Key players in the enhanced oil recovery market include Schlumberger, Halliburton, NALCO, GE (Baker Hughes), Total, Petroleum Development Oman, Statoil, Occidental Petroleum, ConocoPhillips, Lukoil, British Petroleum, Kinder Morgan, Chevron, Denbury Resou

With increasing number of E&P activities and growing quest to produce crude oil at lower cost, enhanced oil recovery market is witnessing strong growth potential across the globe. In the recent times, enhanced oil recovery market has gained significant attention in the public policy realm as this technique is known to offer a faster and more likely pathway toward the deployment of carbon capture and storage (CCS) projects. Basically, enhanced oil recovery (EOR) is the implementation of several techniques for increasing the amount of crude oil that can be extracted from an oil field.

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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. As per a report compiled by Global Market Insights, Inc., enhanced oil recovery market was worth USD 39 billion in 2016.

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. Considering these instances that clearly depict how extensively EOR techniques is being used, analysts predicts enhanced oil recovery industry to exceed 5 billion barrels by 2024, in terms of annual capacity.

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Taking into consideration the topographical trends, U.S. is one of the leading regions that is witnessing robust growth in enhanced oil recovery market. According to statistics, U.S. crude oil consumption raised from 18.5 MMbbl/d in 2012 to 19.4 MMbbl/d in 2015. As per IEA, the CO2 enhanced oil recovery market is expected to reach 650,000 barrels per day by 2040. Positive governmental outlook toward deployment of CCS technology especially in the oil and gas companies to renew the production volume in wells and refill the gas pressure are identified as one of the significant factors augmenting enhanced oil recovery market share in the ensuing years. Reports state the U.S. enhanced oil recovery market to be over 250 MMbbl in terms of volume, in 2016.

Along with the U.S., UAE is another lucrative region whch has proclaimed to increase its oil production to 30% by 2020. The regional enhanced oil recovery industry is further expected to prosper, given the ADNOC’s announcement to deploy EOR technologies as a part of 2030 strategy and maximize the crude oil production.

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Key players in the enhanced oil recovery market include Schlumberger, Halliburton, NALCO, GE (Baker Hughes), Total, Petroleum Development Oman, Statoil, Occidental Petroleum, ConocoPhillips, Lukoil, British Petroleum, Kinder Morgan, Chevron, Denbury Resources, Exxon Mobil, Shell, and Wintershall.

These existing frameworks of technological interventions across myriad regions not only testify the strong toehold established by the enhanced oil recovery industry over the past years but also vividly underline the lucrative revenue streams anticipated by this fraternity in the ensuing period. Looking at the pace of rising E&P projects, ongoing governmental initiatives and strategies to enhance crude oil production, and intense technological interventions, Global Market Insights, Inc., forecasts the overall enhanced oil recovery market share to exceed USD 140 billion by 2024.

About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research

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