+1-888-308-5802     
News Contact Us

Enhanced oil recovery Market : Current Business Trends & Growth Opportunities 2019-2024

Author : Rahul Sankrityayan | Published Date : 2019-06-10 

Enhanced oil recovery market size is set to exceed USD 140 billion by 2024; as reported in the latest study by Global Market Insights, Inc.

Increasing number of stripper and marginal wells along with the growing demand to produce oil at the minimum cost will drive the enhanced oil recovery market size. In 2015, the EIA estimated about 380,000 stripper wells in the U.S. compared to about 90,000 non-strippers. As per the National Stripper Well Association (NSWA), the U.S. had an estimated 771,000 marginal wells in production with about 410,000 oil wells in 2013.

Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/1241

210 pages

390 market data tables

9 figures & charts

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.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.

Make an Inquiry for purchasing this report @ https://www.gminsights.com/inquiry-before-buying/1241

Growth drivers

  • Increasing number of matured oil fields
  • Growing demand of crude oil
  • Favorable government initiatives
  • Environmental benefits

 Industry pitfalls & challenges

  • Volatile crude oil price

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.

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.

Browse Complete Summary of this report @ https://www.gminsights.com/industry-analysis/enhanced-oil-recovery-market

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.

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

Related Report:

Utility Boiler Market- https://www.gminsights.com/industry-analysis/utility-boiler-market

Well Intervention Market- https://www.gminsights.com/industry-analysis/well-intervention-market

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

Related News

Probiotic ingredients market from cereal applications should surpass USD 70 million by 2024

Published Date: 2019-06-14         Author: Rahul Sankrityayan

Probiotics Market is set to surpass USD 3 billion by 2024; according to a new research report by Global Market Insights, Inc. Increasing focus on health & wellness along with rising R&D efforts to incorporate beneficial bacteria in the food & beverage industry should boost probiotics mar... Read More

United States eubiotics market may exceed USD 480 million by 2024

Published Date: 2019-06-14         Author: Rahul Sankrityayan

Growing demand from aquaculture applications pertaining to increasing consumer demand for fish and seafood products. Additionally, extensive aquaculture farming along with demand for green and organic aquaculture has led to increase in the usage of essential oils thereby boosting eubiotics market gr... Read More

Aquafeed market demand from catfish should register significant growth at over 10.5% by 2024

Published Date: 2019-06-14         Author: Rahul Sankrityayan

Aquafeed market size from tilapia will witness significant growth close to 10.5% by the end of projected timeframe. Tilapia is among the easiest and most profitable to farm owing to its omnivorous diet, mode of reproduction, rapid growth and tolerance to high stocking density. They have high surviva... Read More

© 2019 Fractovia. All Rights Reserved