Enhanced oil recovery (EOR) is a technique is used to recover oil and applied to crude oil that can be extracted from oil fields. This technique can be implemented in favorable geological conditions as depicted by single well or inter-well tracers and water flooding performances.
Increase in the number of innovations related to chemical EOR such as low cost of chemicals and robust hybrid processes used in comparison to the price of crude oil produced to drive the market growth. Furthermore, declining production from existing fields coupled with the growing number of mature wells will accelerate the adoption of an enhanced oil recovery market. In addition, the surging demand for crude oil and petroleum products led by rapidly expanding industries and the urban population will augment the industry landscape.
The use of bio-based chemicals by market players, owing to its environment-friendly nature, is expected to present as a major opportunity for growth.
“Global Enhanced Oil Recovery (EOR) Market was Valued at US$ 121.4 Bn in 2018 and it is Expected to Reach More than US$ 732.2 Bn by 2027, Likely to Grow with the CAGR of 22.1% During the Forecast Period.”
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Thermal technology held the largest segment in 2018, accounting for over 35% in terms of the volume of oil produced and this trend is expected to continue over the forecast period. Thermal EOR is the widely used method and has witnessed huge success in the depleted basis of nations such as the U.S., China, Venezuela, and Brazil. Owing to the rise in E&P activities, thermal technology is anticipated to grow rapidly in Asian countries. The thermal recovery involves the introduction of heat through the injection of steam into the reservoir to reduce the viscosity of heavy oils to boost its flow in the well. Better heat utilization, effective operability across dipping, high permeability and thick reservoirs on account of gravity assisted displacement are some of the significant factors positively influencing the product demand.
However, the gas injection method is projected to expand at a CAGR of xx % over the forecast period owing to its numerous benefits such as increased pressure in the reservoir, resulting in increased oil production. Moreover, it is likely to register the highest growth and gain extensive popularity in the U.S. and Canada.
North America is anticipated to hold above over 40% over the forecast period and is expected to grow at CAGR of above xx %. The growing number of matured wells along with speculations of peak oil production in the U.S. in 2018 clearly indicates the extensive utilization of tertiary extraction techniques in the region.
However, increasing competition in international markets along with ongoing strategic initiatives to enhance the production rate will stimulate the Middle East market.
Some of the key players in the global Enhanced Oil Recovery (EOR) market are Baker Hughes Schlumberger Statoil, Lukoil, Chevron, British Petroleum, Kinder Morgan, Exxon Mobil, Denbury Resources, Royal Dutch Shell, Husky Energy, Praxair Technology, Wintershall, China National Petroleum Corporation, Halliburton, Total, National Aluminum Company, ConocoPhillips, Occidental Petroleum, Titan Oil Recovery, Canadian Natural Resources, Cenovus Energy and ADNOC.
Impact of COVID-19 on Economy, Industry and Company
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