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 ≥ $1.5B
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×
ABS Team securitize · leverage
Buy fields with a leveraged PDP buyout — put an equity slice down and issue ABS notes against the field's boring base-decline strip to fund the rest. Base cash services the notes first; the EOR wedge is a carve-out you keep. Recycle equity into the next deal while the notes self-liquidate off the base. Non-recourse: a field that can't service its notes is foreclosed, but your other fields are untouched. Leverage doesn't inflate your score — outstanding debt is netted.
WIN — Net equity value ≥ $1.0B
Operator plays a balance-sheet game; the EOR Investor plays a capital-efficiency game — deploy a $50M fund, harvest the wedge, hit your return.