Global Enhanced Oil Recovery (Eor) Market Is Set To Grow To $24.2bn In 2017

03 August 2017
Energy

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)

Notes for Editors
If you are interested in a more detailed overview of this report, please send an e-mail to sara.peerun@visiongainglobal.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 Geothermal Power Market Report 2021-2031

Low operating costs associated with geothermal electricity generation drove the market during the historic period. Low operating costs associated with geothermal power encouraged many companies to invest in this market, contributing to the market growth.

06 January 2021

Read

Visiongain Publishes Flywheel Energy Storage Systems Market Report 2021-2031

High demand for long lasting, reliable, and ecologically sound energy storage systems to support advanced energy storage applications is expected to drive the demand for FESS. FESS is anticipated to witness high traction in electric vehicle application over the coming years, on account of its high power density, faster charging and low environmental impact.

11 December 2020

Read

Visiongain Publishes Tire Derived Fuel (TDF) Market Report 2021-2031

The comprehensive report offers market estimation and forecast for the period ranging 2021-2031 for leading national markets and rest of the world. Moreover, the report contains dedicated leading companies covering 10 leading producers in the field of global tire derived fuels.

11 December 2020

Read

Visiongain Publishes Oil & Gas Pipeline Leak Detection Market Report 2021-2031

The COVID-19 crisis has dramatically affected oil and gas production and demand, leaving no midstream markets untouched as drilling screeched to a halt, pipeline projects were sidelined and global storage neared capacity in a stark reversal of trends at the start of 2020.

25 November 2020

Read

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