Rising global demand for oil and gas & technological advancement in thermal/chemical flooding are the factors fueling the market growth in the forecast period.
According to TechSci Research report Enhanced Oil Recovery Market – By Region, Competition Forecast & Opportunities, 2018-2028, the Global Enhanced Oil Recovery Market is expected to register robust growth during the forecast period, 2024-2028.
The rising number of mature oil fields and developing technology to bring better oil recovery techniques are expected to boost the EOR market over the projected period. The significant volatility of crude oil prices, on the other hand, is projected to limit market expansion in the next years. During the projection period, the gas injection technique is predicted to be the largest sector of the EOR market, with CO2 injection expanding globally, representing a significant proportion of total oil production from EOR have a favourable influence on environmental concerns. The discovery of new oil and gas reserves, particularly in emerging markets such as Africa and South America, is projected to generate several possibilities. The Asia-Pacific region is predicted to develop significantly due to increased government investment in the upstream sector and ageing oil and gas resources that require better oil recovery techniques.
Due to the high cost of technology, improved oil recovery has relied mostly on government subsidies or creative investment programs all over the world. The method is substantially complex when compared to typical treatments. EOR deployment demands highly skilled personnel, phased implementation and integration of R&D, dedication, and risk-taking abilities which represent impediments to market expansion.
Gas injection provides benefits such as reduced oil viscosity and increased pressure in the reservoir for oil production. With a growing emphasis on unconventional gas production throughout the world, demand for gas injection based EOR methods is likely to rise during the forecast period.
The US government proposed legislation in 2019 to support the Carbon Capture and Improvement Act. The government is supposed to foster collaboration between the oil and gas sector, power plants, and industrial plant operators for the carbon sequestration process under this legislation. Furthermore, oil and gas companies are anticipated to assist other industries with carbon sequestration, which the former may employ for CO2 injection.
As of December 2021, the China National Petroleum Corporation-controlled Daqing Oilfield in northeast China’s Heilongjiang Province had become the world’s biggest tertiary oil recovery (improved oil recovery) production base. Daqing Oilfield’s yearly crude oil output via tertiary recovery has topped 10 million tonnes for 20 straight years, bringing its total production to 286 million tonnes.
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The Global Enhanced Oil Recovery Market is segmented into technology and application. Based on technology, the market is segmented into gas, thermal, chemical, microbial, and others. The thermal injection method is one of the most well-established and commonly used methods for improved oil recovery in the world. The process is ideal for heavy, viscous crude oil and requires injecting thermal energy into the reservoir to raise the temperature and lower the viscosity of the oil. The primary application of natural gas is to create thermal energy. However, because of its environmental benefits, solar EOR has grown in favor in recent years. Similarly, gas injection is often employed to promote oil mobility in reservoirs. CO2-EOR is one of most rapidly rising ways for increasing oil output in several nations. Carbon capture and sequestration methods support the environment by reducing carbon emissions, which may be utilized to improve oil recovery. Chemical EOR is primarily utilized to increase oil production by injecting water-soluble surfactants and polymers.
Based on application, the market is segmented into offshore and onshore. Onshore wells have various benefits over offshore wells, including resource availability, low production costs, existing technology, reservoir knowledge, and others. As a result, land-based wells generate a significant portion of world oil. Onshore wells account for the majority of EOR installed globally. Onshore EOR is much less expensive to install than offshore EOR. However, rising investment in the discovery of unexplored hydrocarbon sources is expected to create attractive prospects in the offshore category.
Major market players in the Global Enhanced Oil Recovery Market are: –
- Halliburton Company
- Schlumberger Limited
- Baker Hughes Inc
- BP p.l.c
- Exxon Mobil Corporation
- China Petroleum & Chemical Corporation
- Saudi Aramco
- Statoil AS
- Chevron Corporation
- TotalEnergies SE
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“Rising demand of oil and gas and technological advancement in oil field are taking place due to which the market is expected to grow with a high CAGR in the forecast period. National oil businesses are revisiting techniques that might lead to an increase in the amount of oil produced locally by investing in more cutting-edge technologies, hence the market is growing rapidly.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based India management consulting firm.
Enhanced Oil Recovery Market –Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018-2028, Segmented By Technology (Gas, Thermal, Chemical, Microbial, Others), By Application (Offshore, Onshore), By Region has evaluated the future growth potential of Enhanced Oil Recovery Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities Enhanced Oil Recovery Market.
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