Comprehensive Study of Global Enhanced Oil Recovery Market: Statoil, Chevron, ExxonMobil, Halliburton, Total, ConocoPhillips, Husky Energy profiled as Market Leaders

Increasing number of stripper and marginal wells along with the growing demand to produce oil at the minimum cost will drive the enhanced oil recovery market size. In 2015, the EIA estimated about 380,000 stripper wells in the U.S. compared to about 90,000 non-strippers. As per the National Stripper Well Association (NSWA), the U.S. had an estimated 771,000 marginal wells in production with about 410,000 oil wells in 2013. Enhanced oil recovery market is set to exceed USD 140 billion by 2024; as reported in the latest study by Global Market Insights, Inc.

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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. 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.

EOR is a technologically advanced method of bringing crude to the surface at the final phase of well. The technology is used to boost production to 35%-75% and transport & store CO2 safely in underground reservoirs. The properties of the reservoir fluid system which are affected through this method include chemical, biochemical, density, interfacial tension/surface tension, viscosity, miscibility and thermal. Ability to provides long-term economic value, certainty and longevity will makes its adoption preferable over other alternates.

Enhanced Oil Recovery Market Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents @ https://www.gminsights.com/industry-analysis/enhanced-oil-recovery-market

Increasing number of matured fields along with growing need for crude to meet the petroleum product demand will foster the enhanced oil recovery market. As per the Energy Information Administration, the consumption of petroleum and other liquids from the non-OECD region is projected to increase from 44.8 million b/d in 2012 to 74.8 million b/d by 2040. The mature fields accounted for over 70% of the overall production, with many of the fields in the secondary or tertiary production stage. Ability to raise oil recovery factor of well from 5%-15% to 35%-75% will favor the technology adoption.

The U.S. enhanced oil recovery market will witness strong growth on account of the increasing demand for petroleum products coupled with growing investments toward E&P projects. As per the EIA, the capital expenditure for 44 onshore oil production companies in the U.S. increased by USD 4.9 billion between 2015 and 2016. Favorable government initiatives and programs to increase oil recovery from matured reservoirs will further propel the industry landscape. The International Energy Agency (IEA) introduced EOR Technology Collaboration Program (TCP) to reduce the overall cost of existing technologies and explore innovative methods to enhance the overall productivity.

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What Information does this report contain?
• Historical data coverage: 2013 to 2016; Growth Projections: 2017 to 2024.
• Expert analysis: industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
• 6-7-year performance forecasts: major segments covering applications, top products and geographies.
• Competitive landscape reporting: market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.

Key players in the enhanced oil recovery market include Schlumberger, Baker Hughes, Halliburton, Total, ConocoPhillips, Statoil, BP, Chevron, ExxonMobil, Royal Dutch Shell & Husky Energy.

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 methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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