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Home ➤ Automotive ➤ Machines ➤ Enhanced Oil Recovery Market
  • Home ➤ Automotive ➤ Machines ➤ Enhanced Oil Recovery Market

Global Enhanced Oil Recovery Market By Technology (Thermal, CO2 Injection, Chemical, and Other Technologies), By Application (Offshore and Onshore), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032

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    Enhanced Oil Recovery Market Overview:

    The Global Enhanced Oil Recovery market was worth USD 37,753 million in 2021. It is expected to grow at a compound annual rate (CAGR of 8.2%) between 2023 and 2032.

    The market will be driven by an increasing number of older wells and decreasing oilfield production over the forecast period.

    Global Enhanced Oil Recovery Market Scope:

    Technology Analysis

    In 2021, the current segment held 34.9% of the total revenue. This involves the application of heat to oil wells in order to lower the oil thickness or increase its mobility. This is most commonly used in shallow wells that have higher viscosities, such as heavy oil or tar silt. This technology is used in countries like the U.S., Canada, and Oman.

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    The CO2 injection technology inserts carbon dioxide into rock holes to extract the crude oil. It is more easily dissolved with crude oil than other miscible fluids and it is, therefore, a popular selection for EOR applications. This method also has significant environmental aids. Therefore, it is expected that the market will be driven by CO2 injection technology.

    Strict government regulations on oil industry emissions are driving the acceptance of CCS technology. This technology captures and injects carbon from oil refineries into the EOR process. These aspects will increase the adoption of CO2 injection technology.

    Chemical EOR technology uses surfactants and polymers that are inoculated into oil wells to reduce interfacial pressure. This increases flooded viscosity and improve oil well production. EOR technology based on chemical substances is used in countries like Canada, Russia, Colombia, and Colombia.

    enhanced oil recovery market

    Application Analysis

    Due to a large number of offshore exploration and manufacturing projects around the globe, the onshore segment held the highest revenue share at over 89.6% in 2021.

    The future development of the offshore application segment will be due to lower conventional oilfield extraction costs. EOR techniques are now being used in conventional onshore basins. This is despite deteriorating production levels in China, Russia, and Saudi Arabia. These factors will positively impact the growth of this segment over the estimated period.

    Over the forecast period, the offshore segment will be driven by the stable development of current offshore wells in the South China Sea, North Sea, the Persian Gulf, and the Gulf of Mexico. Operators such as Redpoll, Statoil, and BP are also trying the techno-economic feasibility of EOR in offshore oilfields.

    The pandemic and high capital investment costs will cause slow growth in the offshore oil sector. These aspects will hinder the growth of the offshore oil business. The offshore segment's technological advances are expected to increase its growth over the estimated period.

    Key Market Segments:

    By Technology

    • Thermal
    • CO2 Injection
    • Chemical
    • Other Technologies

    By Application

    • Offshore
    • Onshore

    Market Dynamics:

    EOR technology, which enhances oil manufacture from older and mature oil fields, can increase oil production by up to 10% to 20% compared with conformist oil extraction procedures.

    Mature wells refer to oil reserves that have reached their peak production and are now in decline due to low permeability or heavy oil. EOR is a technique that increases the reservoir's permeability, that hydrocarbons flow easily through the pipelines and into the producing well.

    Due to the increasing exploration of unusual oil-and-gas resources, the U.S. market will experience significant growth. The industry will also benefit from government funding to commercialize the EOR technology. The U.S. Department of Energy provides funding to universities and private companies to conduct research on EOR technology advancements.

    Additionally, there were many CO2 injection-created EOR programs that began in 2017 and 2020 in the U.S. This resulted in CO2 injection technology capturing a larger share than other technologies available in the nation. The Permian Basin's oil production has seen a substantial increase in CO2-EOR technology. Now these marketplace developments will likely boost growth in the U.S. market over the estimated period.

    Dropping crude oil prices will have a bad effect on the oil and natural gas industry. This could limit market growth for the estimated period. In 2020, oil prices plunged dramatically due to the COVID-19 pandemic. This controlled to a reduction in planned capital expenditures and the operation cost-cutting measures by oil companies around the world, which will likely delay the growth.

    However, increasing environmental concerns about carbon emissions have led to an increase in the call for carbon capture storage (CCS), a viable solution to reduce carbon emissions. These factors will positively impact the market growth, as carbon captured in CCS projects is often used by oil and gas corporations to inject CO2 EOR technology.

    Regional Analysis

    North America was the dominant market, accounting for more than 35.8% of the total revenue in 2021. The U.S. has been the main contributor to regional market growth. This is due to the existence of many unconventional oil and gas resources in the country and mature fields. These require advanced extraction techniques to increase production from existing wells. EOR technology is being used by leading oil and gas exploration companies across Canada to extract oil from the fields.

