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Enhanced Oil Recovery Market By Industry Growth, Trend & Forecast 2024

Author : Rahul Sankrityayan | Published Date : 2019-04-02 

Global Enhanced Oil Recovery Market is set to surpass USD 140 billion by 2024. Rising number of marginal and stripper wells along with the increasing demand to produce crude at minimum cost will propel enhanced oil recovery market share. In 2015, the Energy Information Administration (EIA) estimated around 380,000 stripper wells when compared with around 90,000 non-strippers in the U.S. According to the National Stripper Well Association, the U.S. estimated about 771,000 marginal wells in production in 2013 with around 410,000 oil wells.

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Innovative technological advancements to improve crude production along with field redevelopment plans will drive chemical enhanced oil recovery market. In 2015, Cairn India announced its plan to invest USD 760 million on the polymer injection oil recovery program. Development of hybrid systems combining polymer or surfactant with water flooding to reduce the overall cost will further stimulate the business outlook.

Rising demand for petroleum products along with favorable government programs and initiatives to increase crude production from aged reservoirs will foster the U.S. enhanced oil recovery market. The IEA has introduced an EOR Technology Collaboration Program with an aim to explore innovative technologies to increase the overall productivity and cut the overall cost of existing methods. The EIA estimated USD 4.9 billion increase in capital expenditure between 2015 and 2016 for 44 onshore oil companies in the U.S.

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Adoption of carbon capture & storage coupled with environmental benefits will drive the CO2 enhanced oil recovery market growth. As per the International Energy Agency (IEA), over three-quarters of all carbon capture & storage projects under operation or construction in 2017 are associated with EOR. Ability to offer low solubility with water and high miscibility with crude are some of the key features which will further influence the industry outlook.

Ongoing deep-water projects expansion plans coupled with shift in focus towards offshore field subjected to economic benefits and availability of resources will positively impact the offshore enhanced oil recovery market share. In 2017, Petronas Carigali Sdn Bhd announced to invest over USD 2 billion for its offshore oil recovery project in the Sarawak oilfield in Malaysia.

Companies' EOR production targets along with growing focus towards sustainable resources to recover crude will embellish Oman enhanced oil recovery market growth. In April 2014, Petroleum Development Oman announced its plan to develop a solar EOR project and expand the local supply chain for the new technology. Rising demand to produce crude at low cost will further augment the business landscape.

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Eminent players in the enhanced oil recovery market include: Halliburton, Schlumberger, NALCO, Total, GE (Baker Hughes), Petroleum Development Oman, Occidental Petroleum, Statoil, ConocoPhillips, British Petroleum, Lukoil, Kinder Morgan, Denbury Resources, Chevron, Shell, Exxon Mobil, and Wintershall.

Related Report:

Industrial Emission Control Systems Market 2018-2024

https://www.marketwatch.com/press-release/europe-industrial-emission-control-systems-market-to-register-significant-gains-over-2016-2024-germany-to-the-key-revenue-contributor-2019-03-27

 

 

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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