Enhanced Oil Recovery Market size to exceed $140bn by 2024
Published Date: August 6, 2019 Authors: Ankit Gupta, Aditya Singh Bais
Enhanced Oil Recovery Market size will surpass USD 140 billion by 2024, as reported in the latest study by Global Market Insights, Inc.
Increasing focus toward economical oil and gas production along with growing number of marginal and stripper wells will propel the enhanced oil recovery market growth. As per Energy Information Administration (EIA), in 2015, the stripper wells accounted for about 11% of the total gas production across the U.S. In addition, there were over 456,000 stripper gas wells in operation by the end of 2015, when compared with over 122,000 non stripper gas wells.
The Latin America EOR market was valued over USD 9 billion in 2016. Ongoing discoveries of new oil & gas fields along with rapid adoption of EOR techniques across unconventional and conventional wells will drive the business growth. Increasing number of offshore EOR projects along with growing demand for gas and water injection techniques will complement the industry landscape. In 2016, the Petroamazonas was engaged into an agreement of worth over USD 1 billion for recovery of about 84.6 MMbbl of incremental reserves across nine fields while expanding the production by over 30,000 bbl./day in 2018.
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Growing concerns toward carbon emissions along with adoption of environment friendly technologies will drive the enhanced oil recovery market growth. Prevailing measures to adopt efficient well recovery methods in order to boost the existing production will enhance the industry outlook. For instance, ongoing developments including improved performance through data analytics, CO2 EOR improvement in conventional fields using rich gas along with use of engineered water will further complement the business landscape.
Browse key industry insights spread across 210 pages with 390 market data tables & 9 figures & charts from the report, “Enhanced Oil Recovery Market Size By Technology (Gas (CO2, Nitrogen, Others), Thermal (Steam, In-Situ Combustion, Hot Water), Chemical (Polymer, Alkaline, Surfactant), Others), By Application (Onshore, Offshore), Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
The CO2 EOR market is anticipated to gain over 20% by 2024. Stringent policies concerning the environmental damage along with ongoing research and development activities to expand its applicability and economic performance will accelerate the business growth. The new developments including improved mobility control, innovative flood designs to distribute CO2 to un-swept regions of the reservoir and others have capability to produce 60 billion barrels of oil. In addition, ecofriendly operations, high miscibility with oil along with low mutual solubility with water are some of the primary benefits offered by CO2 EOR technique.
The Asia Pacific enhanced oil recovery market is predicted to grow on account of growing demand for primary energy led by rapid commercialization and industrialization. Ongoing policies to reduce the carbon footprint along with rapid penetration of digital solutions will augment the business landscape. Increasing emphasis on low cost oil production and maximizing return on investment will enhance the growth across the region. In 2017, the Petronas announced the funding of over USD 2.3 billion for the EOR program at the Baram Delta production sharing contract (PSC) in Malaysia.
Eminent players operating in the EOR market include Halliburton, Total, Schlumberger, NALCO, Petroleum Development Oman, GE (Baker Hughes), Statoil, ConocoPhillips, Wintershall, Occidental Petroleum, Lukoil, Kinder Morgan, British Petroleum, Chevron, Exxon Mobil, Denbury Resources and Shell.
Enhanced oil recovery market research report includes an in-depth coverage of the industry with estimates & forecast in terms of Million Barrels and USD from 2013 to 2024, for the following segments:
Global Enhanced Oil Recovery Market, By Technology
- In-situ combustion
- Hot water
Global Enhanced Oil Recovery Market, By Application
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- Middle East
- Saudi Arabia
- Latin America