Global Enhanced Oil Recovery Market to Increase to $225 bn by 2020
Zion Market Research has published a new report titled “Enhanced Oil Recovery (Thermal Injection, Gas Injection, and Chemical Injection Technology) Market – Global Industry Perspective, Comprehensive Analysis and Forecast, 2014 – 2020”. According to the report, Global enhanced oil recovery market was valued at around USD 60 billion in 2014 and is expected to reach USD 225 billion in 2020, growing at a CAGR of around 25% between 2015 and 2020. In terms of volume, global enhanced oil recovery market stood at approximately 2,200.0 million barrels in 2014.
Enhanced oil recovery (EOR) is a process of increasing the amount of crude oil that can be extracted from an oil field. Enhanced oil recovery is also known as improved oil recovery or tertiary recovery. It deploys special techniques to augment the amount of crude oil that can be extracted from a field. Using enhanced oil recovery, 30 to 60%, or more, of the reservoir’s original oil can be extracted as compared with 20 to 40% using primary and secondary recovery. Using typical EOR methods, an additional 10- 20% of STOIIP can be extracted from a field. Enhanced oil recovery is mainly related with varying the mobility of oil through injecting fluids in the drilling process. The most commonly used enhanced oil recovery processes are primary and secondary. There are three main types of EOR, including chemical flooding, gas injection and thermal recovery.
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Enhanced oil recovery market is mainly driven by strong demand for oil across the world. Moreover, crude oil reserves are depleting at a rapid pace. Use of enhanced oil recovery techniques has become necessary to extract optimum amount of oil from reserves. Strong growth in industrial activity in emerging economies, especially in Asia Pacific region has resulted into growing demand for oil. However, increasing environmental concerns are expected to hold the growth of this industry as enhanced oil recovery wells normally impel large quantities of brine to the surface. The brine may contain poisonous heavy metals and radioactive substances. This can contaminate drinking water sources and the surroundings.
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Thermal injection, gas injection and chemical injection are the key technology segments of the enhanced oil recovery market. Thermal injection technique of enhanced oil recovery dominated the global enhanced oil recovery market and accounted for over 40% share of the total enhanced oil recovery market in 2014. Thermal EOR technology decreases the viscosity by increasing temperature of the crude oil. Thermal EOR is further classified into in-situ combustion and steam injection techniques. Gas injection EOR and chemical EOR is expected to be the fastest growing technology segment of enhanced oil recovery market during the forecast period. Use of gas injection technology is expected to increase due to the removal of green house gas and increase in crude oil recovery.
Enhanced oil recovery market was dominated by North America with over 35% share of the total market in 2014. North America is followed by Asia-Pacific and Europe. Latin America and Middle East & Africa are also expected to exhibit significant growth over the forecast period.
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Enhanced oil recovery manufacturers have a significant impact on the value chain through a higher degree of forwarding integration. These companies manufacture raw materials as well as the final product and use it in specific industry and applications. Key players operating in this market includes ExxonMobil Corporation, BP, China Petroleum & Chemical Corporation, Royal Dutch Shell, Conoco Phillips, Chevron Chemicals, Petronas, Cenovus Energy, Petrobras, Nalco Company, Statoil Asa, Lukoil, Praxair Technology, Inc.
This report segments the global enhanced oil recovery market as follows:
Technology Segment Analysis: Thermal injection, Gas injection, Chemical injection
Regional Segment Analysis: North America(U.S.), Europe(UK, France, Germany), Asia-Pacific(China, Japan, India), Latin America(Brazil), Middle East and Africa
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