Denbury Resources Inc. has mutually agreed with Penn Virginia Corporation to terminate their previously announced agreement under which Denbury was to acquire Penn Virginia. Both US-based companies focus on carbon dioxide-based enhanced oil recovery (EOR).
CO2-based EOR is concerned when an oilfield begins to decrease its oil production, multiple methods can be used to increase production, CO2 EOR is one of these.
The process involves the injection of compressed carbon dioxide into an oil reservoir. The CO2 acts like a solvent and causes the oil to expand and flow more easily to production wells. Both Denbury and Penn Virginia’s focus’ are aimed at developing American oil through CO2 EOR.
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