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.
Browse full research report on Enhanced Oil Recovery (EOR) Market: https://www.grandviewresearch.com/industry-analysis/enhanced-oil-recovery-eor-market
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.
Browse more reports of this category
by Grand View Research: https://www.grandviewresearch.com/industry/conventional-energy
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)
- Thermal
- Gas Injection
- Chemical
- Other EOR
EOR
Application Outlook (Volume, Million Barrels; Revenue, USD Million; 2014 -
2025)
- Onshore
- Offshore
EOR
Regional Outlook (Volume, Million Barrels; Revenue, USD Million; 2014 - 2025)
- North America
- U.S.
- Canada
- Europe
- Norway
- UK
- Asia Pacific
- China
- India
- Middle East
& Africa
- Latin America
- Mexico
About Grand View
Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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