Prospects for enhanced oil recovery (EOR) projects hinge on long-term fluctuations in oil and gas prices given the high capital and operating costs associated with them. For example, earlier in the decade, high oil prices combined with declining conventional oil production drove capital investment in EOR technology in order to extend the life of conventional reservoirs. However, the economic viability of EOR projects in the current volatile market conditions is questionable. For thermal EOR, this is further compounded due to the technique's heavy dependence on natural gas for steam generation.
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