Enhanced Oil Recovery (EOR) Market Report

Enhanced Oil Recovery (EOR) Market Analysis By Technology (Thermal, Gas Injection, Chemical), By Application (Onshore, Offshore), By Regions (North America, APAC, Europe, CSA, MEA), Competitive Strategies, And Segment Forecasts, 2014 - 2025

Published: December 2016  |  82 Pages  |  Format: PDF  |  Report ID: 978-1-68038-343-0

Industry Insights

The global enhanced oil recovery (EOR) market size was valued at USD 97.63 million in 2015. Diminishing oil reserves and an increasing number of matured and aged wells are anticipated to drive the global market. The increasing gap between production and demand of oil is widening. To overcome this gap, companies are using EOR techniques to extract oil from reserves that have poor permeability, irregular faultiness, and exhibit heavy oil.

Globally, governments are taking initiatives for developing a proper infrastructure and advanced technology for oil production. Governments of Asian countries, such as Malaysia, Indonesia, China, and India are providing flexibility in tax regimes and financial incentives to attract multinational companies to invest in the market.

Germany Enhanced oil recovery market, by technology, 2014 - 2025 (USD Million)

Germany Enhanced oil recovery market

Thermal enhanced oil recovery (TEOR) has been the major technology for extracting oil from matured wells since past few years globally. Other technologies for instance chemical recovery and gas injection are growing at a significant rate owing to various advantages such as technology advancement and cost effectiveness.

Fluctuating crude oil prices from past two to three years is having a negative effect on the global oil demand. This price fluctuation is affecting the global oil recovery market as well. The ongoing projects are anticipated to have less effect and go forward. However, the new and upcoming projects will decline or have to take a different approach.

Technology Insights

On the basis of technology, the industry can be segmented to chemical, thermal, gas injection, and others which include plasma-pulse and more. The TEOR held around 42% of the global market in terms of revenue in 2015. In thermal recovery, oil is extracted through reserves by introducing heat into the subsurface accumulation of organic compounds. This is done through steam & fire flooding and reserve heating.

The chemical and gas injection techniques are gaining share significantly. These two oil recovery technologies together held around 49% of the total market in 2015, in terms of revenues. These technologies have a higher recovery rate and are cost efficient.

In gas injection technique, gasses (natural gas, carbon dioxide, or nitrogen) are injected into the reserves. These gasses expand and push other gasses of reserve which are dissolved within the oil. This decreases the viscosity and increases the flow of oil.

In chemical injection method long chained molecules or polymers are used. These polymers are introduced into the oil fields to boost the surfactants effectiveness or increase the waterflooding efficiency. These surfactants help to lower the surface tension that inhibits the flow of oil through the reservoir.

Application Insights

Onshore and offshore are the two application areas for the EOR market. In 2015, the onshore area dominated the industry. The area held around 70% of the global market in the same year. The area has the presence of larger number of mature and aged wells as compared to offshore, resulting in the requirement of these technologies.

The technology is mostly employed in onshore. However, many offshore oil reserves are also discovered since past few decades. Extracting oil for an offshore reserve is an expensive process, so many companies are also applying recovery technique in primary or secondary oil production phase to enhance the oil extraction. Major challenges faced by offshore technology include the weight, space limitations of existing offshore facilities. Other EOR applications such as low-salinity water flooding is gaining popularity since it increases the production by 20%. With technology advancement and subsea processing, the offshore enhanced oil recovery is expected to witness a remarkable growth.

Regional Insights

North America was the leading market in 2015 and is anticipated to show the same trend over the foreseeable future. North America is the industry leader owing to the presence of a large number of mature wells and large-scale development of unconventional energy in the region.

Rapid industrialization and expanding oil & gas industry in Asia Pacific is expected to drive the market. The favorable government initiatives in countries such as India, and China to facilitate infrastructural development in oil & gas industry in these nations and are expected to drive the market by 2025. Europe had a stable growth in past few years and is expected to show the same trend from 2016 to 2025. North America and Europe are relatively mature markets for EOR.

Enhanced oil recovery market share, by region, 2015

Enhanced oil recovery market

Competitive Insights

The global industry is moderately consolidated and highly competitive due to the presence of a large number of big and experienced multinational players. The industry has less number of small-scale players.

Some of the key companies present in the industry 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.

Report Scope

Attribute

Details

Base year for estimation

2015

Actual estimates/Historic data

2014 & 2015

Forecast period

2016 - 2025

Market representation

Volume in Million Barrels and Revenue in USD Million & CAGR from 2016 to 2025

Regional scope

North America, Europe, Asia Pacific, Central & South America & MEA

Country scope

U.S., Canada, Mexico, UK, Germany,China, India

Report coverage

Revenue forecast, competitive landscape, growth factors and trends

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Segments Covered in the Report

This report forecasts revenue & demand growth and provides an analysis on the latest trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the enhanced oil recovery (EOR) market on the basis of technology, application area, and region:

  • Technology Outlook (Revenue, USD Million, Volume, Million Barrels, 2014 - 2025)
    • Thermal

    • Gas Injection

    • Chemical

    • Other EOR

  • Application Area Outlook (Revenue, USD Million, Volume, Million Barrels, 2014 - 2025)
    • Onshore

    • Offshore

  • Regional Outlook (Revenue, USD Million, Volume, Million Barrels, 2014 - 2025)
    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • UK

    • Asia Pacific

      • China

      • India

    • Central & South America

    • Middle East & Africa

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