Visiongain has published a new report: Thermal Enhanced Oil Recovery (EOR) Market Report 2024-2034: Forecasts by Application (Onshore, Offshore), by Method (Steam Flooding, Cyclic Steam Stimulation, Hot Water, In-situ Combustion, Steam-Assisted Gravity Drainage) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The global thermal enhanced oil recovery (EOR) market is expected to surpass US$30 billion in 2023. The market is projected to reach a market value of US$43.6 billion by 2034.
Increasing Oil Demand in Developed as well as Developing Economies
The demand for oil is influenced by various factors, including economic growth, industrialization, transportation needs, and overall energy consumption. Both developed and developing economies contribute to the global demand for oil, although the drivers may differ between these two categories.
Developing economies often experience rapid industrialization as they strive to build infrastructure and expand manufacturing sectors. Industries require energy, and oil remains a crucial source for various industrial processes. Increasing urbanization in developing countries leads to a rise in transportation needs, particularly in terms of cars, buses, and trucks. The dependence on oil for fuel in the transportation sector contributes significantly to overall oil demand.
Challenges Associated with Thermal EOR Industry
Enhanced Oil Recovery (EOR) techniques, including Thermal EOR methods, face various challenges that can impact their effectiveness and economic viability. Thermal EOR, such as steam injection and in-situ combustion, involves the application of heat to the reservoir to improve the mobility of oil and increase recovery. The implementation of thermal EOR techniques involves substantial upfront capital investments and ongoing operational expenses. The need for specialized equipment, facilities, and energy sources can make these projects financially challenging.
Generating and maintaining the required heat for thermal EOR processes can be energy-intensive. This not only adds to operational costs but also raises environmental concerns, particularly if the energy source is not sustainable or has a high carbon footprint. Reservoirs often have complex geological formations with variations in permeability, porosity, and rock properties. This heterogeneity can lead to uneven distribution of heat, impacting the effectiveness of thermal processes and leading to uneven oil recovery.
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How will this Report Benefit you?
Visiongain’s 278-page report provides 132 tables and 160 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global thermal enhanced oil recovery (EOR)s market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for thermal enhanced oil recovery (EOR)s. Get financial analysis of the overall market and different segments including offering, application, service, airspace, and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing thermal enhanced oil recovery (EOR)s market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
Growing Power Demand Globally to Open New Opportunities
Enhanced Oil Recovery (EOR) methods, including thermal methods, are employed to extract additional oil from reservoirs, especially in cases where primary and secondary recovery methods have been insufficient. Heavy oil reservoirs often require specialized techniques due to their high viscosity. Thermal EOR methods are particularly effective for heavy oil recovery. Enhanced Oil Recovery (EOR) techniques, including thermal methods, are primarily used in the oil and gas industry to increase the extraction of hydrocarbons from reservoirs.
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Competitive Landscape
Thermal EOR market is highly consolidated in nature as leading 10 companies operating in this industry dominated the market in 2023 and is expected to continue their dominance over the forecast period. Leading companies are China National Petroleum Corporation, Sinopec, ONGC, Chevron, Petrobras, Ecopetrol, Pemex , Petrotrin, Petróleos de Venezuela, Lukoil, Wintershall Dea AG, Canadian Natural Resources, Aera Energy, Husky Energy, and International Petroleum Corp. Companies are adopting different strategies such as new sensor technology development, merger & acquisitions, partnership, collaboration, and investment in order to stay competitive in the industry.
- In December 2023, Indonesia’s Special Task Force for Upstream Oil and Gas Business Activities (SKK Migas) formally granted approval to the proposed phase 1 plan of development (POD) for steamflood enhanced oil recovery (EOR) at the Rantaubais field. The project is managed by Pertamina Hulu Rokan (PHR), the cooperation contract contractor (KKKS). It involves an investment of IDR3.7 trillion ($239m).
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To find more Visiongain research reports on the energy sector, click on the following links:
- Chemical Enhanced Oil Recovery (EOR) Market Report 2023-2033
- Carbon Dioxide (CO2) Enhanced Oil Recovery (EOR) Market Report 2022-2032
- Top 20 Enhanced Oil Recovery (EOR) Companies 2019
- EOR Yearbook 2019: The Ultimate Guide to Enhanced Oil Recovery (EOR)
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