Global Enhanced Oil Recovery (Eor) Market Is Set To Grow To $24.2bn In 2017
03 August 2017
Visiongain’ has launched a new energy report EOR Yearbook 2018: The Ultimate Guide To Enhanced Oil Recovery (EOR). Capex ($m) & Production (bpd) Forecasts For Chemical (Polymer, Surfactant, ASP, Alkali, Miscible, SP, AP), Gas (Carbon Dioxide (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
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 still under stress due to the depressed oil prices. While this is unlikely to recover in the immediate future, the next ten years are still likely to see production and spending increases in most 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 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. Although the oil price fall has slowed investment in EOR production in some regions (such as North America), companies elsewhere in the world will continue to implement projects to make the most of their existing reserves and meet production targets over the next ten years.
The visiongain report analyst commented “With increasing global energy demand, ageing oil fields and a dearth of conventional oil finds, enhanced oil recovery techniques are set to play an increasingly important role in the global oil industry over the coming decade. The oil price uncertainty takes its toll on new EOR investments. However, 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, Kinder Morgan, Denbury Resources, Hilcorp Energy, Whiting Petroleum, BlackPearl Resources Inc, China National Petroleum Corporation (CNPC), China National Offshore Oil Corporation (CNOOC) & Canadian Natural Resources (CNRL)
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