A three-pronged approach was followed for deducing the enhanced oil recovery market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:
Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for enhanced oil recovery market to gather the most reliable and current information possible.
Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of enhanced oil recovery market data depending on the type of information we’re trying to uncover in our research.
Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.
Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.
Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.
Qualitative Functional Deployment (QFD) Modelling for market share assessment.
Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.
Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.
Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.
This step also entails the finalization of the report scope and data representation pattern.
Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.
The enhanced oil recovery market was categorized into three segments, namely technology (Thermal, CO2 Injection, Chemical), application (Onshore, Offshore), and regions (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa).
The enhanced oil recovery market was segmented into technology, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:
Demand estimation of each product across countries/regions summed up to from the total market.
Variable analysis for demand forecast.
Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.
Primary interviews for data revalidation and insight collection.
Used extensively for new product forecasting or analyzing penetration levels.
Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.
Primary interviews and vendor-based primary research for variable impact analysis.
The enhanced oil recovery market was analyzed at a regional level. The global was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into nine countries, namely, the U.S.; Canada; Russia; the UK.; China; India; Brazil; Oman; Saudi Arabia.
All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.
The enhanced oil recovery market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:
ExxonMobil Corporation - ExxonMobil Corporation actively engages in the advancement of enhanced oil recovery (EOR) technologies. The company's commitment to technological integration enables the assessment of new and established EOR techniques. This comprehensive evaluation encompasses laboratory experiments, simulation modeling, field pilots, and field implementation. ExxonMobil predominantly employs gas injection, chemical, and heavy oil recovery methods for EOR. Moreover, the company is dedicated to investing in research and development activities to foster the development and improvement of more effective methodologies. The engineers and scientists at ExxonMobil diligently research storage and injection requirements, utilizing proprietary technologies to ascertain the long-term viability of diverse geologic formations.
BP plc. - BP plc. is actively engaged in the development of cost-effective enhanced oil recovery (EOR) technologies. The company's innovative technologies contribute to over 10% of the global EOR production. BP's involvement extends to the operation of hydrocarbon-gas injection projects at Prudhoe Bay in Alaska, utilizing vaporization and miscible gas techniques. These projects play a crucial role in driving the advancement of enhanced oil recovery methods. BP plc. focuses on developing two distinct EOR technologies: Designer Water EOR and Designer Gas. The Designer Water EOR category has two subcategories: Bright Water and LoSal EOR. LoSal EOR is a reduced salinity waterflooding technology that enhances oil recovery compared to conventional waterflooding methods. On the other hand, Bright Water is a pilot technology developed by BP, where thermally-activated particles expand deep within the reservoir, reducing flow and redirecting injection water to poorly swept areas. To expand its EOR initiatives further, the company has initiated a pilot program with 11 injector wells in the Azeri–Chirag–Gunashli (ACG) field.
China Petroleum & Chemical Corporation - China Petroleum & Chemical Corporation, commonly called Sinopec Limited or Sinopec Corp., operates as a subsidiary of China Petrochemical Corporation, also known as Sinopec Group. Sinopec specializes in producing CO2-capturing technologies utilized in their enhanced oil recovery (EOR) processes. In their efforts, the companies have successfully injected 62,400 tons of liquefied CO2 into the Shengli Oilfield, resulting in an enhanced oil recovery of 12,900 tons. Furthermore, Sinopec actively promotes a CO2 flooding test combining carbon capturing and storage (CCS) techniques with EOR methods. This innovative approach harnesses captured CO2 to optimize crude oil recovery and is considered a crucial step in reducing CO2 emissions. Additionally, Sinopec Corp. is dedicated to ongoing research and development in CO2 capture and utilization for enhanced oil recovery purposes.
Royal Dutch Shell plc - Shell, also known as Royal Dutch Shell plc, is a multinational oil and gas company that focuses on developing advanced technologies for enhanced oil recovery (EOR). The company utilizes techniques such as waterflooding, miscible gas injection, thermal methods, and chemical processes in its EOR projects. Among these techniques, waterflooding is the most commonly used and cost-effective method for Shell. Approximately 30% to 40% of the company's oilfields employ waterflood technologies. Shell is continuously striving to enhance their waterflooding processes and techniques. Additionally, Shell is actively engaged in multiple EOR projects worldwide, ranging from the revitalization of existing oilfields to the development of new ones, both offshore and onshore. One notable project is the collaboration between Shell and their joint venture partner Petronas, where they are piloting an EOR project for the St. Joseph field offshore North Sabah. If successful, this project could become the world's first offshore application of Alkaline surfactant polymer (ASP) technology.
