NEWARK, Del:, Sept. 20, 2023 (GLOBE NEWSWIRE) -- The CO2 EOR market is projected to be worth more than US$ 4.6 billion by 2023. It is most likely to exceed US$ 7 billion by 2033. Demand for carbon dioxide (CO2) enhanced oil recovery (EOR) is expected to rise at a CAGR of 4.2% from 2023 to 2033.
A number of compelling considerations have led to increasing demand for CO2 EOR in recent years. This method has gained popularity since it involves pumping carbon dioxide into oil reservoirs to extract more oil. This is primarily backed by its ability to address a variety of issues the oil & gas sector faces.
The sector is looking for cutting-edge techniques to recover the remaining oil as conventional oil reserves continue to dwindle across the globe. By exploiting existing reservoirs and enabling the recovery of previously inaccessible or unprofitable oil sources, CO2 EOR offers an alluring solution. By enabling more oil extraction, this method maximizes the output of mature oil fields while extending their life.
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CO2 EOR might offer a chance to increase energy security by lowering reliance on outside sources in a number of countries that are largely dependent on oil imports. It helps to raise domestic oil output by more efficiently exploiting domestic oil reservoirs. It can also aid in lowering the requirement for imports and boosting energy independence.
By offering a practical approach for carbon capture and storage, CO2 EOR can complement initiatives to reduce greenhouse gas emissions. For increased oil recovery, the procedure entails trapping CO2 from industrial sources such as power plants or industrial facilities.
It is then injected into oil reserves. With this strategy, CO2 emissions might be decreased while simultaneously being efficiently stored underground by sequestering the captured carbon within the reservoir.
Viability and effectiveness of CO2 EOR are expected to considerably improve thanks to developments in drilling and reservoir engineering technology. Use of cutting-edge methods such as horizontal drilling and hydraulic fracturing might make it easier to access reservoirs.
They can also aid in CO2 injection distribution optimization, resulting in greater oil recovery rates. It is anticipated that these technological developments would make CO2 EOR economically viable for a larger range of oilfields.
Oil & gas businesses, governments, and investors are becoming more interested in the potential economic benefits of CO2 EOR. CO2 EOR can result in increased oil recovery and significant financial gains.
A few governments might additionally provide regulatory frameworks or fiscal incentives to promote the use of CO2 EOR. It is believed that this will further support its appeal as a practical solution for oil production and carbon management.
Key Takeaways from CO2 EOR Market Report:
- The United States CO2 EOR industry is expected to witness a CAGR of 2% from 2023 to 2033.
- China CO2 EOR industry is likely to create an absolute dollar opportunity worth US$ 522.7 million in the evaluation period.
- Based on application, the conventional oil fields segment is predicted to record a CAGR of 1% in the projection period.
- In terms of source, the natural CO2 segment is estimated to register more than 0% CAGR in the review period.
- Japan CO2 EOR market is expected to create an incremental opportunity of US$ 449.8 million from 2023 to 2033.
“Energy security and lowering reliance on oil imports are frequently given top priority by governments of wealthy nations. They would be able to encourage higher domestic oil production by supporting CO2 EOR projects through tax incentives and regulatory frameworks,” says a lead analyst at Future Market Insights (FMI).
Competitive Landscape
Vendors of CO2 EOR are concentrating on ongoing technological developments to improve the effectiveness and efficiency of their operations. To advance drilling methods, reservoir modeling, and carbon capture technology, they are spending money on research & development. These businesses can provide better solutions and keep a competitive edge by continuing to be at the forefront of innovation.
A few additional businesses are looking for collaboration and alliances with influential actors such as oil & gas producers, suppliers of carbon capture equipment, and research institutions. They can access new markets, share knowledge, and create projects that are advantageous to both parties by utilizing resources and experience. Collaboration would also make it possible to split costs and risks, further enhancing their competitive advantages.
Start-up businesses involved in CO2 EOR might actively look for partnerships with carbon emitters such as factories or power stations. They might try to establish a steady and reliable flow of CO2 for injection. These cooperative efforts would help integrate carbon capture and storage with better oil recovery activities and guarantee a steady source of carbon dioxide.
For instance,
- The Republic of Tatarstan and Gazprom Neft signed a cooperative agreement regarding the execution of oil & gas projects and development of EOR techniques in October 2021. Both sides agreed to cooperate in order to address the growing demand for new oil equipment. Western Siberia and the Volga Federal District would be used as test sites for collaborative research.
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Get More Valuable Insights into the CO2 EOR Market Report
In the latest report, Future Market Insights (FMI) has offered an unbiased analysis of the global CO2 EOR market. The CO2 EOR industry is segmented based on application (conventional oil fields, unconventional oil & gas reservoirs, mature or declining oil fields), source (natural CO2, anthropogenic (man-made) CO2, captured CO2), and regions.
Leading Key Players:
- BP PLC
- Chevron Corporation
- ConocoPhillips Company
- Denbury Resources Inc.
- Exxon Mobil Corporation
CO2 EOR Market Outlook by Category
By Application:
- Conventional Oil Fields
- Unconventional Oil and Gas Reservoirs
- Mature or Declining Oil Fields
By Source:
- Natural CO2
- Anthropogenic (Man-made) CO2
- Captured CO2
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East & Africa
About the Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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