Oil prices are high, but spending has not caught up—yet. Meanwhile, exploration strategies are changing around the world toward a lower-risk model, and the frenzied pace of US M&A has very much cooled off.

The world produces vast volumes of carbon dioxide, and CO₂-EOR is one of the best-established techniques for increasing oil production. Despite this, its use remains limited because of economic, logistical, and operational challenges.

With millions of wells having been drilled in the US since the beginning of the oil age, the land is pocked with old, unused wellbores. For most, repurposing is a pipe dream. Plugging is the best option.