Two ways to monetize an EOR uplift on a dead field. Choose how you play.
Operator buy · re-rate · build
Buy dead fields at PDP value, match the right EOR technique to the rock, and re-rate the asset. You own 100% of the PV — baseline decline plus the EOR uplift — and carry all the capex and commodity risk. Terminal value: you can sell the re-rated asset.
WIN — Total value ≥ $150M
EOR Investor DrillCo · farm-in
Don't buy the field — farm in. Fund huff-n-puff on other operators' wells and take the incremental barrels only, at a working interest, until payout — then your interest reverts (back-in). Capital-light on entry, self-liquidating, IRR-driven. No terminal land value.
WIN — Fund MOIC ≥ 3.0×
Operator plays a balance-sheet game; the EOR Investor plays a capital-efficiency game — deploy a $50M fund, harvest the wedge, hit your return.