Update News: Demand For Oil From Major End-Use Industries To Fuel The Enhanced Oil Recovery Market Growth

Global Enhanced Oil Recovery Market: Key Highlights

• According to the new market research report “Enhanced Oil Recovery Market by Technology (Thermal Recovery, Gas Injection, Chemical Injection), by Chemicals (Polymers, Surfactants), by Application (Onshore, Offshore), by Region (North America, Asia Pacific, Europe, Middle East and Africa, South America) — Global Forecast (2019 to 2027)”, the global enhanced oil recovery market is projected to reach a value of USD 99 billion, registering a CAGR of around 5.89% during the review period
• Enhanced oil recovery is called as tertiary recovery, wherein chemical composition of oil itself is changed
• It is witnessing a rapid adoption as it can recover 30–60% of oil at the deposit site itself
• Globally, around 375 EOR projects are operating which produce over 2 million barrels per day
• More than 80% of global EOR production benefits from various government incentives
• According to the International Energy Agency, total EOR production is projected to reach more than 4.5 million barrels per day between 2025–2040
• It is expected to account for around 4% of global production in 2040.

Global Enhanced Oil Recovery Market: Key Market Dynamics

• High demand for crude oil from major end-use industries automotive & transportation, plastics & polymers, chemicals, consumer goods, textiles, among others is a key driver of the global enhanced oil recovery
• CO2 EOR is the largest technology segment as it uses very little new land for production and can reduce CO2 emission
• The US Department of Energy estimates that 20 billion tons of CO2 will be required for production of the 67 billion barrels of economically recoverable oil
• Environmental Degradation caused by EOR is the major restraining factor

Global Enhanced Oil Recovery Market: Regional Overview

• North America

The market in North America is expected to witness high demand for enhanced oil recovery in line with the efforts to curb CO2 emissions. The US Department of Energy estimates that currently there are 89 billion barrels of additional oil trapped in onshore reservoirs. The extraction of this trapped oil is expected to drive the demand for EOR in the region.

• Middle East & Africa

Presence of deposits of oil & gas in the region is the prime driver of the EOR in this region. According to the Arab Petroleum Investment Corporation (APICORP), the region planned energy investments of around USD 1 trillion in 2019. Some of the upcoming oil & gas projects in the region include Zubair Oil Field, South Pars Phases 13- 14, Petro Rabigh Integrated Refinery & Petrochemical Complex- Phase II, among others.

Global Enhanced Oil Recovery Market: Key Players Overview

• Halliburton:

Halliburton is one of the leading providers of products and services to the energy industry. It operates its business in two divisions, namely, drilling and evaluation. In June 2017, Halliburton entered into a technological cooperation agreement with Gazprom Neft in implementing new technologies, including EOR, in the exploration and production of hydrocarbons.

• ROSNEFT:

ROSNEFT is a leading Russian oil & gas company. It is focused on exploration of hydrocarbon fields, production of oil, gas and gas condensate, offshore field development projects, feedstock processing, sales of oil, gas and refined products. In October 2019, Verkhnechonskneftegaz JSC, a subsidiary of ROSNEFT, announced plans to additionally produce 221 thousand tonnes of oil at the Verkhnechonskoye field using the EOR technology, including 34 thousand tonnes in 2019.

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