Global Enhanced Oil Recovery Market (EOR) was valued US$ 360 Bn in 2018 and is estimated to reach US$ XX Mn by 2026 at a CAGR of about XX % during a forecast period.
EOR market denotes advanced technology used to extract crude oil that cannot be extracted through traditional technologies from oil reservoirs. EOR is also called as tertiary recovery process as it takes place after primary and secondary oil recoveries. EOR accounts for xx% to xx% of the total reservoir while secondary recovery can extract near about xx% to xx% of complete oil present in the reservoir. By mounting enhanced oil recovery technology, xx% to xx% oil can easily be extracted from the oil reservoir.
The growing number of matured fields along with the rising need for crude to encounter the petroleum product demand will enrich the Enhanced Oil Recovery Market size. As per the Energy Information Administration, the consumption of petroleum and other liquids from the non- OECD (Organisation for Economic Co-operation and Development) region is expected to increase in terms of value from US$ xx Mn in 2018 to US$ xx Mn in forecast period 2026. Established fields accounted for over xx% of the total production, with several fields in the secondary or tertiary production stage. Capacity to increase the oil recovery factor of well from xx%-xx% to xx%-xx% will help in technology acceptance.
Global Enhanced Oil Recovery Market By Region
The EOR market is segmented into technology, application, and region. By technology segment, EOR market has divided into gas, thermal, and chemical injection. In 2017, thermal injection technology segment accounted near about xx% share in Enhanced Oil Recovery Market. According to the report, thermal technology has reached maturity level, due to which it is expected to lose some of its share to other technologies. In 2017, the chemical injection technology held over xx% share in the enhanced oil recovery market and is projected to stand around xx% by 2026. As per the study, gas injection technology segment is expected to hold nearby xx% share in the global market.
Based on application, In 2017, the onshore area dominated the industry and held around 71% of the global share. The technology is mostly employed in the onshore segment. However, many offshore oil reserves are also discovered since past few decades. Major challenges faced by offshore technology include the weight, space limitations of existing offshore facilities.
In terms of region, North America region has projected around xx% share in Enhanced Oil Recovery Market. The extraordinary contribution from Canada, Mexico, and the U.S. increased the growth of Enhanced Oil Recovery Market in the North America region. In forecasted years, other regions held near about xx% share in the global market. This segment is expected to grow at a fast speed in upcoming years, showing a continuous growth rate.
The leading key player operating in the enhanced oil recovery market are ExxonMobil Corporation, BP plc., China Petroleum & Chemical Corporation, Royal Dutch Shell plc, Chevron Phillips Chemical Company LP., Lukoil Oil Company, Praxair Technology, Inc., Chevron Corporation, Petroleo Brasileiro S.A., Cenovus Energy Inc.
The objective of the report is to present comprehensive Global Enhanced Oil Recovery Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with analysis of complicated data in simple language. The report covers all the aspects of industry with dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give clear futuristic view of the industry to the decision makers.
The report also helps in understanding Global Enhanced Oil Recovery Market North America for Asia Pacific dynamics, structure by analyzing the market segments, and project the Global Enhanced Oil Recovery Market North America for Asia Pacific size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Enhanced Oil Recovery Market North America for Asia Pacific make the report investor’s guide.
The scope of the Global Enhanced Oil Recovery Market Report:
Global Enhanced Oil Recovery Market By Technology
- Thermal
- Gas
- Chemical
- Other
Global Enhanced Oil Recovery Market By Application
- Onshore
- Offshore
Global Enhanced Oil Recovery Market By Region
- North-America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Players in the Global Enhanced Oil Recovery Market
- Cenovus Energy Inc.
- ExxonMobil Corporation
- Petronas
- Statoil ASA
- BP Plc
- ConocoPhillips
- Chevron Corporation
- Anadarko Petroleum Corporation
- Royal Dutch Shell Plc.
- Nalco Company
- Praxair Technology, Inc.
- China Petroleum & Chemical Corporation
- Lukoil Oil Company
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Global Enhanced Oil Recovery Market The GMI Research forecasts that the Enhanced Oil Recovery Market is witnessing an upsurge in demand over the forecast period.
This is mainly due to the increasing number of old wells along with decreasing production from existing oilfields.Introduction of the Enhanced Oil Recovery Market Enhanced oil recovery (EOR) is a unique technique used by upstream oil and gas companies to increase the amount of crude oil extracted from a field over and above what is recovered through the basic water flooding method.Key Players of the Global Enhanced Oil Recovery Market:Baker Hughes CompanyChevron Corporationbp p.l.c.Oil and Natural Gas Corporation Ltd.Schlumberger Limited.Exxon Mobil CorporationRoyal Dutch Shell PlcTotalHalliburton Co.WeatherfordEnhanced Oil Recovery Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)The accelerating number of gas injection-based EOR technologies which include CO2 and natural gas injection, accompanied by the surging demand for oil and gas extrication activities led by the increasing emphasis of companies to raise the production from old and mature fields, are the most prominent drivers responsible for the growth of the global enhanced oil recovery market.
Thereby, several upstream oil organizations are focussing on recovery and extend the lifespan of aged fields with the assistance of these technologies.
Also, the technology helps to expand the absorbency of the reservoirs so that hydrocarbons can flow easily through pathways.
For example, the U.S. Department of Energy (DoE) offers allowance to private oil companies and universities for research-related activities to innovate the EOR technologies.However, the declining prices of crude oil may hamper market growth.
This method helps to lower down the oil viscosity and improves its mobility ratio as it includes the application of heat on the oil wells.
Let us first understand what is enhanced oil recoveryThe enhanced oil recovery is also known as tertiary oil recovery which is a technique to extract crude oil from oil reservoirs.
It is an oil recovery technique used to extract oil when the primary and secondary recovery techniques are not sufficient or profitable and become unproductive.Enhanced oil recovery is used to increase the mobility of oil in order to make extraction easy and fast.
There are various enhanced oil recovery technologies used in the market but the Thermal Enhanced oil recovery technology is the most widely used to extract oil from the matured oil wells.
The other methods used except thermal technology are chemical recovery, gas injection, etc.
The usage of these methods is rising in number for being beneficial, cost-effective, and for providing advanced technologies to make the whole process less laborious.
Tertiary recovery is used for the production of liquid hydrocarbons by using various techniques such as reservoir re-pressurizing techniques or artificial airlifts, which will augment the market growth during the forecast period.
