Enhanced Oil Recovery Market Major participants include | Schlumberger, Baker Hughes, Halliburton, National Aluminium Company, Total, ConocoPhillips, Statoil, Occidental Petroleum, Lukoil and British Petroleum
Reports claim that, by using EOR techniques, around 30% to 60% more of the reservoir’s original oil can be extracted, in comparison with 20% to 40% using primary and secondary oil recovery techniques. In this backdrop, enhanced oil recovery technique has been gaining increasing consideration as a potential climate-mitigation, energy-security, and job-creation option, which as per analysts, is a vital factor propelling enhanced oil recovery industry growth. As this technology is used to boost up the crude oil production by 35%-75% and has the ability to store CO2 safely in underground reservoirs, experts foresee the global enhanced oil recovery market to attain remarkable growth prospects in the ensuing years.
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The fact that EOR can considerably reduce CO2 emission has encouraged governmental bodies to merit closer regulatory scrutiny toward environment. It is prudent to mention that, governments are taking several initiatives toward developing a proper infrastructure and installing advanced technology for crude oil production on global scale. For instance, U.S. government has introduced National Enhanced Oil Recovery Initiative (NEORI) to spur the crude production of the region and effectively reduce the CO2 emission through the use of EOR technology. In July 2017, NEORI established a FUTURE Act to speed up the installation of such technologies to reduce CO2 emission from oil & gas rigs, power plants, and other industrial applications.
Furthermore, citing yet another instance, Saudi Aramco, in 2015, launched a CO2-EOR pilot project with an aim to improve its oil production activities at the Uthmaniyah field in Saudi Arabia, by using 40 million MMSCFD of CO2. These instances provide enough evidence to the fact that the governmental bodies are increasingly emphasizing on adopting CCS technology for value-added crude oil production, which in turn is fueling CO2-enhanced oil recovery market size. Given all these aspects, CO2 enhanced oil recovery market, as per industry analysts, generated revenue over USD 10 billion in 2016. Moreover, the rising adoption of enhanced oil recovery with CCS technology has also provided a noticeable spurt to carbon capture and storage market growth.
Environmental benefits along with the adoption of Carbon Capture and Storage (CCS) will augment the enhanced oil recovery market growth. According to the study of DOE’s National Energy Technology Laboratory (NETL), CO2 EOR could provide a value-added market for the sale of carbon dioxide emitted from new coal-fired power plants.
Norway enhanced oil recovery market is set to witness a gain of over 18% by 2024. Declining crude production along with the growing focus of Norwegian operators on maintaining productivity at low crude oil price will positively impact the business outlook. Norwegian oil production dropped from a peak of around 3 MMbbl/d in 2005 to 1.9 MMbbl/d in 2016. The Norwegian Petroleum Directorate (NPD) encourage operators to use EOR techniques in new projects as well as the existing fields approaching the end of their productive lifespans.
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Chapter 1. Methodology and Scope
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
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
3.5. Enhanced oil recovery potential by region
3.6. List of key EOR projects
3.7. Regulatory landscape
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