NEW YORK, May 15, 2018 (GLOBE NEWSWIRE) -- The global enhanced oil recovery market is expected to witness a CAGR of 4.59% and is projected to reach USD 84.45 million by 2024. Rise in demand for oil and significant increase in production rate of oil have given impetus to the market. Moreover, availability of vast reserves of matured wells for EOR is expected to drive the growth of this market in the coming years.
Early oil and natural gas extraction methods were limited to primary and secondary extraction. Utilization of these methods leaves a major portion of the oil reserve untapped. EOR is used in fields that exhibit irregular fault lines, heavy oil & poor permeability, and effectively increases the production of a well. EOR method, since its inception, has gained fast traction and is being adopted by major oil companies across the globe.
Gas Injection segment is expected to witness the highest growth rate over the forecast period
Gas injection recovery method employs the use of nitrogen, CO2 or natural gas to enhance the waning pressure of an oil well or decreasing the viscosity of the oil. There is a rising interest in petroleum companies to use CO2 for gas injection method. This method results in storage of carbon dioxide underground, which is seen as an acceptable way of reducing greenhouse gases by IPCC. Furthermore, this method opens a new market for CO2 by incentivizing industries to capture and supply this greenhouse gas for geological entrapment. These factors have resulted in the rapid adoption of this method and are set to propel the growth of this market over the forecast period.
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Enhanced Oil Recovery Market – Regional Insight
North America held the largest market share of the global market in 2017. Due to decrease in the price of oil in the recent years, North America has lowered its production of crude oil from developmental wells and shifted to producing oil from matured wells through EOR method. Additionally, presence of major players has propelled the growth of this market in this region. Middle East has the most potential for enhanced oil recovery owing to straightforward terrain for carbon capture and storage (CCS) pipelines.
Key findings from the report:
- The global enhanced oil recovery market is likely to reach USD 84.45 million by 2024
- Gas injection segment is expected to witness the highest CAGR over the forecast period. This growth is attributed to rapid adoption of CO2 gas injection method.
- On-shore segment held the major share of market in 2017 as offshore EOR carries operational, commercial and financial risks
- North America held the largest market share of the global market in 2017 and the trend is likely to continue over the forecast period. This can be attributed to presence of major crude oil companies in this region
- The key players of this market are Exxon Mobil; Chevron Phillips Chemical Company; Royal Dutch Shell Plc; BP; Cenovus Energy Inc.; Statoil ASA; LUKOIL; Petroleo Brasileiro S.A.; and China Petroleum & Chemical Corporation among others
This report segments Enhanced Oil Recovery market based on type of recovery method, location and region.
By Recovery Method
- Thermal Recovery
- Gas Injection
- Chemical Injection
- Others
By Location
- Onshore
- Offshore
Region
- North America
- Europe
- Asia-Pacific (APAC)
- Middle East and Africa
- Central and South America
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