Chevron Phillips Chemical Company LLC - Chevron Phillips Chemical Company LLC is a joint venture between Chevron Corporation and Phillips 66. This collaboration has allowed the companies to consolidate their petrochemical businesses globally. Chevron and Phillips 66 hold an equal 50% ownership stake in Chevron Phillips Chemical. The primary focus of the company lies in manufacturing polymers and fluids utilized in enhanced oil recovery (EOR) methods. Notably, Chevron Phillips Chemical Company specializes in producing three main polymers: HE 100, HE 150, and HE 300. HE 100 is a synthetic polymer that effectively increases the viscosity of heavy brine fluids at high temperatures, making it an ideal friction reducer in coiled tubing workovers. HE 150, conversely, is a superior synthetic polymer fluid specifically designed for use in brines during completion processes. Lastly, HE 300 Polymer offers a stable viscosity in freshwater and heavy brines, even at temperatures as high as 465F.
Petroliam Nasional Berhad (Petronas) - Petronas, also known as Petroliam Nasional Berhad, is a globally recognized oil and gas multinational corporation. With a fully integrated approach, Petronas is dedicated to enhancing the recovery factor of offshore and onshore oil reservoirs through the implementation of advanced enhanced oil recovery (EOR) technologies. Through its 14 identified EOR projects, Petronas has successfully produced over one billion barrels of oil. Furthermore, the company is currently undertaking 24 EOR production enhancement projects. Petronas is committed to investing in research and development to create innovative and environmentally friendly EOR technologies. With a presence in approximately 50 countries worldwide, Petronas operates globally.
Nalco Champion - In 2013, Ecolab acquired Champion Technologies, leading to the formation of Nalco Champion. This company specializes in designing, developing, and providing chemical EOR technologies. These innovative technologies are utilized to enhance the efficiency of waterflooding in oil fields and improve overall recovery rates. Nalco Champion is a renowned global supplier of chemicals to the oil and gas industry. Within the company, the EOR division is referred to as TIORCO. TIORCO is responsible for identifying, evaluating, and implementing optimal oil recovery solutions for onshore and offshore EOR projects.
Statoil ASA - Statoil ASA specializes in oil production using advanced and enhanced recovery techniques. The company employs carbon dioxide injection, flooding, and chemical flooding. The primary technique utilized by Statoil ASA is a water-based method, which includes polymer or surfactant flooding, low-salinity water injection, polymer gels, microbial EOR method, and their combinations. Additionally, Statoil ASA actively engages in extensive research and development efforts to explore new oil recovery methods. The company is reassessing its chemical IOR activities in the North Sea and is not involved in any offshore oil recovery projects.
Lukoil Oil Company - Lukoil Oil Company is actively involved in oil extraction using advanced techniques for enhanced oil recovery. The company employs diverse production methods to maximize output from mature wells. Additionally, Lukoil utilizes hydrodynamic and geological models during drilling operations, combined with the implementation of enhanced oil recovery techniques. Furthermore, Lukoil applies oil recovery enhancement methods in its existing fields to optimize the oil recovery factor. One significant benefit of employing EOR methods is the ability to leverage the existing infrastructure, thereby minimizing the need for additional capital investments.
Praxair, Inc. - Praxair, Inc. engages in producing, marketing, and delivery of process gases, specialty gases, atmospheric gases, and surface coatings. Additionally, the company specializes in the complete installation of nitrogen injection-based enhanced oil recovery systems. Praxair designs, develops, and oversees the implementation of these recovery techniques. Furthermore, the company offers nitrogen and carbon dioxide solutions for EOR reservoirs and conducts pilot infectivity tests to assess the effectiveness of EOR installations in reservoirs. Praxair also provides technical expertise to assist in designing field operations, tests, and necessary equipment for optimal results.
Supply Side Estimates
Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.
Segment revenue determination via variable analysis and penetration modeling.
Competitive benchmarking to identify market leaders and their collective revenue shares.
Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.
Demand side estimates
Identifying parent markets and ancillary markets
Segment penetration analysis to obtain pertinent
Heuristic forecasting with the help of subject matter experts
Forecasting via variable analysis
Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.
Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.
Understanding market estimates and forecasts (with the base year as 2021, historic information from 2019 to 2020, and forecast from 2022 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.
The report provides market value for the base year 2021 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.
The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.
We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.
All market estimates and forecasts have been validated through primary interviews with the key industry participants.
Inflation has not been accounted for to estimate and forecast the market.
Numbers may not add up due to rounding off.
Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).
Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).
Latin America includes Central American countries and the South American continent
Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.
GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.
We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:
Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.
Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.
The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.
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