Microbial Enhanced Oil Recovery 2018 Market Top Key Players Analysis | RAM Biochemicals (U.S.), Weatherford International (U.S.), Occidental petroleum (U.S.), Synthetic Genomics (U.S.), Titan Oil Recovery (U.S.), and BP (UK).

Global Microbial Enhanced Oil Recovery Market Research Report by Bacterial Injection, by Application, by Well Types (Offshore and onshore), and Region.The global microbial enhanced oil recovery market is expected to expand at ~20% CAGR during the forecast period.

Market Highlights:-

The global microbial enhanced oil recovery market has witnessed a stagnant growth in the past few years and it has been anticipated that the market will grow at the phenomenal pace during the forecast period. The increasing global demand for energy and fuel have resulted in increased E&P investment in oil and gas exploration around the world. However, there are many aging oil and gas infrastructure projects from which there is a possibility to extract more oil. Conventional methods used for extraction of oil have very serious environmental concerns and also they are expensive. The other cost effective way of recovering residual oil from aging oil and gas reservoirs is the microbial enhanced oil recovery technique. It is an enhanced recovery process in which microorganisms are used in a reservoir to improve oil recovery. As per the study conducted by Market Research Future, the global market for microbial enhanced oil recovery is likely to grow at the CAGR of around 20%.

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Industry News:-

In November, 2017 – Genome Canada announced five new projects that will receive funding under the Genome Canada and Social Science and Humanities Research Council (SSHRC) Joint Initiative on Societal Implications of Genomics Research. The overall objective of the Genome Canada-SSHRC joint initiative is to support social sciences and humanities research and related activities that will enrich our understanding of the societal implications of genomic research.

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.

Microbial enhanced oil recovery Global Market – Segmentation
The scope of global microbial enhanced oil recovery market is segmented into three major segments which are explained below:

By Injection Type
• Cyclic MEOR (Huff & Puff process)
• Microbial Flooding
• Feeding Existing Bacteria

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By Application
• Interfacial Tension Reduction
• Emulsification and De-emulsification
• Selective Plugging
• Wettability Alteration
• Gas Production
• Bio Degradation

By Well Types
• Onshore
• Offshore

Global Microbial Enhanced Oil Recovery Market Analysis:-

Global Microbial enhanced recovery market is expected to witness exponential growth during the forecast period due to high number of mature wells, rising demand for oil, and increasing expenditure on research and tests by upstream players. North America and Europe region are expected to dominate the market share of the microbial enhanced oil recovery. The oil fields in these regions have reached their peak life and require tertiary methods to recover the untapped oil in the rocks. According to Titan, a major oil company, the microbial EOR technique has potential to increase the success rate of the oil well by 84%. U.S. has been conducting various research and trails projects in the oil fields to find the success rate of implementing the MEOR technique. Asia Pacific and the Middle East region is likely to follow the market share owing to increasing demand for fuel from the growing nations. China and India are net largest importers of crude oil in the world.

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This release was published on openPR.