- Execution of enhanced oil recovery as a tertiary method increases the permeability of reservoir to lead to oil recovery from 35% to 75%, which is much higher than obtained from primary and secondary methods of oil extraction
- Tax benefits and financial incentives offered by governments in North America attract oil companies to employ enhanced oil recovery methods
ALBANY, N.Y., Feb. 22, 2022 /PRNewswire/ -- Analysts at TMR estimate the enhanced oil recovery market to reach the valuation of US$ 80.5 Bn by 2031. The burgeoning demand for oil & gas for industrial, commercial, and domestic use is compelling to employ enhanced oil recovery methodologies in mature oil wells. Players in the enhanced oil recovery market are focused on recovery and extension of the production of mature oil fields by using enhanced oil recovery technologies.
Factors such as increasing number of aged wells and declining production from existing oilfields are fueling the adoption of enhanced oil recovery methodologies. Enhanced oil recovery (EOR) is a tertiary method employed after primary and secondary oil recoveries to extract crude oil production from mature and aged oil fields. EOR increases penetrability of the reservoir so that hydrocarbons can move through the pathways easily, and can be recovered in the respective targeted oil well. The use of enhanced oil recovery method enables 35% to 75% recovery of oil from oil fields against 5% to 15% and 20% to 60% from primary and secondary recovery methods, respectively.
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North America is a key region in the enhanced oil recovery market. Tax benefits and subsidies offered by governments are attracting oil companies to adopt enhanced oil recovery methodologies. Furthermore, initiatives in the exploration of unconventional oil resources in the Gulf of Mexico along, and continuous exploration of shale reserves in the U.S. are fueling the expansion of the enhanced oil recovery market in the region.
Enhanced Oil Recovery Market - Key Findings of Report
- Initiatives for the exploration of heavy oil reserves in Canada, Mexico, China, Venezuela, and Colombia are fueling the adoption of enhanced oil recovery methodologies. Rapid decline in conventional light oil is leading to the adoption of enhanced oil recovery technologies for the exploration of heavy oil reserves that are predominantly present in Canada and Venezuela.
- Thermal injection technology is widely used in heavy oil reservoirs to extract huge amount of heavy crude oil. Thermal injection technology uses hot water and steam, and reduces the temperature of heavy viscous oil that cannot flow on its own.
- In-situ combustion and steam injection are commonly used thermal injection methodologies for enhanced oil recovery
- Steam assisted gravity drainage and cyclic steam simulations are key types of steam injection methods that are majorly used on oil sands. Initiatives for further recovery of shale gas from newly found reserves are driving the expansion of the steam segment of enhanced oil recovery market.
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- CO2 injection technique is emerging attractive in the enhanced oil recovery method. The technique uses CO2 released in the atmosphere via power generation and industrial sector to extract crude oil, which would otherwise pollute the environment.
- Advantages of environment conservation of oil recovered via CO2 injection technology is favoring the adoption of the technique. Theoretically, CO2 obtained from the air or from combustion of biomass if injected in sufficient quantities could even lead to negative emissions oil recovery. Hence, CO2 injection favors the growth of the EOR market.
- Role of governments in North America to provide financial incentives and tax benefits is supporting the growth of enhanced oil recovery market in the region
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Enhanced Oil Recovery Market - Growth Drivers
- Exploding demand for oil and gas for operational needs of industrial, commercial, and domestic processes fuels the growth of enhanced oil recovery market
- Attractiveness of the CO2 injection technique to capture CO2 discharged during industrial processes and use it to extract crude oil favors adoption of enhanced oil recovery methodologies
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Enhanced Oil Recovery Market - Key Players
Some of the key players operating in the enhanced oil recovery market are;
- Cenovus Energy Inc.
- BP Plc
- ExxonMobil Corporation
- Statoil ASA
- Chevron Corporation
- Anadarko Petroleum Corporation
- Royal Dutch Shell Plc
The enhanced oil recovery market is segmented as follows;
Enhanced Oil Recovery Market, by Technology
- Thermal
- Gas
- Chemical
Enhanced Oil Recovery Market, by Region
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Russia & CIS
- Norway
- Rest of Europe
- Asia Pacific
- China
- Australia
- India
- ASEAN
- Rest of Asia Pacific
- Latin America
- Brazil
- Middle East & Africa
- GCC Countries
- South Africa
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