Press release
Global Enhanced Oil Recovery Market size for 2016 was valued over USD 39 billion and the annual capacity is set to exceed 5 billion barrels by 2024
Innovative technological advancements to improve crude production along with field redevelopment plans will drive chemical enhanced oil recovery market. In 2015, Cairn India announced its plan to invest USD 760 million on the polymer injection oil recovery program. Development of hybrid systems combining polymer or surfactant with water flooding to reduce the overall cost will further stimulate the business outlook.
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Rising demand for petroleum products along with favorable government programs and initiatives to increase crude production from aged reservoirs will foster the U.S. enhanced oil recovery market. The IEA has introduced an EOR Technology Collaboration Program with an aim to explore innovative technologies to increase the overall productivity and cut the overall cost of existing methods. The EIA estimated USD 4.9 billion increase in capital expenditure between 2015 and 2016 for 44 onshore oil companies in the U.S.
Adoption of carbon capture & storage coupled with environmental benefits will drive the CO2 enhanced oil recovery market growth. As per the International Energy Agency (IEA), over three-quarters of all carbon capture & storage projects under operation or construction in 2017 are associated with EOR. Ability to offer low solubility with water and high miscibility with crude are some of the key features which will further influence the industry outlook.
Ongoing deep-water projects expansion plans coupled with shift in focus towards offshore field subjected to economic benefits and availability of resources will positively impact the offshore enhanced oil recovery market share. In 2017, Petronas Carigali Sdn Bhd announced to invest over USD 2 billion for its offshore oil recovery project in the Sarawak oilfield in Malaysia.
Companies’ EOR production targets along with growing focus towards sustainable resources to recover crude will embellish Oman enhanced oil recovery market growth. In April 2014, Petroleum Development Oman announced its plan to develop a solar EOR project and expand the local supply chain for the new technology. Rising demand to produce crude at low cost will further augment the business landscape.
Eminent players in the enhanced oil recovery market include Halliburton, Schlumberger, NALCO, Total, GE (Baker Hughes), Petroleum Development Oman, Occidental Petroleum, Statoil, ConocoPhillips, British Petroleum, Lukoil, Kinder Morgan, Denbury Resources, Chevron, Shell, Exxon Mobil, and Wintershall.
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Report Content
Chapter 1. Methodology and Scope
1.1. Methodology
1.1.1. Initial data exploration
1.1.2. Statistical model and forecast
1.1.3. Industry insights and validation
1.1.4. Market definition and forecast parameters
1.2. Data sources
1.2.1. Primary
1.2.2. Secondary
Chapter 2. Executive Summary
2.1. Enhanced oil recovery industry 3600 synopsis, 2013 – 2024
2.1.1. Business trends
2.1.2. Technology trends
2.1.3. Application trends
2.1.4. Regional trends
Chapter 3. Enhanced Oil Recovery Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 – 2024 (USD Billion)
3.3. Industry ecosystem analysis
3.3.1. Vendor matrix
3.4. Innovation & sustainability
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