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Enhanced Oil Recovery Market is projected to Realize A 7.12% CAGR, culminating in A Value of US$ 79.96 billion by 2030

Enhanced Oil Recovery Market Research Report Analysis by Product (Alkaline Chemicals, Surfactants, Polymers, Foamers, Alkali-Surfactant-Polymer (ASP) Formulations, Others), Technology (Thermal Injection, Gas Injection, Chemical Injection), Application (Onshore, Offshore) and by Region Global Trends and Forecast from 2023 to 2030

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Format : Enhanced Oil Recovery Market is projected to Realize A 7.12% CAGR, culminating in A Value of US$ 79.96 billion by 2030

Enhanced Oil Recovery Market Snapshot

“From 2023 to 2030, the global Enhanced Oil Recovery Market is predicted to develop at a 7.4% CAGR. It is predicted to exceed 79.96 billion USD by 2030, up from 53.82 billion USD in 2023.”

Enhanced Oil Recovery (EOR) is a set of techniques and processes used to extract additional oil from oil reservoirs beyond the primary production phase, which can recover only a portion of the available oil.

EOR methods are designed to increase the amount of oil that can be extracted from an oil field by using various advanced techniques, including thermal, chemical, and gas injection methods.

The process of EOR involves the injection of materials into the oil reservoir, which alters the physical and chemical properties of the oil and rock, thereby increasing the amount of oil that can be extracted.

This is done by reducing the viscosity of the oil, increasing the pressure in the reservoir, or changing the chemical composition of the oil.

Enhanced Oil Recovery Market | Market Report Service

EOR techniques can be applied at different stages of the production life cycle of an oil field and are often used in mature or depleted reservoirs where traditional production methods are no longer effective.

 The demand for higher oil recovery has become increasingly critical as traditional oil supplies have declined.

Many of the world's largest oil fields have reached maturity and are producing less. EOR provides a method to recover more oil from these fields by employing improved procedures that can extract more oil after the original production phase is complete.

 As a result, there has been a surge in the demand for EOR technology and services in recent years.

The technological advancements in EOR techniques have improved the efficiency and effectiveness of EOR, making it a more attractive option for oil producers.

Advancements in techniques such as chemical flooding, thermal recovery, and gas injection have made it possible to extract more oil from reservoirs that were previously considered uneconomical.

As a result, more oil producers are turning to EOR to increase their production rates and improve their bottom line.

The high cost of EOR technology is one of the key limitations in the EOR sector. Many advanced EOR techniques, such as thermal recovery and chemical flooding, require significant capital investment, making them unaffordable for some oil producers.

Due to the high prices of EOR technology, the industry is generally dominated by major oil firms with the capacity to invest in these technologies.

Environmental concerns are also a restraint in the EOR market. Some EOR techniques, such as thermal recovery, can have a significant impact on the environment, including greenhouse gas emissions and water usage.

This has led to increased scrutiny of EOR techniques and can make it challenging for oil producers to obtain the necessary permits and approvals.

The development of new technologies and methodologies that can assist to boost the efficiency and efficacy of EOR is one of the important opportunities in the EOR industry.

Nanotechnology, artificial intelligence, and machine learning advancements have the potential to revolutionize the EOR business, allowing oil companies to recover more oil at a reduced cost.

Enhanced Oil Recovery Market Segment Analysis

Based on product, the enhanced oil recovery market is segmented into alkaline chemicals, surfactants, polymers, Foamers, alkali-surfactant-polymer (ASP) formulations, others. The use of polymers and surfactants is expected to be the most prevalent in the EOR market.

Surfactants, also known as surface-active agents, are used in the EOR process to reduce the interfacial tension between the oil and water in the reservoir.

This helps to mobilize the trapped oil and increase the efficiency of the recovery process. Surfactants can be used alone or in combination with other EOR products, such as polymers or alkaline chemicals.

Polymers are used in the EOR process to increase the viscosity of the injected water and improve the sweep efficiency of the reservoir.

This can help to mobilize the trapped oil and improve the overall recovery rate. Polymers are typically used in conjunction with other EOR products, such as surfactants or alkaline chemicals, to improve their performance.

Based on technology, the enhanced oil recovery market is classified into thermal injection, gas injection, chemical injection.

Thermal technology is expected to account for 35% of the market in 2021. Furthermore, in thermal enhanced oil recovery, steam is injected to improve oil mobility through various reservoirs and lower viscosity.

It is most commonly used in heavy oil reservoirs to extract billions of barrels of heavy crude oil. In addition, thermal enhanced oil recovery is classified further by type, such as steam combustion, in-situ, and others.

