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Enhanced Oil Recovery Market Size, Share and Global Trend By Method (Gas Injection, Thermal Injection, Chemical Injection), By Application (Onshore, Offshore) and Geography Forecast till 2026

Region : | Report ID: FBI100471 | Status : Ongoing

 

KEY MARKET INSIGHTS

Hydrocarbon is the dominant source of energy all over the world with leading companies paying more attention toward increasing the productivity of the reservoir. Enhanced oil recovery (EOR) is broadly adapted in order to intensify the comprehensive output of the existing reservoir. Limited reserves of hydrocarbon made to think operators to utilize available resources effectively making EOR universally adapted. Companies are giving extreme priority and allocating special funds to boost the production capacity of the oil reservoir. Augmented oil and gas production not only multiply the company’s overall revenue but also reduces the burden of new well exploration. Hence, enhanced oil recovery is very essential and important to achieve a sizeable amount of growth in overall oil and gas production.

The classification of the enhanced oil recovery (EOR) is done on the basis of method i.e. gas injection, thermal injection, and chemical injection. The gas injection method is commonly used for enhancing oil recovery in which miscible gases are injected into the reservoir. This process improves oil displacement because of the interfacial tension between oil and water. A thermal injection is further categorized into steam flooding and fire flooding. In steam flooding heat is inducted into the reservoir by pumping steam into well eventually drops oil viscosity and increases the permeability. Thus, thermal injection is the most popular method used for oil recovery. In chemical injection method, a dilute solution and various chemicals are admitted to reducing surface tension which is enough to increase production.

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The rampant demand for hydrocarbons across the world has raised the exploration and production of hydrocarbon. Operators are continuously striving for enhancing oil production which is driving EOR market growth. Oil and gas resources are limited and by implying EOR to new and existing wells not only intensify the overall production but also meet the increasing demand which is expected to increase EOR market growth.

Incessant fluctuation in oil and gas prices and the unpredictable market is obstructing the growth of the EOR market. Enhanced oil recovery pumps a large quantity of produced water containing brine, radioactive substances, and toxic heavy metal. It can damage drinking water sources and environment if not properly controlled which may act as a major restraining factor for the EOR market.

Key Players Covered

The leading companies in enhanced oil recovery market are Gazprom, Chevron Corporation, PDVSA, Conoco Phillips, China National Petroleum Corporation, ExxonMobil, Total SA, Petrobras, Husky Energy, Imperial Oil, Cenovus Energy, China Petroleum and Chemical Corporation (Sinopec), Occidental Petroleum, and Equinor.

Segmentation

Segmentation

 Details

By Method

·      Gas Injection

·      Thermal Injection

Ø  Steam Flooding

Ø  Fire Flooding

·      Chemical Injection

By Application

·      Onshore

·      Offshore

By Geography

·      North America (USA and Canada)

·      Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)

·      Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)

·      Latin America (Brazil, Mexico and Rest of Latin America)

·      Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)

                       

Regional Analysis

The global enhanced oil recovery market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The United States and Canada are rich in hydrocarbon sources and also leading countries in E&P of hydrocarbon in North America. There are thousands of active wells exist in North America and operators are keen on increasing the productivity of wells. Private entities and government organizations are interestingly allocating a special budge for enhancing oil recovery which expected to grow the demand for EOR in North America. Europe is the most developed continent in the world and also owns gigantic oil reserves aiming to increase the production of oil and gas. Russia, Norway, the United Kingdom, Germany, etc. are dominating the overall production of oil and gas in Europe. Enhanced oil recovery will not only benefit operators but also maximize the productivity of a reservoir. The limited available reserves of hydrocarbons and dependence on oil exporting countries are expected to increase the demand for EOR in order to increase domestic production in the Asia Pacific. India spending a large chunk of foreign exchange on developing hydrocarbon reserves and government is very desirous to increase the domestic production. China is holding the top position in the production of hydrocarbon in Asia Pacific region and investing a lot of money to enhance oil and gas production. Thus, there is a lot of potential growth opportunities for EOR in the Asia Pacific. The major economies in the MEA are based on E&P of hydrocarbon substantially growing the demand for oil productivity. Saudi Arabia, UAE, Iran, Iraq, and Qatar are investing enormously in developing existing well facilities and introducing new exploration which is expected to drive the market for EOR in the MEA.

Key Industry Developments

  • In February 2019, PT Medco E&P Rimau, a subsidiary of oil and gas giant PT Medco Energi International is willing to invest 60% of the $41.3 million from its working commitment scheme for enhanced oil recovery in Rimau Block in South Sumatra. The enhanced oil recovery is expected to boost oil and gas production at the block.
  • In September 2018, Gazprom Neft and China National Petroleum Corporation (CNPC) has signed an agreement in order to develop and adopt advanced techniques to increase oil recoveries such as polymer and surfactant flooding.  
  • In October 2018, United States oil and gas industrial services conglomerate Baker Hughes, GE company has been awarded a development contract by Cairn Oil and Gas, Vedanta Ltd. to construct approx. 300 new wells and deploy chemical EOR program aimed at increasing production from the Rajasthan Area.

Global Enhanced Oil Recovery Market Size, Share and Global Industry Trend Forecast till 2026
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