LAS VEGAS–(BUSINESS WIRE)–A recently announced high-dollar project indicates the market for enhanced oil recovery (EOR) is nearing a takeoff point, and the news comes just as First Titan Corp. (OTCBB: FTTN) is approaching a decision of when and how to enter this potentially lucrative field.
Houston-based Devon Energy has announced it is planning to invest $100 million on an EOR project that will use carbon dioxide (CO2) to extend production on a declining Wyoming oil field. Meanwhile, operators continue to expand EOR technology use in Alaska’s giant Prudhoe Bay oilfield, which has entered middle age production-wise and is a prime candidate for increased tertiary recovery methods.
“EOR is becoming a hot market worthy of our interest and possible investment,” said FTTN CEO Sydney Jim. “Oil companies are realizing that not only is tertiary recovery a way to maintain production on older legacy fields, it’s also an effective means to reduce the need for new wells, thus dramatically cutting production costs. This is more vital than ever considering the current oil price environment. We’re now seriously looking for ways to enter this market. We believe it has enormous revenue potential and offers a way for us to build shareholder value.”
A recently released industry research report is forecasting the enhanced oil recovery (EOR) market is expected to grow at a robust 16.9 percent clip between now and 2019.
For more information on FTTN’s oil and gas projects, please visit www.firsttitanenergy.com.
About First Titan Corp.
First Titan Corp., through its wholly owned subsidiary, First Titan Energy, LLC, is committed to the exploration and development of oil and natural gas resources around the globe. The Company continually seeks to partner with energy developers that are pursuing innovative new methods of oil and gas extraction, including the development of new technologies, cleaner methods and unconventional resources.
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