Report Predicts Enhanced Oil Recovery Market Size May Reach $ 140 billion by 2024 Key Company Profiled Halliburton, Total, ConocoPhillips, Statoil, Chevron, ExxonMobil
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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. 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.
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.
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.
Onshore enhanced oil recovery market share is predicted to witness gain over 19% owing to increasing number of aging fields along with growing focus towards heavy oil reservoirs. The U.S. Department of Energy estimated 89 billion barrels of additional oil trapped across onshore fields. In 2017, Kuwait Oil Company announced to conduct chemical EOR testing with an aim to increase production from 3.1 MMbbl/d to 3.65 MMbbl/d by 2020.
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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Key players in the enhanced oil recovery market include Schlumberger, Baker Hughes, Halliburton, Total, ConocoPhillips, Statoil, BP, Chevron, ExxonMobil, Royal Dutch Shell & Husky Energy.
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