several
"In Wyoming, our energy strategy is focused on using the full value of our energy resources and enhanced oil recovery is an important part of that strategy," said Governor Mark Gordon. "The Wyoming Gas Injection Initiative will not only help breathe new life into our oilfields, but also allow us to recover oil more efficiently while supporting our critical energy and manufacturing industries."
About Dow
Dow (NYSE: DOW) is one of the world's leading materials science companies, serving customers in high-growth markets such as packaging, infrastructure, mobility and consumer applications. Our global breadth, asset integration and scale, focused innovation, leading business positions and commitment to sustainability enable us to achieve profitable growth and help deliver a sustainable future. We operate manufacturing sites in 31 countries and employ approximately 35,900 people. Dow delivered sales of approximately
About The University of
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SOURCE The Dow Chemical Company
FAQ
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