Global Enhanced Oil Recovery Market is expected to foresee significant growth. North America to lead the growth
Global Enhanced Oil Recovery Market is expected to reach the market valuation of US$ xx billion by 2027 expanding at a reasonable CAGR of xx% during the forecast period (2021-2027) from US$ xx billion in 2020. Enhanced oil recovery (EOR), also called tertiary recovery, is the extraction of crude oil from an oil field that cannot be extracted otherwise. EOR can extract 30% to 60% or more of a reservoir’s oil, compared to 20% to 40% using primary and secondary recovery. EOR can reverse the decline of mature fields and increase the overall percentage recovered. In some fields recovery rates greater than 60% have been achieved (e.g., Prudhoe Bay in Alaska). There are three main types of EOR, including chemical flooding, gas injection and thermal recovery. As per IEA, Historically EOR production has been concentrated in North America, but in recent years other countries have started deploying EOR technologies. Malaysia has started offshore EOR production, while the United Arab Emirates, Kuwait, Saudi Arabia, India, Colombia, and Ecuador have all started pilot EOR projects. Also, it estimated about 375 enhanced oil recovery projects worldwide produced slightly more than 2 million b/d in 2018. They forecasted this could grow to 4.5 million b/d, or around 4% of world production, by 2040.
The Global Enhanced Oil Recovery Market is experiencing significant growth due to upsurge in the number of aged wells, continuous unconventional gas production activities such as shale gas & increase in global demand for oil which are the key factors complementing the Enhanced Oil Recovery market.
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Globally, EOR has the potential to produce an incremental 1,070 billion barrels of oil and store up to 320 billion tonnes of carbon dioxide. The major factor driving the growth of the enhanced oil recovery market is surge in demand for oil & gas across the world. For instance, as per IEA, longer-term drivers of growth will continue to push up oil demand. As a result, by 2026, global oil consumption is projected to reach 104.1 mb/d. This would represent an increase of 4.4 mb/d from 2019 levels.
Based on technology, the market is segmented into Thermal EOR, Gas EOR, Chemical EOR, and others. The Thermal EOR segment grabbed XX% market share of the Global Enhanced Oil Recovery Market and gathered revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 owing to its ability to lower the viscosity, or thin, the heavy viscous oil, and improve its ability to flow through the reservoir. However, Gas EOR driven by CO2 injection technology will grow at the fastest rate due to increasing focus on unconventional gas production across the globe.
Based on Application, the market is classified into Onshore, and Offshore. The Onshore segment generated revenue of USD XX billion in 2020. The segment is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX billion by 2027 owing to the presence of several onshore exploration and production projects across the world.
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The impact of the COVID-19 pandemic has declined the exploration and production activities in the oil & gas sector. Owing to the lockdown & social distancing measures in various countries it has further declined the transportation and related activities and are facing supply chain issues.
Global energy demand in 2020 fell by 4%, the largest decline since World War II and the largest ever absolute decline. As per IEA, oil was by far the hardest hit, with restrictions on mobility causing demand for transport fuels to fall by 14% from 2019 levels. At the peak of restrictions in April, global oil demand was more than 20% below pre-crisis levels. Overall, oil demand was down by almost 9% across the year. However, lower prices enabled gas to be more resilient than oil in 2020, with demand falling only by 2%.
Moreover, the pandemic has severely affected the shale and heavy oil market which accounts for a large usage of the EOR techniques due to which there was a large decline in EOR activities in 2020.
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Additionally, the report provides detailed initiatives that are being taken in the field of Enhanced Oil Recovery market. The market is classified into distinct regions including North America, Europe, Asia Pacific, MEA, and the Rest of World. North America dominated the Global Enhanced Oil Recovery Market, accounting for nearly xx% share in 2020 on account of presence of several unconventional oil and gas resources and matured fields in the region.
Global Enhanced Oil Recovery Market Segmentation
Market Insight, by Technology
- Thermal EOR
- Gas EOR
- Chemical EOR
Market Insight, by Application
Market Insight, by Region
- North America
- Asia Pacific
- Rest of World
Top Company Profiles
- Schlumberger Limited
- Royal Dutch Shell Plc
- BP Plc
- Air Liquide S.A.
- Baker Hughes Company
- Suncor Energy Inc.
- China Petroleum & Chemical Corp.
- Chevron Corporation