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Enhanced Oil Recovery Market Analysis:
Global Enhanced Oil Recovery Market is projected to witness USD 63.4 Billion, with 6.53% CAGR during the forecast period.
Enhanced oil recovery (EOR) or tertial recovery is the extraction process of crude oil from an oilfield. It is known for producing more than 30% of the reservior’s oil. Discovery of new oilfields and advances in techniques for oil extraction can pave the way for oil producers. The energy crunch in major nations and production of carbon dioxide for industrial applications are some of the major drivers of EOR. The global enhanced oil recovery market report by Market Research Future (MRFR) provides an honest assessment on the competition, current economic scenario, and the COVID-19 pandemic to predict astute projections for the period of 2017 to 2023 (forecast period).
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Market Scope
The global enhanced oil recovery market is projected to witness 15.7% CAGR during the forecast period. Rise of aged oil wells and investments in the energy sector by government agencies can drive the market demand. Technological advances in E&P production and efforts for improving the oil recovery process can bode well for the market. Joint ventures, collaborations, and mergers & acquisitions are employed by key players for reducing the cost of technology and production.
Rise of CO2 injection EOR projects and increased oil production displayed in the Permian Basin are indicators of the high success rate of EOR technology. Government interest in these projects and increasing number of mature oil wells can drive the market demand. This is evident by the sheer numbers of offshore oil production sites in the North Sea and Gulf of Mexico. The use of specialty oilfield chemicals for increasing the production rate while avoiding the corrosion of pipe walls and oil-water simulations can bode well for the market.
But the demand for shale gas can pose a threat to the market growth. The COVID-19 pandemic can severely hamper oil production by affecting the production and supply chains.
Segmentation
On the basis of technology, the enhanced oil recovery market is segmented as thermal, chemical, microbial, and others. The thermal and chemical methods are more established procedures with several practical projects being already carried out. The chemical methods traditionally use polymer, alkaline, and surfactant methods to extract more oil from existing wells.
By application, it is segmented into offshore and onshore.
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Regional Analysis
The North America and Europe regions are expected to be the major markets for the global enhanced oil recovery market. As the number of mature oil fields is on the rise in these regions, it is expected that many upstream oil service providers would increasingly look into the enhanced oil recovery methods for increased production. The U.S. is expected to contribute to the North America EOR market due to commercialization of the technology and government funds aimed at improving it.
The Asia Pacific region is expected to with countries, such as Malaysia, Indonesia, and Australia, looking forward to implementing enhanced oil recovery in their oil fields. Implementation of enhanced oil recovery methods further decreases a country’s dependence on oil imports, which further drives the market for enhanced oil recovery.
Competitive Outlook
Baker Hughes, FMC Technologies, Inc., Titan Oil Recovery, BP Plc., Royal Dutch Shell Plc, Praxair Technology, Inc., Statoil ASA, Chevron Phillips Chemical Corporation, PJSC Lukoil Oil Company, BASF SE, Exxon Mobil, Halliburton Corporation, and Schlumberger Ltd. are prime players of the global enhanced oil recovery market.
The Wall