Global Enhanced Oil Recovery (EOR) Industry Overview and Key Growth Factors
The report "Global Enhanced Oil Recovery (EOR) Market Research Report- Industry Analysis, Size, Share, Growth, Trends And Forecast" added by DecisionDatabases.com to its vast repository provides market insights, facts, historical data, and future projections of the Global Enhanced Oil Recovery (EOR) Market Research Report industry. This report provides information in terms of revenue and volume for the period 2015 to 2022. Drivers, restraints, and opportunities are intellectually assessed in the research report.
Enhanced oil recovery is a technique, implemented for enhancing the amount of crude oil from the extraction field. It is also known as tertiary recovery or improved oil recovery technique. In this technique, three methods such as gas injection, chemical injection & thermal recovery are used in the extraction process. It find application in offshore and onshore recovery method. Growing energy demand, increasing number of grown-up oil fields globally and rising revitalization of aging oil fields are major growth drivers, which are expected to fuel market demand during the forecast period.
Additionally, rising demand for crude oil along with efficient supply chain will further aid in the market growth. An increasing number of proved oil reserves and rising reinforcement of existing conventional oil reserves are anticipated to open new growth avenues in the near future. Furthermore, the increasing imports activities in the emerging economies and economic growth in the MEA region will have a positive impact on the market growth of the technique in the forthcoming years. However, stringent regulatory framework, rising environmental concerns and volatility in the prices of crude oil are major challenges, which can hamper market growth during the forecast period.
The global enhanced oil recovery market has been segmented based on technology into thermal, gas, chemical, and others. The chemical enhanced oil recovery technology is one of the fastest growing technology segments and is expected to witness a double-digit growth over the forecast period owing to the rising demand for advanced & novel EOR technologies due to its superior characteristics over other counterparts. Thermal EOR was a dominant segment and is anticipated to grow at a sluggish rate over the coming years due to its moderate usage for hydrocarbon recovery and its maturity level in the current market. The enhanced oil recovery market has been further segmented based on applications into onshore, and offshore.
North America is a leading market and is projected to account for the major market share in the study period on account of declining productivity in mature reserves coupled with increasing shale
activities in the region. Europe is also expected to witness a substantial growth over the forecast period on account of the rising demand for primary energy and increasing the requirement for self-support in crude oil supply due to accessible geopolitical unrest.
The major industry players include BASF SE, Halliburton Corporation, Royal Dutch Shell Plc, Schlumberger Ltd., Chevron Phillips Chemical Corporation, FMC Technologies Inc., NALCO Company, Praxair Technology, Inc., Secure Energy Services Inc., and Xytel Corporation.
In Dec 2015, Cairn, an oil and gas major has launched the world's biggest EOR program in the desert area of Rajasthan by using polymer injection technique for recovering oil at its processing terminal.
In March 2016, Salym Petroleum Development has introduced ASP EOR technology at the Salym group of fields by the injection of three-component mixture including alkali, polymer, and surfactant into the formation.
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