Visiongain Publishes Chemical Enhanced Oil Recovery (EOR) Market Report 2020-2030
22 October 2020
Visiongain has published a new report on Chemical Enhanced Oil Recovery (EOR) Market Report 2020-2030: Forecasts by Type (Polymer, Surfactant Polymer, ASP, Other Chemicals), by Application (Onshore, Offshore). PLUS Profiles of Leading Chemical Enhanced Oil Recovery Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Global Chemical Enhanced Oil Recovery market was valued at US$ xx billion in 2019 and is projected to reach a market value of US$ xx billion by 2030. Increasing oil consumption, high recovery rates through successful implementation of CEOR, coupled with high cost of new exploration is expected to drive the implementation of CEOR over the coming years.
COVID-19 Impact on CEOR Market
Visiongain has anticipated four scenarios for the CEOR market to recover over the forecast period, namely, V, U, W, and L. The most favourable scenario for this market is anticipated to be the V scenario which is dependent on stabilization of oil prices and consumption. This scenario is probable when countries ease lockdown implementations and have effective treatment and vaccines in place.
Increasing Crude Oil Consumption
Crude oil consumption is expected to increase over the coming years on account of demand for transport fuel, chemicals, plastics and petroleum products. This coupled with maturing domestic oilfields is anticipated to put pressure on countries to enhance their oil output and reduce dependency on imports. World crude oil & liquid fuel production was 98.1 million barrels per day in 2017 and has is expected to reach 99.4 million barrels per day in 2021.
Early-stage adoption of CEOR in Offshore Locations
Recent success in the implementation of CEOR in offshore rigs is one of the factors expected to drive implementation of CEOR. Polymer flooding was termed suitable for operation in offshore platform as it did not require complex and additional surface facilities in the relatively limited platform spacing. However, due to the limited lifespan of an offshore platform, it was observed that this technique should be adopted at an early stage of oilfield development to improve oil recovery ratio.
Investment in R&D activities for new & natural chemistries
Nanotechnology has gained increased acceptance in the oil & gas industry for drilling operations, hydraulic fracturing, and petroleum exploration among others. Nanofluids are one of the latest advancements in the CEOR industry. Alternately, companies are continuously investing in developing hybrid chemical formulations to improve recovery rates of mature oilfields. Investments are also aimed at reducing the cost associated with the implementation of CEOR.
Favourable government policies on account of maturing oilfields
Decreasing production rates in mature oilfields are expected to push governments to implement policies that promote the use of EOR, IOR and IGR in their ageing oilfields. This would reduce the dependency of countries on oil imports and enable inflow technological expertise and investment within the country.
Some of the companies profiled in the report include PetroChina Company Limited (CNPC), International Petroleum Corporation (IPC), China National Offshore Oil Corporation (CNOOC), Cenovus Energy Inc., Murphy Oil Corporation, Petroleum Development Oman, Sinopec Group (China Petrochemical Corporation), Canadian Natural Resources (CNRL), Zargon Oil & Gas Ltd., BP p.l.c, Oil & Gas Natural Gas Corporation Ltd. (ONGC), Equinor ASA, OMV AG, Rosneft Oil Company, and Total SA. Visiongain has also profiled chemical providers in the CEOR market such as BASF, DOW Chemical, Solvay, Clariant, etc.
• In April 2020, ONGC successfully achieved significant oil recovery through heavy oil polymer flooding in its pilot Becharji heavy oil field in North Gujarat.
• In January 2020, the company announced a USD 270 million oil recovery project in Gullfaks field to improve recovery in the North Sea field by 17 million barrels.
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