FTTN: New Report Predicting Enhanced Oil Recovery Market Set To Boom
- Published: Wednesday, 09 September 2015
- Author: Daily News
LAS VEGAS, Nev. -- A recently released industry research report is forecasting the enhanced oil recovery (EOR) market is expected to grow at a robust 16.9 per cent clip between now and 2019. This glowing prospect has confirmed First Titan Corp’s. (FTTN) own information and bolstered the company’s plans to enter this increasingly promising market.
The Global EOR Market 2015-2019 report, issued by consulting firm Technavios, gives several reasons why this crude oil production method is expected to grow so substantially even while the rest of the petroleum industry is mired in a slump.
First, the report states, is that EOR technology has been shown to help reduce carbon emissions (also called sequestration) during production, a heightened concern due to climate change. In addition, EOR methods can improve production, especially in mature fields once thought to be in decline. Continued or increased production from these mature fields may be used to offset ever-growing global petroleum demand.
Another market report states that global EOR spending in 2015 will top $26 billion. The report, issued by Visiongain, predicts that figure will remain constant in the near term as several national oil companies are faced with declining production, making them natural markets for EOR companies.
“These reports back up what we’ve discovered during our due diligence,” said FTTN CEO Sydney Jim. “The EOR market is ripe with potential and would be a great opportunity for FTTN to build revenue and enhance shareholder value. We’ll continue to carefully look at all options, of course. But EOR’s potential is quite exciting.”
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. For more information on FTTN’s oil and gas projects, visit www.firsttitanenergy.com.
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