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Denbury has sanctioned a CO2 EOR project at Cedar Creek Anticline (CCA).
CCA is a massive geological feature stretching approximately 125 miles in length across parts of Montana, North Dakota and South Dakota. Denbury's portion of CCA covers approximately 175,000 acres and is estimated to hold up to five billion barrels of original oil in place.
Denbury estimated it would spend $400 million in total capital for the project over the next 15 years. The company is estimating it will spend $100 million on field development capital before first tertiary production in addition to the cost for the Greencore extension. It also estimates that capital investment would peak at $125-150 million in 2019 to cover the pipeline costs, but it would spend less than $50 million annually on the project after that.
Key Highlights:
- Targets EOR potential greater than 400 million barrels, with initial tertiary production expected by late 2021 or early 2022
- Modest capital to first tertiary production of approximately $250 million (including CO2 pipeline) can be funded with cash flow
- First two project phases are estimated to generate $3 billion of cumulative net free cash flow at $60 oil
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