Enhanced Oil Recovery Market Size Leading Players, Current Trends, Market Challenges, Growth Drivers
The global enhanced oil recovery market size is expected to exhibit a strong 15.7% CAGR over the forecast period till 2023, according to the latest research report from Market Research Future (MRFR). Enhanced oil recovery methods refer to the method of recovering more oil from existing oil wells. The global oil industry is witnessing one of the major slowdowns in recent times as the oil prices dropped to a historic low in 2015. One of the main reasons for the drop in prices was the reduced demand for oil in the U.S. and China due to the shale oil boom. However, the ripple effect caused by the drop in oil prices severely affected the upstream industry, as the majority of the operators had to scale down their production. This has led them to stop new production activities and depend on existing wells for continued oil production. Besides, most of the oil wells around the world are already nearing their operational lifetime and oil production from these wells is constantly declining. To enhance the oil production from existing wells, oil field upstream operators are investing in enhanced oil recovery methods, which are expected to increase the oil production from existing wells.
Usually, oil is recovered from oil wells through primary recovery methods by using naturally occurring forces. However, even after the implementation of primary recovery methods, there is still a considerable amount of oil left over in the well. Enhanced oil recovery research has been extensively conducted by upstream operators to increase the operational life of their wells and extract this remaining volume of oil. Enhanced oil recovery operations can be carried out on both offshore and onshore wells.
The global enhanced oil recovery market is driven by the fact that many government policies and initiatives support the process. For instance, the power generation industry deals with the issue of CO2 emission from the operations of thermal power plants. One of the methods of oil recovery by gas technology is by the use of CO2. This is the main reason that government initiatives and policies enable the use of enhanced oil recovery methods, as CO2 can be used in oil recovery processes. Moreover, one of the other major drivers for the market is the increasing number of mature oil fields around the world. Many offshore oil production sites in the Gulf of Mexico and the North Sea are rapidly reaching their operational end and enhanced oil recovery methods are being implemented to extend the oil fields’ operation. Besides, the global enhanced oil recovery market is expected to grow in the near future with increasing consumption from countries such as China, India, and other developing countries.
The enhanced oil recovery market is expected to face regulatory concerns, which may hinder the growth of the market.
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Segmentation:
The global enhanced oil recovery market is segmented on the basis of type, application, and region.
By type, the global enhanced oil recovery market is segmented into thermal, chemical, microbial, and others. Thermal and chemical enhanced oil recovery processes are the best established processes and have a longstanding history of use in the oil and gas sector. Microbial enhanced oil recovery is a relatively nascent technology and is likely to witness increasing adoption in the coming years.
By application, the global enhanced oil recovery market is segmented into onshore and offshore.
Competitive Leaderboard:
Leading players in the global enhanced oil recovery market include Titan Oil Recovery, Exxon Mobil, BP plc, Statoil ASA, Baker Hughes (A GE Company), BASF SE, Halliburton Corporation, Royal Dutch Shell plc, Schlumberger Ltd., Chevron Phillips Chemical Corporation, FMC Technologies Inc., PJSC Lukoil Oil Company, and Praxair Technology Inc.
Regional Analysis:
North America and Europe are the major regional markets for enhanced oil recovery processes. Growing application of enhanced oil recovery processes in the Gulf of Mexico and the North Sea is likely to be a major driver for the enhanced oil recovery market in North America and Europe over the forecast period. Asia Pacific is also likely to remain an important regional market over the forecast period, led by countries such as Malaysia, Indonesia, and Australia.
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