Rising global demand for oil and gas, coupled with advancements in thermal and chemical flooding techniques, are driving market growth.
According to the TechSci Research report "Enhanced Oil Recovery Market - By Region, Competition Forecast & Opportunities, 2018-2028," the global Enhanced Oil Recovery Market is expected to grow robustly from 2024 to 2028.
Increasing numbers of mature oil fields and evolving recovery technologies are set to bolster the EOR market. However, volatile crude oil prices may restrict market expansion in the coming years. Gas injection is projected to dominate the EOR market, with CO2 injection playing a significant role globally, benefiting environmental concerns. The discovery of new reserves in emerging markets like Africa and South America is expected to create numerous opportunities. In the Asia-Pacific region, government investment in upstream sectors and aging resources necessitating enhanced recovery methods are anticipated to drive significant growth.
The high cost and complexity of EOR technologies have typically relied on government subsidies or innovative investment programs worldwide, posing challenges to market expansion. Gas injection offers benefits such as reduced viscosity and increased pressure for oil production, with rising demand expected due to the focus on unconventional gas production globally.
Legislation like the US Carbon Capture and Improvement Act aims to foster collaboration between industries for carbon sequestration, with oil and gas companies likely to assist other sectors in this endeavor, especially for CO2 injection.
As of December 2021, the Daqing Oilfield in China has emerged as the world's largest tertiary oil recovery production base, with annual crude oil output exceeding 10 million tonnes for 20 consecutive years, totaling 286 million tonnes.
Browse over XX market data Figures spread through 70 Pages and an in-depth TOC on the ”Global Enhanced Oil Recovery Market."
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The Global Enhanced Oil Recovery Market is categorized by technology and application. In terms of technology, it includes gas, thermal, chemical, microbial, and others. Thermal injection is a widely adopted method, particularly suited for heavy crude oil, involving injecting heat to lower oil viscosity. Natural gas is commonly used for thermal energy, while solar EOR gains traction due to its environmental advantages. Gas injection enhances oil mobility, with CO2-EOR rapidly growing for increased oil output, aided by carbon capture methods. Chemical EOR employs surfactants and polymers to boost oil production.
Application-wise, the market is divided into offshore and onshore. Onshore wells offer advantages like resource availability, lower costs, existing technology, and reservoir knowledge, making them significant contributors to global oil production. Onshore EOR installations dominate due to lower costs. Despite this, increasing investment in offshore exploration presents promising opportunities for future growth.
Major market players in the Global Enhanced Oil Recovery Market are: -
- Halliburton Company
- Schlumberger Limited
- Baker Hughes Inc
- BP p.l.c
- Exxon Mobil Corporation
- China Petroleum & Chemical Corporation
- Saudi Aramco
- Statoil AS
- Chevron Corporation
- TotalEnergies SE
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"Mr. Karan Chechi, Research Director at TechSci Research, a research-based Indian consulting firm, notes that the oil and gas industry's increasing demand and technological advancements in oil fields are driving market growth with a high CAGR. National oil businesses are adopting advanced technologies to boost local oil production, fueling rapid market expansion.
The report, 'Enhanced Oil Recovery Market –Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018-2028,' evaluates the market's future growth potential, providing insights on market size, structure, and future growth. It aims to offer valuable market intelligence to aid investment decisions, identifying emerging trends, drivers, challenges, and opportunities in the Enhanced Oil Recovery Market."
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