“Global Enhanced Oil Recovery (EOR) spending is forecasted to increase to $44bn in 2019” says new Visiongain report

13 November 2018
Energy

Visiongain has launched a new energy report EOR Yearbook 2019: The Ultimate Guide to Enhanced Oil Recovery (EOR). Spending ($m) & Production (bpd) Forecasts for Chemical (Polymer, Alkaline, Surfactant), Gas (CO2 Injection, Nitrogen Injection, Natural Gas Injection), Thermal (Steam Injection (Steam Flood, Cyclic Steam Simulation (CSS)), Steam Assisted Gravity Drainage (SAGD), In-Situ Combustion, Heavy Oil Recovery Technologies Including Leading Company Analysis for Thermal EOR, Chemical EOR and CO2 EOR.

Enhanced oil recovery (EOR) technologies are used to increase the amount of oil that can be extracted from an oil field after the primary and secondary production stages.

The EOR market is expected to see good recovery due to rising oil prices. Visiongain has anticipated the oil prices to remain stable at current levels (~$75/bbl) or grow higher over the next decade, encouraging companies to utilise more EOR methods to increase production and make the most of these prices. The next ten years are likely to see production and spending increases in most/ all EOR submarkets. Growth rates and the methods employed will vary considerably from country to country.

Many of the world’s conventional oil fields have already started the inevitable decline in production rate owing to years of extraction of a finite resource. While unconventional reserves do hold the possibility for enormous oil production levels, they are not found everywhere, and the difficulty in extraction of oil from such reserves means that it is not always feasible to develop them. This means that it is often most beneficial to apply EOR Market to existing fields to help achieve the maximum recovery rate from each well.

EOR technologies have been in operation for a number of decades, primarily being used to recover more oil from ageing oil fields. However, escalating oil demand in emerging economies, improved technologies, ageing oil fields and a dearth of conventional oil finds helped to drive investments in the market and increase production. As a result of this, thermal, gas and chemical EOR methods are no longer confined to a few select countries.

The Visiongain report analyst commented “With increasing global energy demand, ageing oil fields and a severe decline of conventional oil finds, enhanced oil recovery techniques will become increasingly important for the global oil industry over the coming decade and beyond. Oil prices are inherently unpredictable and can have a large impact on EOR investments. The world will continue to require oil and its products for the foreseeable future and so we believe that there will continue to be a place for EOR in the market. Their resilience is strengthened by the fact that EOR methods are no longer confined to a few select countries, with companies throughout the world beginning to implement projects to make the most of their existing reserves.”

Leading companies featured in the report who are developing EOR methods include Suncor, ConocoPhillips, Imperial Oil, Cenovus, Chevron, PDVSA, Husky, Sinopec, Occidental, Denbury Resources, Hilcorp Energy, Whiting Petroleum, BlackPearl Resources Inc, China National Petroleum Corporation (CNPC), China National Offshore Oil Corporation (CNOOC) & Canadian Natural Resources (CNRL)

Notes for Editors
If you are interested in a more detailed overview of this report, please send an e-mail to sara.peerun@visiongain.com or call her on +44 (0) 207 336 6100

About Visiongain
Visiongain is one of the fastest-growing and most innovative independent media companies in Europe. Based in London, UK, visiongain produces a host of business-to-business reports focusing on the automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors.

Visiongain publishes reports produced by analysts who are qualified experts in their field. Visiongain has firmly established itself as the first port of call for the business professional who needs independent, high-quality, original material to rely and depend on.

Recent News

Visiongain Publishes Non-Destructive Testing (NDT) Market Report 2021-2031

India, China, Malaysia, and Brazil are all building new bridges, dams, railroads, power plants, and refineries as part of their infrastructural growth. As a result, demand for NDT and inspection services and equipment is expected to rise, propelling the expansion of businesses that provide these services and equipment.

14 October 2021

Read

Visiongain Publishes Liquefied Natural Gas (LNG) Storage Tank Market Report 2021-2031

In many key markets, the fundamental principles for LNG growth – such as falling domestic supply and increased need for energy – remain intact. In the meanwhile, cheap prices allow for extra penetration of LNG.

15 September 2021

Read

Visiongain Publishes Flexible Battery Storage Market Report 2021-2031

The proliferation of the internet and smartphones around the world, as well as increased focus on medical device R&D and adoption of advanced healthcare technologies, as well as rising expenditure on healthcare infrastructure development, particularly in developing economies, are all contributing to the growth of the wearable devices market.

14 September 2021

Read

Visiongain Publishes State-of-Charge (SoC) Market Report 2021-2031

Although the main growth sector in the electric vehicles is lithium batteries in a number of vital medical device, including the ventilators critical to this epidemic (EVs).

07 September 2021

Read

Kelloggs
3m
Thales
Shell
TEVA
Lockheed-Martin
Pfizer
Raytheon
Halliburton
Du-Pont
Honeywell
Daimler
BASF
Bayer
BP
BAE-Systems
Unilever