Middle East & Africa Enhanced Oil Recovery Market Size & Outlook
Related Markets
MEA enhanced oil recovery market highlights
- The MEA enhanced oil recovery market generated a revenue of USD 4,538.1 million in 2019.
- The market is expected to grow at a CAGR of 3.8% from 2020 to 2027.
- In terms of segment, thermal was the largest revenue generating technology in 2019.
- CO2 Injection is the most lucrative technology segment registering the fastest growth during the forecast period.
- Country-wise, Oman is expected to register the highest CAGR from 2020 to 2027.
MEA data book summary
| Market revenue in 2019 | USD 4,538.1 million |
| Market revenue in 2027 | USD 6,104.4 million |
| Growth rate | 3.8% (CAGR from 2019 to 2027) |
| Largest segment | Thermal |
| Fastest growing segment | CO2 Injection |
| Historical data covered | 2016 - 2018 |
| Base year for estimation | 2019 |
| Forecast period covered | 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, MEA region accounted for 9.8% of the global enhanced oil recovery market in 2019.
- Globally, North America is projected to lead the regional market in terms of revenue in 2027.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 15,624.4 million by 2027.
Thermal was the largest segment with a revenue share of 54.4% in 2019. Horizon Databook has segmented the Middle East & Africa enhanced oil recovery market based on thermal, co2 injection, chemical covering the revenue growth of each sub-segment from 2016 to 2027.
Growing concerns regarding extreme temperature operating conditions, well blowout, and wellbore stability are expected to drive the demand for oilfield services in offshore and onshore regions in the Middle East & Africa over the next eight years.
Recent technological innovations to study the soil characteristics and temperature detection have led to the development of new oilfield services that cater to low- and high-temperature operations. These factors are expected to drive the demand for oilfield services in the region over the forecast period.
The Government of Algeria has taken an initiative to alleviate the impact of the regulations pertaining to EOR oilfield services in two major oilfields, Hassi Messaoud and Ourhoud. Such initiatives are anticipated to drive the market over the forecast period.
Key Regions: U.S. , UK , Brazil , Saudi Arabia , Oman
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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 |
MEA enhanced oil recovery market size, by country, 2016-2027 (US$M)
Middle East & Africa Enhanced Oil Recovery Market Outlook Share, 2019 & 2027 (US$M)
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