Enhanced Oil Recovery Market Research Report – Forecast to 2030

Enhanced Oil Recovery Market Research Report Information by Technology Type, by Application type, and by Region – Forecast till 2030

ID: MRFR/E&P/4444-HCR | November 2022 | Region: Global | 100 Pages         

Enhanced Oil Recovery Market

Global Enhanced Oil Recovery Market is projected to witness USD 63.4 Billion 6.53% CAGR during the forecast period

Segmentation

By Technology Thermal Chemical Microbial Others

Key Players

  • Praxair Technology Inc.
  • PJSC Lukoil Oil Company
  • FMC Technologies Inc.
  • Chevron Phillips Chemical Corporation
  • Schlumberger Ltd.
  • Royal Dutch Shell Plc
  • Halliburton Corporation
  • Basf SE
  • Baker Hughes
  • a GE company
  • Statoil ASA
  • BP Plc.
  • Exxon Mobil
  • Titan Oil Recovery

Drivers

  • Increasing number of mature oil fields around the world
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Enhanced Oil Recovery Market Scenario


Enhanced Oil Recovery Market is projected to witness USD 63.4 Billion with 6.53% CAGR during the forecast period 2022-2030. Increasing number of mature oil fields around the world is expected to drive the global market.


Enhanced oil recovery is the method of extracting crude oil from existing oil wells either chemically, thermally, or physically. Generally, the oil is recovered from the oil wells through the primary and secondary methods by using natural occurring forces. But when these two methods are unproductive, the enhanced oil recovery (EOR) method is used for oil extraction and hence named tertiary recovery. This method uses several techniques like gas injection, thermal injection, and microbial injection.


with the usage of various techniques, this method is used for the production of liquid hydrocarbons which is expected to enhance the market growth. Rising demand for oil & gas across the world is the major factor driving the growth of the market. Reducing production in existing oil fields and a rise in the number of mature wells are anticipated to extend the enhanced oil recovery market growth. The growing number of oil wells and their recovery rates along with favorable government policies for advanced technologies and suitable infrastructure are accelerating the growth of the market.


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.


The global enhanced oil recovery market is driven by the fact that many government policies and initiatives support the extraction process. For instance, the power generation industry deals with the issue of CO2 emission from the operations of thermal power plants. One of the methods of oil recovery by gas technology type is by the use of CO2. This is the main reason that government initiatives and support policies enable the use of enhanced oil recovery methods, as CO2 can be used in oil recovery methods. Moreover, one of the other major drivers for the market is the increasing number of mature oil fields around the world. Many offshore oil production sites in the Gulf of Mexico and North Sea are rapidly reaching their end of operational lifetime and enhanced oil recovery methods are implemented to extend the oil fields operation. Besides, the global is expected to grow in recent years with increasing consumption from countries such as China, India, and other developing countries. The enhanced oil recovery market is expected to face regulatory concerns, which may hinder the growth of the market.


Key Players


The key players in the global enhanced oil recovery market are Praxair Technology, PJSC Lukoil Oil Company , FMC Technologies, Inc., Chevron Phillips Chemical Corporation, Schlumberger Ltd., Royal Dutch Shell Plc, Halliburton Corporation, Basf SE, Baker Hughes, a GE company, Statoil ASA, BP Plc., Exxon Mobil, and Titan Oil Recovery.


Recent Developments



  • In July 2021, a world-famous organization, Petrofac bagged work for the Ithaca Energy Captain field with a worth of USD 17 million. It is predicted that nearly 40 million barrels of oil equivalent are recovered and is responsible for the works like fabrication, commissioning, new topsides development construction, and providing both onshore and offshore works.

  • Moreover, a highly populated Sinopec announced the deployment of China's largest carbon capture, utilization, and storage (CCUS) project. Sinopec secured to supply 24 CO2  EOR projects that involved the reinjection of carbon dioxide to reach the target zone of the total of 25 million tonnes of oil in place. Further, it plans to reinject for the coming 15 years with 10.68 million tonnes of carbon dioxide and is expected to extend the total oil production by around 22 million barrels.


Market Segmentation


 Enhanced Oil Recovery Market


Global Enhanced Oil Recovery Market


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.



Report Scope:

Report Attribute/Metric Details
  Market Size

  • 2027: 63.4 Billion
  • 2030 : Significant value
  •   CAGR   6.53% CAGR (2022-2030)
      Base Year   2021
      Forecast Period   2022Β toΒ 2030
      Historical Data   2019Β &Β 2020
      Forecast Units   Value (USD Million)
      Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
      Segments Covered   Technology Type and Application type
      Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
      Key Vendors   Praxair Technology, Inc., PJSC Lukoil Oil Company , FMC Technologies, Inc., Chevron Phillips Chemical Corporation, Schlumberger Ltd., Royal Dutch Shell Plc, Halliburton Corporation, Basf SE, Baker Hughes, a GE company, Statoil ASA, BP Plc., Exxon Mobil, and Titan Oil Recovery
      Key Market Opportunities   Government policies and initiatives supporting the extraction process
      Key Market Drivers   Increasing number of mature oil fields around the world


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    Frequently Asked Questions (FAQ) :

    The global enhanced oil recovery market is projected to register a moderate 6.53% CAGR in the forecast period.

    A few major market players operating in the global enhanced oil recovery market are Halliburton Corporation, Baker Hughes, Basf SE, a GE company, BP Plc., Statoil ASA, Exxon Mobil, and Titan Oil Recovery.

    The chemical segment is slated to expand as the fastest-growing segment.

    The global enhanced oil recovery market is expected to record a substantial market valuation due to reduced demand for oil which is creating opportunities for the market players.