Enhanced Oil Recovery Market to exceed $140bn by 2024
Published Date: September 25, 2017 Author: Global Market Insights, Inc.
Enhanced oil recovery market size is set to exceed USD 140 billion by 2024; as reported in the latest study by Global Market Insights, Inc.
Increasing number of stripper and marginal wells along with the growing demand to produce oil at the minimum cost will drive the enhanced oil recovery market size. In 2015, the EIA estimated about 380,000 stripper wells in the U.S. compared to about 90,000 non-strippers. As per the National Stripper Well Association (NSWA), the U.S. had an estimated 771,000 marginal wells in production with about 410,000 oil wells in 2013.
The U.S. enhanced oil recovery market will witness strong growth on account of the increasing demand for petroleum products coupled with growing investments toward E&P projects. As per the EIA, the capital expenditure for 44 onshore oil production companies in the U.S. increased by USD 4.9 billion between 2015 and 2016. Favorable government initiatives and programs to increase oil recovery from matured reservoirs will further propel the industry landscape. The International Energy Agency (IEA) introduced EOR Technology Collaboration Program (TCP) to reduce the overall cost of existing technologies and explore innovative methods to enhance the overall productivity.
Offshore enhanced oil recovery market will witness a significant growth on account of the ongoing expansion of deep-water projects. In 2017, Petronas Carigali Sdn Bhd (PCSB) announced its plan to invest around USD 2.3 billion for its EOR projects located in the offshore Sarawak oilfield in Malaysia.
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 (U.S., Canada, Mexico, UK, Germany, Russia, Norway, Netherlands, China, India, Indonesia, Malaysia, Vietnam, Saudi Arabia, UAE, Oman, Turkey, Kuwait, Nigeria, Algeria, Egypt, Brazil, Venezuela), Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
Oman enhanced oil recovery market is predicted to surpass USD 3 billion by 2024. Growing focus on the use of sustainable resources to recover crude along with companies’ EOR production targets will stimulate the business growth. In 2014, Petroleum Development Oman (PDO) revealed its plan to build a solar EOR project and maximize the local supply chain for the technology. In 2015, EOR accounts for around 11% of the company’s daily production, which is anticipated to rise 33% by 2023.
Environmental benefits along with the adoption of Carbon Capture and Storage (CCS) will augment the enhanced oil recovery market growth. According to the study of DOE’s National Energy Technology Laboratory (NETL), CO2 EOR could provide a value-added market for the sale of carbon dioxide emitted from new coal-fired power plants.
Norway enhanced oil recovery market is set to witness a gain of over 18% by 2024. Declining crude production along with the growing focus of Norwegian operators on maintaining productivity at low crude oil price will positively impact the business outlook. Norwegian oil production dropped from a peak of around 3 MMbbl/d in 2005 to 1.9 MMbbl/d in 2016. The Norwegian Petroleum Directorate (NPD) encourage operators to use EOR techniques in new projects as well as the existing fields approaching the end of their productive lifespans.
Key players in the enhanced oil recovery market include Schlumberger, Halliburton, NALCO, GE (Baker Hughes), Total, Petroleum Development Oman, Statoil, Occidental Petroleum, ConocoPhillips, Lukoil, British Petroleum, Kinder Morgan, Chevron, Denbury Resources, Exxon Mobil, Shell, and Wintershall.
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