Dow (NYSE: DOW) shares gained ground Thursday, as the company the State of Wyoming and the University of Wyoming have come together to launch The Wyoming Gas Injection Initiative (WGII), a program designed to enhance oil well productivity and recovery from existing fields and wells in Wyoming.
This morning’s news release reported WGII will provide field pilot testing of advanced oil recovery methods, such as foam-assisted gas injection using recovered hydrocarbon gases, carbon dioxide or other gases for revitalization of oil fields, as well as mitigation of greenhouse gas emissions by operations in Wyoming.
The State of Wyoming will provide $25 million in matching funds through the University of Wyoming to assist the oil and gas operators selected for the project – including, Ballard Petroleum Holdings, Devon Energy Corp. and Occidental – on enhanced recovery projects over a five-year period. Private operators selected for WGII contribute $25 million to the pilot, matched by $25 million from the state. As part of these projects, Dow and the Center of Innovation for Flow Through Porous Media (COIFPM) at the University of Wyoming, along with the oil and gas operators, will implement technologies to catalyze the beneficial use of greenhouse gases for carbon sequestration and oil recovery.
DOW shares took on 18 cents to $59.24 at Thursday’s opening.
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