Global Enhanced Oil Recovery (EOR) Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation & Forecast 2024

Industry : Energy And Power Date : May 15th, 2018
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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.

The years used for the assessment are as follows;

  • Historical year  : 2014, 2015 and 2016
  • Base year      : 2017
  • Forecast period : 2018 – 2024

RESEARCH METHODOLOGY

The research and analysis is based on data and information obtained from various primary and secondary sources. The data obtained is validated by interacting with the companies of the concerned domain. The steps involved in the research methodology are;

  • Obtaining historical data of the market based on news, articles, publications, annual reports, white papers, and other secondary sources
  • Interacting with key opinion leaders of the market and developing data points based on interaction with them
  • Study of past trends in the market and their year on year Impact on the market size and share
  • Analyzing the collected data points
  • Bridging the data points to calculate the total enhanced oil recovery market and its various segments
  • Anticipating potential risks
  • Analyzing market forces such as drivers, restraints, and opportunities to assess new growth areas for the enhanced oil recovery market
  • Finalizing the overall size and share for the global enhanced oil recovery market 

OBJECTIVES:

  • To classify the global enhanced oil recovery market into segments by recovery method, location, and region and analyze their growth prospects individually.
  • To analyze market trends, opportunities, drivers and restraints associated with the enhanced oil recovery market.
  • Profiling key companies operating in the global enhanced oil recovery market.
  • To study market response with respect to the mergers and acquisitions in the industry.

MARKET SCOPE

The research scope for global enhanced oil recovery market is as follows:

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

EOR programs utilizing polymer gels can increase oil efficiency by 10-30% while improving sweep efficiency in the reservoir

Global enhanced oil recovery market (EOR) is expected to grow from USD 61.45 million in 2017, to USD 84.45 million by 2024, at a CAGR of 4.59% from 2018 to 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 coming years.

EOR is a tertiary method used to further increase oil production. EOR effectively restores formation pressure and helps in movement of oil to the production well. EOR process can be carried out by three methods; thermal recovery, gas injection and chemical injection. Thermal recovery held the largest market share in 2017; however, CO2 gas injection method has captured the interest of major oil companies in the recent years. Low cost, abundance of CO2, and the environmental benefit of geologically storing this gas have assisted in the growth of this market.

The U.S. Department of Energy states that primary and secondary production of conventional light crude oil will recover only about one-third of the oil in place, leaving roughly 400 billion barrels of oil in known the U.S. reservoirs. This remaining third is the target for EOR. The most common agent used to recover this oil is CO2, and more than 100 CO2 EOR projects are in progress in the United States. Middle East has also shown a vast potential for EOR projects. Oman has already started the construction of a solar-enhanced EOR pilot plant in the Middle East.

Enhanced oil recovery market is prevalent in North America. This can be attributed to the major oil companies driving the market towards adoption of new technologies for oil extraction. Furthermore, R&D investments by the U.S. Department of Energy to enhance EOR techniques will further drive the growth of this market over the forecast period.

The key players of this market are Exxon Mobil; Chevron Phillips Chemical Company; Royal Dutch Shell; BP; Cenovus Energy Inc.; Statoil ASA; LUKOIL; Petroleo Brasileiro S.A.; and China Petroleum & Chemical Corporation among others.

TABLE OF CONTENTS

CHAPTER 1. Market Scope and Methodology

1.1. Research methodology

1.2. Research scope & assumptions

1.3. List of data sources

CHAPTER 2. Executive Summary

2.1. Enhanced oil recovery – market snapshot

CHAPTER 3. Industry Analysis

3.1. Market definition

3.2. Market segmentation

3.3. Key findings of the enhanced oil recovery market

3.4. Regulatory framework

3.5. Technology outlook

3.6. Value chain analysis

3.7. Market opportunities & trends

3.7.1. Opportunities

   3.7.1.1. Opening a enhanced oil recovery plant in residual oil zones and matured reserves

   3.7.1.2. Solar-enhanced EOR recovery plants

   3.7.1.3. Using CO2 gas injection recovery method

3.7.2. Trends

           3.7.2.1. Shift from thermal recovery to gas injection for enhanced oil recovery

3.8. Market Dynamics

3.8.1. Growth Drivers

   3.8.1.1. Increase in oil production rate of oil well

   3.8.1.2. Availability of vast reserves of matured wells for EOR

3.8.2. Restraints of the Market

           3.8.2.1. Volatile oil prices

           3.8.2.2. Possible contamination of ground water resources

CHAPTER 4. Global Enhanced Oil Recovery Market Size and Forecast (2014 – 2024)

