Chemical Enhanced Oil Recovery Market - Global Market Share, Trends, Analysis and Forecasts, 2023 - 2032
The technique that is used to augment the crude oil amount that can be extracted from the reservoir is referred to as chemical enhanced oil recovery. In this procedure, the oil recovery is improved by injecting substance into the oil well so as to increase pressure and diminish crude oil viscosity. In traditional process, the recovery from oil well is over 25% of the oil reserve capacity whereas with the help of EOR techniques around 70% of the oil can be extracted from the reservoir.
In instances of heavy oil reservoir where extraction of crude from primary recovery is difficult, the techniques of EOR such as thermal injection are broadly used to enhance the oil recovery process. However, in cases when the reservoirs are deep or too thin, this technique is not effective. Also, high capital investment is required in case of thermal injection technique which may offer feasible solution in case of smaller oil fields. In similar manner, the techniques of chemical injection are highly effective to boost the yield in case of wet oil reservoirs.
High usage of gas injection techniques as tertiary recovery method especially CO2 injection techniques are anticipated to step up the enhanced oil recovery market growth. Owing to declining oil prices since last years, the global enhanced oil recovery market is gaining traction that has negatively impacted the profit margin of oil producers. But, rising number of matured reserves along with large production of shale gas is expected to fuel the market growth.
Thereby, oil produce are focused on enhancement of oil production from existing wells as compared to investing in new wells. These factors are projected to fuel the growth of global enhanced oil recovery market. Other than this, the EOR gas injection technique offers more advantage for the commercial scale usage of carbon dioxide (CO2) produced by different industries and power plants along with government initiatives for the green house gases disposal is anticipated to fuel the demand of enhanced oil recovery market over the future years.
The global enhanced oil recovery market is classified based on technology and region. The various technologies used in the global enhanced oil recovery market include chemical, gas, and thermal. Depending upon geography, this global market is segmented into Europe, Asia Pacific, North America, Latin America and Middle East & Africa. Amongst the technology-based market segments, the thermal injection technology market segment for enhanced oil recovery commands the major share in the global market. This segment commands over 50% of the total enhanced oil recovery market. However, in the forecast years, increasing rate of adoption of other enhanced oil recovery technologies and the maturing market for thermal injection technology will delay the progress of this segment. Geographically, North America holds a majority of share in the overall enhanced oil recovery market. The Latin American as well as Middle East & African market commands second largest share in the global enhanced oil recovery market. The Middle East & Africa and European regional segment will attain success in the enhanced oil recovery market owing to the presence of huge oil reserves in the Middle East. The European market will prosper owing to the initiation of various projects in Russia in the future.
Some of the major players profiled in the global enhanced oil recovery market include ExxonMobil Corporation, Cenovus Energy Inc, Anadarko Petroleum Corporation, Royal Dutch Shell Plc, BP Plc, Chevron Corporation, and Statoil ASA.
- North America
- Asia Pacific
- Middle East & Africa
- South America