Enhanced Oil Recovery Market Highlights:-
The enhanced oil recovery method is one of the effective methods of increasing the operational lifespan of a maturing oilfield. Oilfield operators and countries increasingly look into effective ways of implementing enhanced oil recovery as they can significantly reduce the operating cost. Enhanced oil recovery methods reduce the necessity for new oil field development. By extending the operating life of an oil well, there is very limited need to spend on new infrastructure of oilfield projects.
Global Enhanced Oil Recovery Market is projected to witness ~ 15.7% CAGR during the forecast period.
The rising global demand for oil requirement and low oil prices are negatively influencing the oil industry. Enhanced oil recovery methods are executed on aging oil and gas fields as these oil fields are nearing their operational lifetime. It is estimated that over 70% of the existing oil fields around the world are classified as mature oil fields, and there is a significant recovery potential from the implementation of oil recovery methods on these wells. With technological advancements in enhanced oil recovery methods, gases, such as CO2, are used in oil recovery techniques. Oilfield operators around the world are adopting innovative technologies and methods to recover oil from wells.
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Industry News:-
In March, 2017 – E I Du Pont De Nemours and Company Issued Patent for Controlling Bioavailability of Nutrient Additions in Subsurface Formations for Microbial Enhanced Oil Recovery (MEOR).
In July, 2015 – Statoil planned to extend the life of its prolific Norne field in the Norwegian Sea to 2030. Statoil was able to maximise recovery rates from the Norne field using microbial enhanced oil recovery (MEOR) and is thought to be the only company in the world to employ MEOR on an offshore field.
Top Key Players:-
- Basf SE
- Baker Hughes
- a GE company
- Statoil ASA
- BP Plc.
- Exxon Mobil
- Titan Oil Recovery.
- Praxair Technology, Inc
- PJSC Lukoil Oil Company
- FMC Technologies, Inc.
- Chevron Phillips Chemical Corporation
- Schlumberger Ltd.
- Royal Dutch Shell Plc
- Halliburton Corporation
Market Segmentations:-
On the basis of technology, the enhanced oil recovery market is segmented as thermal, chemical, microbial, and others. The thermal and chemical methods are more established procedures with several practical projects being already carried out. The chemical methods traditionally use polymer, alkaline, and surfactant methods to extract more oil from existing wells.
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Global Enhanced Oil Recovery Market Analysis:-
The North America and Europe regions are expected to be the major markets for the global enhanced oil recovery market. As the number of mature oil fields is on the rise in these regions, it is expected that many upstream oil service providers would increasingly look into the enhanced oil recovery methods for increased production. The Asia Pacific region is expected to with countries, such as Malaysia, Indonesia, and Australia, looking forward to implementing enhanced oil recovery in their oil fields. Implementation of enhanced oil recovery methods further decreases a country’s dependence on oil imports, which further drives the market for enhanced oil recovery.
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