The global enhanced oil recovery (EOR) market is expected to reach USD 89.22 billion by 2025, according to a new report by Grand View Research, Inc. Increasing number of aged wells coupled with the rising oil demand globally are the key factors for market growth.
The rising oil demand and declining oil production rates in existing wells is resulting in the development of advanced technologies to extract hydrocarbons from the reservoirs. EOR is one such technology that has gained significance in the industry over the last few decades. The increasing number of mature wells and huge investment in R&D activities for new technology development by various market players to improve the petroleum liquids recovery process are expected to result in remarkable growth of the industry.
EOR techniques are deployed when primary and secondary recovery techniques become ineffective. The implementation of the tertiary extraction technology results in the alteration of the properties of oil as well as the formation rock and the flow patterns in the reservoir.
Future implementation of several proposed projects, especially, in the offshore basins are mostly on hold. The primary factors for the same are the high capital investment required for the implementation of EOR in offshore platforms as well as the risks faced in equipping the platforms with the technological capabilities. Many companies operating in the offshore space, such as BP, Repsol, and Statoil, have designed custom platforms for the implementation of EOR technology for improved recovery.
The tertiary extraction comprises various technologies such as thermal recovery, chemical flooding, and gas recovery. In terms of volume of petroleum fluids recovered, thermal EOR held the largest market share of over 39% in 2016. The technology uses heat/fire and steam flooding. Gas injection technique is projected to witness the fastest growth rates in terms of technology implementation and upcoming projects over the next seven years.
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Further key findings from the report suggest:
The global crude oil produced from EOR technique is anticipated to reach 1.37 billion barrels by 2025, at a CAGR of 4.5% from 2017 to 2025
In terms of revenue, gas injection technology segment is projected to ascend at a CAGR of 7.5% over the forecast period
Onshore application dominated the global EOR market with a global market share of over 90% in 2016
The U.S. enhanced oil recovery market (in terms of volume of oil produced) is anticipated to exceed 350 million barrels by 2025
Europe is projected to witness a remarkable growth rate of 4.7% over the next eight years, owing to the presence of large amounts of technically recoverable unconventional petroleum reserves particularly in Russia and UK
Asian countries especially India and China are expected to observe a remarkable growth in next five years
The market is partially consolidated and competitive in nature, with presence of global multinational players
Some of the key companies present in the market are Royal Dutch Shell plc, Lukoil Oil Company, Chevron Phillips Chemical Company LP., ExxonMobil Corporation, Petroleo Brasileiro S.A., China Petroleum & Chemical Corporation, Cenovus Energy Inc., BP p.l.c. and Praxair Technology, Inc.
Grand View Research has segmented the global enhanced oil recovery market report on the basis of technology, application, and region:
EOR Technology Outlook (Volume, Million Barrels; Revenue, USD Million; 2014 - 2025)
EOR Application Outlook (Volume, Million Barrels; Revenue, USD Million; 2014 - 2025)
EOR Regional Outlook (Volume, Million Barrels; Revenue, USD Million; 2014 - 2025)
Middle East & Africa
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