+1-888-308-5802     
News Contact Us

Enhanced Oil Recovery Market By 2024, Report Growth, Trends, Top Key Players Review and Forecast

Author : Rahul Sankrityayan | Published Date : 2019-06-11 

Global Market Insights added a new report on global Enhanced Oil Recovery Market to its research database. The report focuses on global major leading players with information such as company profiles, growth, product segment, technology segment, end user segment and region.

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

Flue Gas Desulfurization Systems Market Growth Analysis, Industry Trends, and Business Developments

Published Date: 2019-10-21         Author: Rahul Sankrityayan

Flue Gas Desulfurization Systems Market is set to exceed USD 27 billion by 2025. Rising investments toward expansion of coal fired power plants along with growing demand for electricity will drive the flue gas desulfurization systems market growth. Developing economies are investing aggressively tow... Read More

High Voltage Cables Market Growth Drivers, Regional Analysis, Industry Trends and Forecast by 2025

Published Date: 2019-10-21         Author: Rahul Sankrityayan

The High Voltage Cables Market study focuses major leading industry players with information such as company profiles, product picture and specification, capacity, production, price, cost, revenue and contact information. It provides information on trends and developments, and focuses on markets and... Read More

Vitamin Ingredients Market Growth Drivers, Regional Analysis, Industry Trends and Forecast by 2024

Published Date: 2019-10-21         Author: Rahul Sankrityayan

A comprehensive research study on Vitamin Ingredients Market introduced by Global Market Insights, Inc. provides insights into the market size and growth trends of this industry over the forecast timeline. The study evaluates key aspects of market in terms of the demand landscape, driving factors an... Read More

© 2019 Fractovia. All Rights Reserved