25 July 2022
Visiongain has published a new report entitled Carbon Dioxide (CO2) Enhanced Oil Recovery (EOR) Market Report 2022-2032: Forecasts by Type (Miscible EOR, Immiscible EOR), by CO2 Source (Natural CO2 Deposits, Carbon Capture & Storage, Industrial CO2, Other), by Equipment (Drilling Equipment, Production Well, Injection Well Equipment, Lease Equipment, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The global CO2 enhanced oil recovery market was valued at US$3,735 million in 2021 and is projected to grow at a CAGR of 4.4% during the forecast period 2022-2032.
Enhanced oil recovery (CO2-EOR) is a technology for increasing oil output
Enhanced oil recovery (CO2-EOR) is a technology for increasing oil output in ripe oil fields that is most commonly utilised in the third and final stages of development. It's also considered a form of tertiary rehabilitation. Since the early 1970s, it has been employed in the United States, mostly in the Permian Basin in western Texas and eastern New Mexico, where over 50 CO2-EOR projects have been installed. CO2 injections in depleted oil reservoirs are used to target remaining oil. The oil recovery process can be blended or miscible with miscible transfers to produce the best results. The lower viscosity and expansion of the most recent CO2-oil phase minimise flow resistance toward oil producing wells. When anthropic CO2 is taken from an industrial facility for EOR, a quantity that has entered the atmosphere as a greenhouse gas and has not been collected and utilised for EOR may be called anthropic CO2 lost into the formation.
How has COVID-19 had a significant negative impact on the CO2 Enhanced Oil Recovery Market?
Even while the world economy will eventually recover, it is unlikely that things will go back to "business as usual" any time soon, if at all. Instead, due to decreased economic activity and mounting pressure to switch to more environmentally friendly energy sources, the oil and gas industry is projected to experience protracted severely reduced demand. Similar to this, the sector must also deal with oversupply challenges, whether as a result of soaring US shale oil volumes or the competition between OPEC and Russia for market dominance.
The writing down of some expensive and stranded assets will make it harder for international oil corporations (IOCs) to expand organically. However, if smaller firms find it difficult to compete, there will be more M&A chances. Large, low-cost reserve positions will drive national oil companies (NOCs) to push for production acceleration, whereas NOCs with higher cost structures will struggle. Reduced oil and gas earnings will result in smaller national budgets, which will fuel more discussion about how to balance social demands and oil reinvestment. Some governments may take advantage of the situation to increase support for energy transition initiatives.
How will this Report Benefit you?
Visiongain’s 374-page report provides 210 tables and 209 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global CO2 enhanced oil recovery market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for CO2 Enhanced Oil Recovery. Get financial analysis of the overall market and different segments including market value, market volume, co2 sources, equipment and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing CO2 enhanced oil recovery 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.
What are the Current Market Drivers?
CO2 Source: Technological Advancement and Oil Recovery
To boost oil output and supply, improved oil regeneration and enhanced oil regeneration (IOR) methods were created (EOR). IOR techniques are used to recover near-field mobile crude and/or non-moving oil, whereas CO2 EOR procedures are used to recover predominantly non-mobile crude oil that stays in the reservoir after primary and secondary processes. Chemical, steam, and thermal techniques are the three main types of EOR technology. The most often utilised EOR procedures are chemical injections of surfactants, polymers, and solvents.
Providing Electricity That Is Low-Carbon and Can Be Dispatched
Power generation must be decarbonized to attain net-zero emissions. Grid-stabilizing services such as inertia, frequency control, and voltage management are provided by CCS-equipped power plants, as well as dispatchable and low-carbon electricity. Grid-stabilizing services cannot be provided by solar photovoltaics (PV) or wind production. CCS works in concert with renewables to improve the stability and reliability of the future low-carbon grid. In hard-to-reduce sectors, residual emissions must be offset. CCS is the foundation for carbon dioxide removal technology, including bioenergy and carbon storage direct air capture (BECCS) (DACCS). Despite the fact that carbon dioxide removal is not a silver bullet, it is required every year even if large CO2 reductions are not achieved.
Where are the Market Opportunities?
Environmental Advantages and Possibilities for Co2 Use
CO2 EOR is almost too good to be true in terms of energy protection advantages, but it is even better because of its many environmental benefits. CO2 EOR produces CO2 emissions that would otherwise be emitted into the atmosphere by using very little new ground. Although CO2 EOR isn't a replacement for new exploration if we want to reap the full benefits of producing domestic energy, it can significantly increase our supply by boosting production from existing oil fields. The new facilities will be built on previously established oil-producing property. Wherever possible, new pipelines will be built alongside existing pipeline routes, avoiding land disruption. CO2 capture facilities will be located near power plants or other manufacturing plants.
CO2 EOR Provides an Opportunity to Increase Domestic Oil Supply
Oil import dependence has a significant impact on the security and stability of the US energy system. Despite this, the US produced just 5.5 million barrels per day, importing the remaining two-thirds from hostile regions in some cases. EOR now accounts for 281,000 barrels per day, or 6% of US oil output, secretly. EOR, on the other hand, has the ability to greatly increase domestic oil supplies. Over the last 40 years, the EOR industry has expanded to over twenty companies that use innovative technology and practises to increase subsurface awareness, locate difficult-to-find oil pockets, and boost oil production.
The major players operating in the CO2 enhanced oil recovery market are Abu Dhabi National Oil Company, Air Products & Chemicals Inc., BP Plc, Cenovus Energy Inc., Chesapeake Energy Corporation, Chevron Corporation, China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation, ConocoPhillips, Equinor ASA, Exxon Mobil Corporation, Halliburton Company, Kinder Morgan, Inc., LUKOIL, Occidental Petroleum Corporation, Petroleo Brasileiro S.A, Royal Dutch Shell, Schlumderger N.V., Total SE. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Notes for Editors
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