China Enhanced Oil Recovery Market Size & Outlook, 2019-2027
Related Markets
China enhanced oil recovery market highlights
- The China enhanced oil recovery market generated a revenue of USD 5,993.0 million in 2019 and is expected to reach USD 8,905.9 million by 2027.
- The China market is expected to grow at a CAGR of 5.1% from 2020 to 2027.
- In terms of segment, thermal was the largest revenue generating technology in 2019.
- Thermal is the most lucrative technology segment registering the fastest growth during the forecast period.
Enhanced oil recovery market data book summary
| Market revenue in 2019 | USD 5,993.0 million |
| Market revenue in 2027 | USD 8,905.9 million |
| Growth rate | 5.1% (CAGR from 2019 to 2027) |
| Largest segment | Thermal |
| Fastest growing segment | Thermal |
| Historical data | 2016 - 2018 |
| Base year | 2019 |
| Forecast period | 2020 - 2027 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Thermal, CO2 Injection, Chemical |
| Key market players worldwide | BP PLC, Cenovus Energy, Chevron Corp, Equinor ASA, ExxonMobil, LUKOIL, Petroleo Brasileiro SA Petrobras ADR, TotalEnergies SE |
Other key industry trends
- In terms of revenue, China accounted for 12.9% of the global enhanced oil recovery market in 2019.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2027.
- In Asia Pacific, China enhanced oil recovery market is projected to lead the regional market in terms of revenue in 2027.
- China is the fastest growing regional market in Asia Pacific and is projected to reach USD 8,905.9 million by 2027.
Thermal was the largest segment with a revenue share of 48.93% in 2019. Horizon Databook has segmented the China enhanced oil recovery market based on thermal, co2 injection, chemical covering the revenue growth of each sub-segment from 2016 to 2027.
The Government of China is taking efforts to reduce the oil dependency and increase the domestic production of the same. The country is witnessing a rapid increase in the demand for oil owing to industrialization, rising population, and urbanization, which has, in turn, put a strain on the overall demand-supply gap of oil in the country.
Thus, major companies are adopting EOR techniques to enhance oil production and minimize this gap. The country has adopted a policy to capture the CO2 released by the energy and steel plants operating in the country and to use the captured CO2 for extracting crude oil from oilfields.
The move is aimed at recovering oil from the barren oilfields in the country. At present, several carbon capture and storage (CCS) projects are in the pipeline to boost EOR activities in the country.
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Enhanced Oil Recovery Market Scope
Enhanced Oil Recovery Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| ExxonMobil | View profile | 10001+ | Irving, Texas, United States, North America | https://corporate.exxonmobil.com |
| Cenovus Energy | View profile | 1001-5000 | Calgary, Alberta, Canada, North America | http://www.cenovus.com |
| LUKOIL | View profile | 10001+ | Moscow, Moscow City, Russian Federation, Europe | http://www.lukoil.com/# |
| Equinor ASA | View profile | 24467 | Forusbeen 50, Stavanger, Norway, N-4035 | https://www.equinor.com |
| BP PLC | View profile | 87800 | 1 St James's Square, London, United Kingdom, SW1Y 4PD | https://www.bp.com |
| Petroleo Brasileiro SA Petrobras ADR | View profile | 40213 | Avenida Republica do Chile, 65, Rio de Janeiro, RJ, Brazil, 20031-912 | https://www.petrobras.com.br |
| TotalEnergies SE | View profile | 100000 | 2, Place Jean Millier, La Defense 6, Courbevoie, France, 92400 | https://www.totalenergies.com |
| Chevron Corp | View profile | 45600 | 6001 Bollinger Canyon Road, San Ramon, CA, United States, 94583-2324 | https://www.chevron.com |
China enhanced oil recovery market size, by application, 2016-2027 (US$M)
China Enhanced Oil Recovery Market Outlook Share, 2019 & 2027 (US$M)
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