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Enhanced Oil Recovery Market Share, Industry Analysis Report, Regional Outlook, 2017 – 2024

04-24-2017 02:40 PM CET | Energy & Environment

Press release from: Global Market Insights, Inc.

Enhanced Oil Recovery Market Share, Industry Analysis Report,

Global enhanced oil recovery market size is projected to witness significant growth over the forecast period due to increasing demand of crude oil across developing countries. It has been anticipated that during the forecast period the import of crude oil will experience exponential growth across non-producing regions which will further enhance the business size.

In 2016, Canadian government launched an online map of Clean Energy Resources and Projects (CERP) which stated the Weyburn-Midale project to be the largest CO2 flooding enhanced oil recovery (EOR) project and carbon storage project (CCS) with above 30 million stored CO2.

Growing investments to raise the production from the matured and aging wells will drive global enhanced oil recovery market over the forecast timeframe. The method permits to extract the trapped oil from the geological pore spaces. Primary or natural recovery only enables 20-25% of original oil in place to travel to the surface on its own while rest trapped oil is produced through EOR methods.

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Favorable government strategies and regulations will complement the global enhanced oil recovery market to expand substantially over the forecast period. Countries including the U.S., China, Russia and Norway are inclined to improve their annual production which include production by EOR methods. In 2014, UK government introduced PILOT EOR work group to plan successful and economic operations in the country’s continental shelf with other major fields. Volatile crude oil prices tend to restrain global enhanced oil recovery market from 2017 to 2024. High capital investments and operational cost are subjected to high risk with unstable crude oil prices.

Based on injection fluid, global enhanced oil recovery market is segmented into thermal recovery, gas injection and chemical injection. Gas injection is projected to witness significant growth over the forecasted timeframe owing to the CO2 or nitrogen injection in the reservoir thus limiting the harmful emissions. Chemical injection and thermal recovery are projected to observe moderate growth over the forecast period subject to their reservoir penetration and ability to lift high viscosity product to the surface.

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U.S. enhanced oil recovery market is anticipated to observe significant growth due to growing number of stripper wells across the country. Low crude oil prices forcing investors to increase life of the residual oil from these stripper wells influencing EOR processes. In 2015, over 11% and 8% of the O&G production had come from the stripper wells.

UK enhanced oil recovery market shall see a high potential growth over the forecast period. The projects operating in UK continental shelf has large potential for carbon capture storage (CCS) followed by EOR operations. In 2016, the Oil and Gas Authority (OGA) of UK launched an EOR Delivery Program to provide strategic commissioning of existing and future EOR projects by 2021 and simultaneously produce over 250 million barrels of oil equivalent over next decade.

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Enhanced oil recovery market includes key players such as ExxonMobil, Whiting Petroleum, Royal Dutch Shell, China Petroleum & Chemical, Chevron Phillips Chemical Company, BP, Petroleo Brasileiro, Lukoil and Cenovus Energy. The market is partially consolidated in nature and has less number of small scale players. The leading companies rely on regional providers to increase their share and geographical existence in the market. Agreements, joint ventures and contracts are the major advances observed across the industry.

About Global Market Insights, Inc.
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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