    The technology will be commercialized further by increasing government funding. In 2019, the U.S. Department of Energy announced US$ 41 Million in funding for research, development, and activities aimed to reduce technical risks in Enhanced Oil Recovery and expand EOR application across conventional and unconventional reservoirs.

    The Asia Pacific is expected to experience the greatest growth during the forecast period. China holds the largest portion of the region's oil and gas market share. The Asia Pacific will see a rise in oil and gas demand, mainly from China and India. There is also expected to be an increase in EOR deployment in older wells in order to meet production targets.

    Oman dominated the Middle East and Africa market in 2021. It is expected to continue its dominance in the forecast period. New EOR projects in countries like Saudi Arabia, UAE, and Qatar are expected to be online during the forecast period. This will boost the growth of this market.

    enhanced oil recovery market value regional share

    Key Regions and Countries covered іn thе rероrt:

    • North America
      • US
      • Canada
      • Mexico
    • Europe
      • Germany
      • UK
      • France
      • Italy
      • Russia
      • Spain
      • Rest of Europe
    • APAC
      • China
      • Japan
      • South Korea
      • India
      • Rest of Asia-Pacific
    • South America
      • Brazil
      • Argentina
      • Rest of South America
    • MEA
      • GCC
      • South Africa
      • Israel
      • Rest of MEA

    Market Share & Key Players Analysis:

    The EOR market has a high level of competition and is moderately consolidated thanks to the presence of giant, multinational and experienced players. Petroleum exploration companies purchase raw materials from specialty vendors such as carbon dioxide, nitrogen, polymer, and other chemicals. EOR technologies are often housed in the oil and gas exploration company.

    To maximize their production targets, market players are looking to extract oil from existing reserves. The industry is expected to grow by increasing investment in R&D to develop cost-effective oil extraction technology. The following are some of the major players in the global enhanced oils recovery market:

    enhanced oil recovery market company share analysis

    Market Key Players:

    • BP plc
    • Cenovus Energy, Inc.
    • Chevron Corporation
    • Equinor ASA
    • ExxonMobil Corporation
    • LUKOIL
    • Petróleo Brasileiro S.A.
    • Total SA
    • Nalco Champain
    • Statoll ASA
    • Other Key Players

    For the Enhanced Oil Recovery Market research study, the following years have been considered to estimate the market size:

    Particular Scope
    Region

    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East and Africa
    Historic Year 2016 to 2020
    Estimated Year 2022
    Forecast Year 2023 to 2032

    Frequently Asked Questions (FAQ)

    Q: What is the Enhanced Oil Recovery market size in 2021?

    A: The Enhanced Oil Recovery market size is US$ 37,753 million for 2021.

    Q: What is the CAGR for the Enhanced Oil Recovery market?

    A: The Enhanced Oil Recovery market is expected to grow at a CAGR of 8.2% during 2023-2032.

    Q: What are the segments covered in the Enhanced Oil Recovery market report?

    A: Market.US has segmented the Global Enhanced Oil Recovery Market Value (US$ Mn) Analysis by Region, 2023 market by geographic (North America, Europe, APAC, South America, and Middle East and Africa). By Technology, market has been segmented into Thermal, CO2 Injection, Chemical, Other Technologies. By Application, market has been further divided into Offshore, Onshore.

    Q: Who are the key players in the Enhanced Oil Recovery market?

    A: BP plc, Cenovus Energy, Inc., Chevron Corporatio, Equinor ASA, ExxonMobil Corporation, LUKOIL, Petróleo Brasileiro S.A., Total SA, Nalco Champion, Statoil ASA, Other Key Players, are the key vendors in the Enhanced Oil Recovery market

    Q: Which region is more attractive for vendors in the Enhanced Oil Recovery market?

    A: North America will register the highest growth rate of 35.8% among the other regions. Therefore, the Enhanced Oil Recovery market in North America is expected to garner significant business opportunities for the vendors during the forecast period.

    Q: What are the key markets for Enhanced Oil Recovery?

    A: Key markets for Enhanced Oil Recovery are US, Canada and Mexico.

    Q: Which segment has the largest share in the Enhanced Oil Recovery market?

    A: In the Enhanced Oil Recovery market, vendors should focus on grabbing business opportunities from the Offshore segment as it accounted for the largest market share in the base year.

    Market Research Report Cover
    Enhanced Oil Recovery Market

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    • BP plc
    • Cenovus Energy, Inc.
    • Chevron Corporation
    • Equinor ASA
    • ExxonMobil Corporation
    • LUKOIL
    • Petróleo Brasileiro S.A.
    • Total SA
    • Nalco Champain
    • Statoll ASA
    • Other Key Players
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