According to a report available on Radiant Insights, Inc.; the worldwide enhanced oil recovery (EOR) market is expected to show steady growth during the forecast period (2017 to 2022). Factors like diminishing oil reserves, aging oil reserves, and rising demand for crude oil can propel the market. Governments initiatives for developing decent infrastructure and advanced technologies for production of oil can also make a positive impact on the market.
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Fluctuating crude price is expected to make negative impact on the market over the forecast period. The contamination of soil, water, and other environmental elements during the execution of EOR is one of the major challenges faced by the market. Large amounts of brines and chemically complex produced water resulted from EOR operation is one of the major factors responsible for contamination.
However, there are a number of R&D activities being carried out to use organic compounds for EOR operations. Development of polymer enhanced oil recovery technology is one of the important ongoing trends in the market. Polymer based EOR methods are supposed to increase the oil recovery rates and are considered environment-friendly due to their organic nature.
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Geographically the enhanced oil recovery market can be fragmented into United States, Europe, Japan, China, India, and Southeast Asia. United States holds the major share of the market and predicted to experience massive growth over the forecast period due to availability of a large number of mature wells and large-scale development of unconventional energy in the region. Furthermore, the increasing number of shale exploration actions in numerous areas of the US can also drive the market growth.
Southeast Asia enhanced oil recovery market is expected to show rapid growth in the near future. Speedy industrialization and growing oil and gas industry are some of the major regional drivers. This growth is associated with initiatives taken by the governments from India, Malaysia, China, and Indonesia. These countries are also offering flexibility in tax as well as in financial incentives to attract multinational companies. They are also focusing on infrastructure development of petroleum industry.
Prominent players operating in the enhanced oil recovery market include Baker Hughes Inc.;Schlumberger Limited; BP p.l.c; Statoil ASA; and Saudi Aramco. The market looks highly-competitive as the top companies keep competing against each other based on various factors including quality and price. Companies are taking more efforts to reduce cost and to improve the efficiency of EOR operations. Most players are also focusing on developing a wide range of biodegradable products due to rising concern regarding environmental contamination.
Nissan Chemical America Corporation (NCA) and Linde North America, Inc. have jointly developed their nano Activ HRT (Hydrocarbon Recovery Technology) combined with CO2 or nitrogen for enhanced downhole performance.
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