ALBANY, N.Y., Analysts at TMR estimate the enhanced oil recovery market to reach the valuation of US$ 80.5 Bn by 2031.
The burgeoning demand for oil & gas for industrial, commercial, and domestic use is compelling to employ enhanced oil recovery methodologies in mature oil wells. Players in the oil recovery market are focused on recovery and extension of the production of mature oil fields by using oil recovery technologies.
Factors such as increasing number of aged wells and declining production from existing oilfields are fueling the adoption of EOR methodologies. EOR is a tertiary method employed after primary and secondary oil recoveries to extract crude oil production from mature and aged oil fields. EOR increases penetrability of the reservoir so that hydrocarbons can move through the pathways easily, and can be recovered in the respective targeted oil well. The use of oil recovery method enables 35% to 75% recovery of oil from oil fields against 5% to 15% and 20% to 60% from primary and secondary recovery methods, respectively.
North America is a key region in the enhanced oil recovery market. Tax benefits and subsidies offered by governments are attracting oil companies to adopt enhanced oil recovery methodologies. Furthermore, initiatives in the exploration of unconventional oil resources in the Gulf of Mexico along, and continuous exploration of shale reserves in the U.S. are fueling the expansion of the enhanced oil recovery market in the region.
Enhanced Oil Recovery Market – Key Findings of Report
Initiatives for the exploration of heavy oil reserves in Canada, Mexico, China, Venezuela, and Colombia are fueling the adoption of oil recovery methodologies. Rapid decline in conventional light oil is leading to the adoption of enhanced oil recovery technologies for the exploration of heavy oil reserves that are predominantly present in Canada and Venezuela. Thermal injection technology is widely used in heavy oil reservoirs to extract huge amount of heavy crude oil. Thermal injection technology uses hot water and steam, and reduces the temperature of heavy viscous oil that cannot flow on its own. In-situ combustion and steam injection are commonly used thermal injection methodologies for enhanced oil recovery Steam assisted gravity drainage and cyclic steam simulations are key types of steam injection methods that are majorly used on oil sands. Initiatives for further recovery of shale gas from newly found reserves are driving the expansion of the steam segment of enhanced oil recovery market.
CO2 injection technique is emerging attractive in the EOR method. The technique uses CO2 released in the atmosphere via power generation and industrial sector to extract crude oil, which would otherwise pollute the environment. Advantages of environment conservation of oil recovered via CO2 injection technology is favoring the adoption of the technique. Theoretically, CO2 obtained from the air or from combustion of biomass if injected in sufficient quantities could even lead to negative emissions oil recovery. Hence, CO2 injection favors the growth of the EOR market. Role of governments in North America to provide financial incentives and tax benefits is supporting the growth of enhanced oil recovery market in the region
Enhanced Oil Recovery Market – Growth Drivers
Exploding demand for oil and gas for operational needs of industrial, commercial, and domestic processes fuels the growth of oil recovery market Attractiveness of the CO2 injection technique to capture CO2 discharged during industrial processes and use it to extract crude oil favors adoption of enhanced oil recovery methodologies
Enhanced Oil Recovery Market – Key Players
Some of the key players operating in the oil recovery market are;
Cenovus Energy Inc. BP Plc ExxonMobil Corporation Statoil ASA Chevron Corporation Anadarko Petroleum Corporation Royal Dutch Shell Plc
The enhanced oil recovery market is segmented as follows;
Enhanced Oil Recovery Market, by Technology
Thermal Gas Chemical
Enhanced Oil Recovery Market, by Region
North America U.S. Canada Europe Germany U.K. Russia & CIS Norway Rest of EuropeAsia Pacific China Australia India ASEAN Rest of Asia PacificLatin America BrazilMiddle East & Africa GCC Countries South Africa
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