4.1. Global Enhanced Oil Recovery Market, By Recovery Method (USD billion) (Million Barrels)

4.1.1. Thermal Recovery

4.1.2. Gas Injection

4.1.3. Chemical Injection

4.1.4. Others

4.2. Global Enhanced Oil Recovery Market, By Location (USD billion) (Million Barrels)

4.2.1. Onshore

4.2.2. Offshore

CHAPTER 5. Global Enhanced Oil Recovery Market Size & Forecast, By Region

5.1. North America Enhanced Oil Recovery Market (USD Million/ Million Barrels)

5.1.1. North America Enhanced Oil Recovery Market, By Recovery Method (USD Million/ Million Barrels)

5.1.2. North America Enhanced Oil Recovery Market, By Location (USD Million/ Million Barrels)

5.1.3. North America Enhanced Oil Recovery Market, By Country (USD Million/ Million Barrels)

  5.1.3.1. U.S.

  5.1.3.2. Canada

  5.1.3.3. Mexico

5.2. Europe Enhanced Oil Recovery Market (USD Million/ Million Barrels)

5.2.1. Europe Enhanced Oil Recovery Market, By Recovery Method (USD Million/ Million Barrels)

5.2.2. Europe Enhanced Oil Recovery Market, By Location (USD Million/ Million Barrels)

5.2.3. Europe Enhanced Oil Recovery Market, By Country (USD Million/ Million Barrels)

  5.2.3.1. Germany

  5.2.3.2. Turkey

  5.2.3.3. Norway

  5.2.3.4. Rest of Europe

5.3. Asia-Pacific Enhanced Oil Recovery Market (USD Million/ Million Barrels)

5.3.1. Asia-Pacific Enhanced Oil Recovery Market, By Recovery Method (USD Million/ Million Barrels)

5.3.2. Asia-Pacific Enhanced Oil Recovery Market, By Location (USD Million/ Million Barrels)

5.3.3. Asia-Pacific Enhanced Oil Recovery Market, By Country (USD Million/ Million Barrels)

   5.3.3.1. Japan

   5.3.3.2. India

   5.3.3.3. China

   5.3.3.4. Rest of Asia-Pacific

5.4. Middle East and Africa Enhanced Oil Recovery Market (USD Million/ Million Barrels)

5.4.1. Middle East and Africa Enhanced Oil Recovery Market, By Recovery Method (USD Million/ Million Barrels)

5.4.2. Middle East and Africa Enhanced Oil Recovery Market, By Location (USD Million/ Million Barrels)

5.4.3. Middle East and Africa Enhanced Oil Recovery Market, By Region (USD Million/ Million Barrels)

  5.4.3.1. Egypt

  5.4.3.2. Oman

  5.4.3.3. Rest of Middle East and Africa

5.5. Central and South America Enhanced Oil Recovery Market (USD Million/ Million Barrels)

5.5.1. Central and South America Enhanced Oil Recovery Market, By Recovery Method (USD Million/ Million Barrels)

5.5.2. Central and South America Enhanced Oil Recovery Market, By Location (USD Million/ Million Barrels)

5.5.3. Central and South America Enhanced Oil Recovery Market, By Region (USD Million/ Million Barrels)

            5.5.3.1. Brazil

            5.5.3.2. Rest of Central and South America

CHAPTER 6. Key Players and Strategic Developments

6.1. Exxon Mobil

6.1.1. Business Overview

6.1.2. Product and Service Offering

6.1.3. Financial Overview

6.1.4. Strategic Developments

6.2. Chevron Phillips Chemical Company

6.2.1. Business Overview

6.2.2. Product and Service Offering

6.2.3. Financial Overview

6.2.4. Strategic Developments

6.3. Royal Dutch Shell plc

6.3.1. Business Overview

6.3.2. Product and Service Offering

6.3.3. Financial Overview

6.3.4. Strategic Developments

6.4. Petronas

6.4.1. Business Overview

6.4.2. Product and Service Offering

6.4.3. Financial Overview

6.4.4. Strategic Developments

6.5. BP

6.5.1. Business Overview

6.5.2. Product and Service Offering

6.5.3. Financial Overview

6.5.4. Strategic Developments

6.6. Cenovus Energy Inc.

6.6.1. Business Overview

6.6.2. Product and Service Offering

6.6.3. Financial Overview

6.6.4. Strategic Developments

6.7. Statoil ASA

6.7.1. Business Overview

6.7.2. Product and Service Offering

6.7.3. Financial Overview

6.7.4. Strategic Developments

6.8. LUKOIL

6.8.1. Business Overview

6.8.2. Product and Service Offering

6.8.3. Financial Overview

6.8.4. Strategic Developments

6.9. Petroleo Brasileiro S.A.

6.9.1. Business Overview

6.9.2. Product and Service Offering

6.9.3. Financial Overview

6.9.4. Strategic Developments

6.10. China Petrochemical Corporation

6.10.1. Business Overview

6.10.2. Product and Service Offering

6.10.3. Financial Overview

6.10.4. Strategic Developments

6.11. Abbreviations

Global Enhanced Oil Recovery (EOR) Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation and Forecast 2024