Baytex is Planning to Buy Subdued Heavy Oil Assets Worth USD48.35 million.

Canada: Canadian oil producer Baytex Energy Corp has agreed to buy heavy oil production assets in the Peace River region of northern Alberta of worth USD48.35 million. The assets would add around 3000-barrel oil equivalent per day (boepd) to its existing 67000 boepd. These oil assets were either subdued or closed by the existing owner would require additional USD30 million by Baytex to restart commercial operation. The company is anticipating to start production in these new heavy oil assets with few years when oil prices comes to stable point.   

TechSci Research depicts that to meet the increasing demand for crude oil, employing tertiary methods of crude oil production is essential. Over the last few years, global Enhanced Oil Recovery (EOR) market has been growing on due to increasing global energy demand. Increasing number of mature oil wells and high productivity levels achievable by using EOR techniques, are some of the major factors on account of which the global market for EOR is expected to grow during 2015 – 2020.

According to released report of TechSci Research “Global Enhanced Oil Recovery Market Forecast and Opportunities, 2020”, the global enhanced oil recovery market is projected to witness growth of around 8% through 2020 with a share of over 30% in 2014. Over the next five years, onshore crude oil reserves are expected to witness higher crude oil production through enhanced oil recovery methods compared to off-shore oil reserves. Gaseous enhanced oil recovery methods are expected to lead the global enhanced oil recovery market.