Enhanced Oil Recovery Market Trends 2024? Top Players - Schlumberger, Baker Hughes, Halliburton, Total, ConocoPhillips, Statoil, Chevron, ExxonMobil

Enhanced Oil Recovery Market size was worth over USD 39 billion in 2016 and will grow over 20% by 2024.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.

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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.

Leading Key Players in Enhanced Oil Recovery Market are: 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

Table Of Content
Chapter 1. Methodology and Scope
1.1. Methodology
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
1.2.1. Primary
1.2.2. Secondary
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

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