Gas injection involves the injection of gases, such as carbon dioxide (CO2), nitrogen (N2), or natural gas, into the reservoir to increase the pressure and improve the sweep efficiency of the recovery process. Gas injection is particularly effective in light oil reservoirs.

Chemical injection involves the injection of chemicals, such as polymers, surfactants, or alkaline solutions, into the reservoir to improve the sweep efficiency of the recovery process. Chemical injection is particularly effective in medium to heavy oil reservoirs.

Based on application, the enhanced oil recovery market is classified into onshore, offshore. onshore EOR is expected to be more prevalent than offshore EOR due to the abundance of onshore oil reserves in many regions of the world.

Onshore EOR refers to the recovery of oil from reservoirs located on land. Onshore EOR operations are typically less complex and more cost-effective than offshore EOR operations as they do not require expensive offshore infrastructure, such as platforms or drilling rigs. Offshore EOR refers to the recovery of oil from reservoirs located beneath the ocean floor.

Offshore EOR operations are typically more complex and expensive than onshore EOR operations as they require specialized equipment and infrastructure, such as drilling platforms and pipelines.

Enhanced Oil Recovery Market Key Vendors

The global enhanced oil recovery market key players include Schlumberger Limited, Halliburton, ExxonMobil Corporation, Royal Dutch Shell plc, Chevron Corporation, BP plc, National Aluminium Company Limited, Baker Hughes Company, Total SA, Titan Oil Recovery, Denbury Resources Inc., Praxair Technology Inc., LUKOIL, China National Petroleum Corporation.

New Developments

May 1, 2023: SLB, Rockwell Automation Inc, Sensia LLC and Cognite announced a collaboration that will accelerate the evolution of the offshore industry’s floating production storage and offloading (FPSO) facilities.

April 26, 2023: ExxonMobil made a final investment decision for the Uaru development offshore Guyana after receiving required government and regulatory approvals.

Enhanced Oil Recovery Market Regional Outlook

North America is the global leader in improved oil recovery, and it is predicted to increase considerably throughout the projection period. This is due to an increase in the number of matured wells in the United States, which is the region's biggest contributor.

The United States of America is the key driving factor behind the regional market's development. This growth can be attributed to the country's presence of a number of unconventional oil and gas resources, as well as matured fields, both of which require innovative extraction methods to increase output from existing wells.

Furthermore, prominent Canadian oil and gas exploration firms are currently utilizing EOR technology to effectively recover oil from fields in their operations.

Asia Pacific is a rapidly growing market for EOR technology, with a market share of over 20%. China and Indonesia are major players in the industry, with China having significant heavy oil reserves and Indonesia having significant offshore oil reserves.

The market in Asia Pacific is driven by the increasing demand for energy and investment in EOR technology to increase oil production.

In Europe, the market is dominated by Russia, which has a significant impact on the hydrocarbon sector. Russian firms are seeking to boost output in order to be more cost competitive in the international market.

 In addition, the UK, Germany, and other European countries are seeing minor growth, which enhances the entire European market.

Segments Covered in Enhanced Oil Recovery Market

Enhanced Oil Recovery Market by Product

  • Alkaline Chemicals
  • Surfactants
  • Polymers
  • Foamers
  • Alkali-Surfactant-Polymer (ASP) Formulations
  • Others

Enhanced Oil Recovery Market by Technology

  • Thermal Injection
  • Gas Injection
  • Chemical Injection

Enhanced Oil Recovery Market by Application

  • Onshore
  • Offshore

Frequently Asked Questions

What is the worth of the enhanced oil recovery market?

From 2023 to 2030, the global Enhanced Oil Recovery Market is predicted to develop at a 7.4% CAGR. It is predicted to exceed 79.96 billion USD by 2030, up from 53.82 billion USD in 2023.

What is the share of the North America enhanced oil recovery industry?

North America dominates the enhanced oil recovery market, with a market share of over 36%. 

Which are the top companies to hold the market share in the enhanced oil recovery market?

Schlumberger Limited, Halliburton, ExxonMobil Corporation, Royal Dutch Shell plc, Chevron Corporation, BP plc, National Aluminium Company Limited, Baker Hughes Company, Total SA, Titan Oil Recovery, Denbury Resources Inc., Praxair Technology Inc., LUKOIL, China National Petroleum Corporation are among the leading players in the global enhanced oil recovery market.

What is the CAGR of enhanced oil recovery market?

The global enhanced oil recovery market registered a CAGR of 7.4 % from 2023 to 2030.

What are the key factors driving the market?

Growing demand for advanced production techniques and rising concerns over energy security are the key factors driving the market.

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