Depleting Oil Reserves are Accelerating the Demand for Enhanced Oil Recovery

The global Enhanced Oil Recovery (EOR) market is anticipated to grow at a CAGR of 6.9% during the forecast period (2024-2031). The market growth is driven by the rising global energy demand, owing to population expansion, industrialization, and urban development. Additionally, the rising concern of depleting conventional oil reserves is increasing reliance on EOR techniques to optimize production. Furthermore, technological advancements, stringent environmental regulations, and the demand for sustainable energy solutions are promoting the adoption of technologies that mitigate the environmental impact of oil extraction, driving market demand. The changing geopolitical landscape and fluctuations in oil prices are the macroeconomic factors contributing to market growth. Thus, the governments are actively focusing on enhanced oil recovery.

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For instance, according to the Ministry of Petroleum & Natural Gas, India, the Exploration and Production (E&P) sector offers investment opportunities worth $100 billion by 2030. India has 26 sedimentary basins, containing substantial reserves of crude oil and natural gas yet to be fully tapped. Only 10% of the sedimentary basin area is under exploration, in 2024. The government is operational on the Open Acreage Licensing Policy (OALP) Rounds to increase the exploration to 16%.

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Additionally, the government is focusing on promoting scientific data-driven exploration, by investing INR 7,500 crores ($900 million) in the acquisition of new seismic data, including that of the EEZ, financing stratigraphic wells, and acquiring aerial survey data for difficult terrains. The Government has additionally facilitated the ease of doing business in the E&P sector by consolidating and simplifying 37 approval processes into 18, with 9 processes now eligible for self-certification.

According to the US CO2 Enhanced Oil Recovery Survey, 2022, the incremental oil recovery from CO2 EOR in the US was around 245,000 bbl/d in 2022. It marked a decline of about 2% from the 2021 (250,000 bbl/d). A total of 1.9 MMcf/d of CO2 was supplied for CO2 EOR in 2022, including about 1.5 MMcf/d from natural sources and 0.4 MMcf/d from industrial sources. It was a decrease from 2021, which had a survey total of 2.0 MMcf/d. The supply from industrial sources, such as natural gas processing plants, nitrogen plants, and ammonia plants, decreased by about 200 MMcf/d from 2021 to 2022. However, the naturally sourced production increased by 100 MMcf/d during the same period.

The major players in the UAV propulsion systems market include Baker Hughes Company, Cenovus Energy Inc., Chevron Corp., and China National Petroleum Corp., among others. The market players are contributing significantly to the market growth by the adoption of various business strategies, such as product development, mergers and acquisitions, partnerships, and more. For instance, in May 2024, The Dow Chemical Company, the State of Wyoming, and the University of Wyoming launched The Wyoming Gas Injection Initiative (WGII). The program is designed to enhance oil well productivity and recovery from existing fields and wells in Wyoming. It incorporates advanced oil recovery methods, such as foam-assisted gas injection using recovered hydrocarbon gases, carbon dioxide, or other gases for the revitalization of oil fields, and mitigation of greenhouse gas emissions by operations in Wyoming.

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