According to the latest report by IMARC Group, titled "Enhanced Oil Recovery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global enhanced oil recovery market reached a value of US$
54.7 Billion in 2022. Enhanced oil recovery (EOR) is the process of extracting oil from wells that have already undergone primary and secondary oil recovery stages. It is increasingly employed to enhance the ability of oil to flow to a well by changing the physical properties of the oil or by the additional usage of water, chemicals or gases. Also known as the tertiary recovery phase, it aids in extracting the oil that is usually left behind after primary and secondary production phases by increasing its pressure and minimizing its viscosity. Some of the most commonly used EOR techniques include thermal, chemical and miscible methods that improve the oil displacement and volumetric sweep efficiencies of the entire process.
Global Enhanced Oil Recovery Market Trends:
The global market is primarily driven by the increasing demand for enhanced oil production. An increase in the number of aged wells and the diminishing oil production from existing oilfields have led to the rising demand for EOR across the globe since its deployment results in significantly improving the overall output as compared to conventional oil extraction methods. The deployment of EOR technologies also assists in improving the permeability of the mature oil reservoirs by enabling the hydrocarbons to flow through the pathways easily, thereby enhancing oil recovery rates. The market is further driven by the numerous initiatives undertaken by the government of several countries to integrate EOR with advanced technologies in an attempt to further improve the oil yield. They are also providing attractive incentives to encourage various multinational companies to invest in EOR and set-up collaborative research projects, which, in turn, is expected to create a positive outlook for the market. Some of the other factors contributing to the market growth include continual research and development (R&D) for advancements in EOR technologies and the growing adoption of carbon dioxide EOR technology. On account of the aforementioned factors, the market is expected to exhibit a CAGR of 7.71% during 2023-2028.
- On the basis of the technology, the market has been divided into thermal-enhanced oil recovery, gas-enhanced oil recovery, chemical-enhanced oil recovery, and others. Among these, thermal-enhanced oil recovery accounts for majority of the market share.
- Based on the application, the market has been bifurcated into onshore and offshore segments, wherein onshore applications exhibit a clear dominance in the market.
- On the geographical front, the market has been segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include 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., and PJSC Lukoil Oil Company.
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