Press release
Enhanced Oil Recovery Market Witness Highest Growth in near future Leading Key Players: Baker Hughes, Halliburton, National Aluminium Company Limited, Total, Petroleum Development Oman, ConocoPhillips, Statoil, Occidental Petroleum, Lukoil, British Petrol
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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Meticulously analyzed in terms of pivotal industry segments, global Enhanced Oil Recovery market report effectively covers the scope of this space in terms by Technology, By Application, and the prominent contributors. Additionally, the report also outlines intricate details regarding the lucrative opportunities that industry contenders can expect in conjunction with the potential threats that have been envisioned for this business sphere in the forthcoming years.
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.
Oman enhanced oil recovery market is predicted to surpass USD 3 billion by 2024. Growing focus on the use of sustainable resources to recover crude along with companies' EOR production targets will stimulate the business growth. In 2014, Petroleum Development Oman (PDO) revealed its plan to build a solar EOR project and maximize the local supply chain for the technology. In 2015, EOR accounts for around 11% of the company's daily production, which is anticipated to rise 33% by 2023.
The report extensively bifurcates the various contenders of global Enhanced Oil Recovery market. Prominent contributors such as Schlumberger, Baker Hughes, Halliburton, National Aluminium Company Limited, Total, Petroleum Development Oman, ConocoPhillips, Statoil, Occidental Petroleum, Lukoil, British Petroleum, Chevron Corporation, Kinder Morgan , Denbury Resources, Exxon Mobil, Royal Dutch Shell, Praxair Technology, Husky Energy, Wintershall, Cenovus Energy, China National Petroleum Corporation, Titan Oil Recovery, Abu Dhabi National Oil Company & Canadian Natural Resources have been scrutinized in terms of their financials, strengths, weaknesses, potential threats in the market, and future opportunities.
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Offshore enhanced oil recovery market will witness a significant growth on account of the ongoing expansion of deep-water projects. In 2017, Petronas Carigali Sdn Bhd (PCSB) announced its plan to invest around USD 2.3 billion for its EOR projects located in the offshore Sarawak oilfield in Malaysia. 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.
Table of Contents:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Enhanced Oil Recovery Industry Insights
Chapter 4. Enhanced Oil Recovery Market, By Technology
Chapter 5. Enhanced Oil Recovery Market, By Application
Chapter 6. Enhanced Oil Recovery Market, By Region
Chapter 7. Company Profiles
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