The global enhanced oil recovery (EOR) market is currently witnessing robust growth. Enhanced oil recovery (EOR), also known as tertiary recovery, refers to the process through which otherwise immobile residual oil is mobilized either physically, chemically or thermally. As primary and secondary oil recovery methods can leave up to 75% of the oil in the reservoir, oil extracting companies have started relying on EOR or tertiary oil recovery methods. Thermal recovery, gas injection and chemical injection are the most commonly used EOR techniques across the globe. Although most of the EOR technologies are currently used offshore, oil companies are developing technologies to expand onshore EOR methods. Looking forward, IMARC Group expects the market to grow at a CAGR of 11% during 2019-2024.
Over the past few years, the rapid depletion of fossil fuels has contributed to the increasing application of EOR technologies in the oil and gas industry. The rising demand for oil has further added to the growing demand for EOR worldwide. In addition, several governments around the world are taking initiatives for utilizing advanced technologies for oil extraction to achieve higher profits from existing oil and gas fields. For example, countries like China and India are offering financial incentives to attract multinational companies to invest in the enhanced oil recovery market. In line with this, various companies all over the world are engaging in R&D activities to improve oil recovery. For instance, British Petroleum has developed advanced techniques that can extract oil using thermally activated microscopic particles which expand deep into the reservoir.
Historical, Current and Future Market Trends
Breakup by Technology:
Thermal-enhanced oil recovery currently accounts for the largest share.
Breakup by Application:
Onshore currently accounts for the largest share.
The report has also analysed the competitive landscape of the market with some of the key players being Basf Se, Halliburton Corporation, Royal Dutch Shell Plc, Schlumberger Ltd., Chevron Phillips Chemical Corporation, Fmc Technologies Inc., National Aluminium Company Limited (NALCO), Praxair Inc., Secure Energy Services Inc., Xytel Corporation, Equinor ASA, BP Plc, China Petroleum & Chemical Corporation (Sinopec), Oil and Natural Gas Corporation Ltd. (ONGC), ExxonMobil Corporation, ConocoPhillips, Petroleo Brasileiro (Petrobas) S.A., PJSC Lukoil Oil Company, etc.
Key Questions Answered in This Report:
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