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Article: United States : Denbury-Encore merger to test carbon dioxide-oil synergies.
- Article from:
- TendersInfo
- Article date:
- November 3, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: datta03
The production-sequestration synergies of crude oil and carbon dioxide will receive a new test under a $4.5 billion acquisition by Denbury Resources Inc. of Encore Acquisition Co.
Both companies have strategies geared to enhanced oil recovery via CO2 injection. On Nov. 1 they announced signing of a definitive merger agreement that will leave Denbury, of Plano, Tex., the surviving entity.
Both companies also are pursuing supplies of CO2 from industrial sources needing to reduce emissions of greenhouse gas through capture and sequestration in the subsurface.
The companies
Denbury has 212.4 million boe of ...