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NWE Technologies Inc. for a Next Generation of EOR Technologies

Source: www.gulfoilandgas.com 2/5/2013, Location: North America

New Western Energy Corp., an independent energy company engaged in the acquisition, exploration, development and production of oil, gas and minerals primarily in North America, announced it has established NWE Technologies Inc., a wholly owned subsidiary, to develop, acquire, and license the next generation technologies for Enhanced Oil Recovery (EOR).

Advanced Resources International (ARI, 2011 Report) estimates that an additional 26-61 billion barrels of oil could economically be recovered with today's EOR technologies, potentially more than doubling current U.S. proven reserves. Moreover, "next generation" EOR technology could yield substantially greater gains, possibly increasing recoverable domestic oil from EOR to 67-137 billion barrels, and storing 20-45 billion metric tons of CO2 that would otherwise be released into the atmosphere.

The Company immediately intends to deploy and use EOR on its existing 120 wells in Rogers County, Oklahoma and 25 wells in Texas. In addition, the Company plans to market and license its EOR technologies to operators and owners of "stripper or marginal" wells, which are classified as an oil well or gas well that produces less than 10 bopd or 60 MCF of gas per day respectively. According to the US Department of Energy (DOE), there are over 700,000 of stripper wells in the United States and one out of every seven barrels of oil produced in the United States comes from a stripper well. EOR can significantly extend the lifespan and revitalize production of mature oil fields in the United States.

"We strongly believe there is a tremendous growth potential in developing, marketing and licensing EOR technologies directly to operators and owners of stripper wells in the United States. Further, our existing and planned production will directly benefit from the use and deployment of EOR technologies offered by our newly established division," said Javan Khazali, President and CEO of New Western Energy Corp.

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Related Categories: Artificial Lift  Cementing, Stimulation  Directional Drilling  Drilling  Drilling Engineering & Equipment Systems  Enhanced Oil Recovery  General  Logging, Perforating, Testing  Offshore Drilling  Reservoir/Completion Consultants  Workover & Well Services  Workover Rigs/Services 

Related Articles: Artificial Lift  Cementing, Stimulation  Directional Drilling  Drilling  Drilling Engineering & Equipment Systems  Enhanced Oil Recovery  General  Logging, Perforating, Testing  Offshore Drilling  Reservoir/Completion Consultants  Workover & Well Services  Workover Rigs/Services 


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