Aug 07, 2020 (The Expresswire) -- Global Enhanced Oil Recovery (EOR) Market research report is a meticulous investigation of current scenario of the market, which covers several market dynamics. The Enhanced Oil Recovery (EOR) Market Report also provides an analytical assessment of the prime challenges faced by Enhanced Oil Recovery (EOR) Market currently and in the coming years, which helps Market participants in understanding the problems they may face while operating in this Enhanced Oil Recovery (EOR) Market over a longer period of time.The leading industry players across the globe are explored in detail in this report. It demonstrates product overview, company summary, and manufacturing cost, capacity, and market shares for most of the participants.
Get a sample PDF of the report at - https://www.marketreportsworld.com/enquiry/request-sample/12344413
The Enhanced Oil Recovery (EOR) Market business development trends and selling channels square measure analyzed. From a global perspective, it also represents overall industry size by analyzing qualitative insights and historical data.
The objective of the study is to define market sizes of different segments and countries in previous years and to forecast the values to the next Five years. The report is designed to incorporate both qualify qualitative and quantitative aspects of the industry with respect to each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as drivers and restraining factors which will define the future growth of the Enhanced Oil Recovery (EOR) market.
The International Energy Agency (IEA) predicts that the demand for energy will increase by 1.4% per year, till 2040, with oil and natural gas contributing to approximately half the need. However, the global average field recovery from water flooding is currently around 35%, leaving between 60 to 70% of oil in place. The employment of enhanced oil recovery (EOR) techniques is expected to increase significantly across the globe, during the forecast period, to maximize ultimate economic recovery from existing oil and gas fields. Furthermore, increasing numeral of mature oil wells, and encouraging government regulation and programs in countries, such as India, is expected to supplement the growth of the market further. However, environmental issues, such as brine contamination and the prolonged â€˜lower for longer oilâ€™ condition of crude oil, may restraint the growth of the market during the forecast period.
Maturing Oilfields - Fueling the Demand
Maximizing recovery of oil from aging resources is a primary concern for oil companies and authorities. Also, the rate of replacement of the produced reserves by discoveries has been declining steadily in the past decades. Therefore, the increase of the recovery factors from mature fields under primary and secondary production is expected to be critical to meet the growing global energy demand during the forecast period. The Southeast Asian region is witnessing a constant increase of mature fields. Countries across the globe, such as India, the US, the UK, Malaysia, are expected to extensively promote EOR friendly policy. Furthermore, in the current â€˜lower for longerâ€™ market scenario and market trend of developing more offshore development projects, the companies are expected to adopt a wait and watch strategy for announcing new EandP projects. This would further supplement the demand for EOR services from the maturing field, across the globe.
Gas Injection to Register High Demand in North America
Gas Injection offers advantages, such as reduction of oil viscosity and added pressure in the reservoir for oil production. With increasing focus on unconventional gas production across the globe, the demand for gas injection based EOR techniques is expected to increase during the forecast period. In 2017, owing to Shale boom, the US became a net exporter of natural gas and is expected to become a net oil exporter by 2027. Gas injection is expected to account for approximately 60% of EOR production in the United States, with growing emphasis on CO2 based EOR. The regional availability of vast resources of cheap sources of CO2 from natural sources and are readily available CO2 pipeline system is expected to supplement the further growth of CO2-based EOR. The United States and Canada are expected to further ramp up production from their unconventional reserves during the forecast period, which would, in turn, supplement the demand for gas injection-based EOR in North America.
India â€“ Expected Dark Horse in the Market
The producing oilfields of India are continually aging with average recovery factor remaining continuously below the global average. As a part of the broader 'Energy Security' program, the government has set a goal to reduce 10% of crude oil import by 2022, with EOR emerging as an answer for the same. In January 2018, Indian government proposed the draft policy for boosting oil and gas output through projects using EOR techniques, offering significant fiscal incentives, including 50% waiver of oil cess and reduced profit petroleum sharing for companies. State-run company - ONGC plans to invest INR 57,825 crore on 28 EOR projects, while Cairn India plans to spend INR 37,000 crore to ramp up production using EOR. Such similar investment by the oil and gas operators and the government is expected to significantly attract international EOR players to India, during the forecast period.
Key Developments in the Market
January 2018: Pulse Oil announces 100% independent assessment of Bigoray EOR Project.
January 2018: Department of Energy to invest USD 30 million to boost unconventional recovery in the United States.
January 2018: ADNOC to expand CCUS portfolio to meet a six-fold increase in the utilization of CO2 for Enhanced Oil Recovery (EOR) projects.
October 2017: Chevron Sanctioned Stage 1 Captain Enhanced Oil Recovery Project.
Major Players: HALLIBURTON Co., PRAXAIR TECHNOLOGY Inc., ROYAL DUTCH SHELL PLC, STATOIL ASA, BP PLC, CHINA PETROLEUM and CHEMICAL CORPORATION, OIL AND NATURAL GAS CORPORATION Ltd, CHEVRON PHILIPS CHEMICAL COMPANY, SCHLUMBERGER Ltd, EXXONMOBIL CORPORATION, CONOCOPHILLIPS, PETROLEO BRASILEIRO SA, LUKOIL OIL Co.
REASONS TO PURCHASE THIS REPORT
Identify the drivers, restraints, and opportunity possessed by the global enhanced oil recovery (EOR) market with in-depth analysis.
Analyze the various perspectives of the global market dynamics with the help of Porterâ€™s five forces analysis.
Identify the most dominating type of technology and location with forecasted market estimate for the market.
Identify the largest, fastest growing, and significant regions during the forecast period with in-depth analysis.
Identify the latest developments, market shares and strategies employed by the major market players.
3 months analyst support, along with the Market Estimate sheet (in excel).
Customization of the Report
This report can be customized to meet your requirements.
Enquire before purchasing this report - https://www.marketreportsworld.com/enquiry/pre-order-enquiry/12344413
Covered in this report
The Report Covers the Present Scenario and the Growth Prospects of the Global Enhanced Oil Recovery (EOR) Market for 2020-2024. To calculate the market size, the report considers new installations or sales and subscription payments of Enhanced Oil Recovery (EOR).
The market is divided into the following segments based on geography:
Global Enhanced Oil Recovery (EOR) Market 2020-2024, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Growing research activities coupled with new product launches.
For a full, detailed list, view our report
High Opportunity in the Industry
For a full, detailed list, view our report
Complications associated with Enhanced Oil Recovery (EOR) procedures.