360 MARKET UPDATES Report provides a 360-degree overview of the global Enhanced Oil Recovery (EOR) Market with special emphasis on all aspects including drivers, restraints, and opportunities, market and regional segmentation.
Report Title: “Global Enhanced Oil Recovery (EOR) Market – Analysis of Growth, Trends and Forecasts (2018 – 2023)”
Global “Enhanced Oil Recovery (EOR) Market” is expected to register a CAGR of approximately XX% during the forecast period of (2018 – 2023). Also, Enhanced Oil Recovery (EOR) Market report provides the global market competition landscape, market drivers and trends, opportunities and challenges, risks and entry barriers, sales channels, distributors and Enhanced Oil Recovery (EOR) Analysis.
Enhanced Oil Recovery (EOR) market Report provides a 360-degree overview of the global Enhanced Oil Recovery (EOR) market with special emphasis on all aspects including drivers, restraints, and opportunities, market and regional segmentation.
Enhanced Oil Recovery (EOR) Market Report Covers Leading Manufacturers: Halliburton Co., Praxair Technology, Inc., Royal Dutch Shell Plc, Statoil ASA, BP Plc, China Petroleum & Chemical Corporation, Oil and Natural Gas Corporation Ltd, Chevron,Philips Chemical Company, Schlumberger Ltd, ExxonMobil Corporation, ConocoPhillips, Petroleo Brasileiro S.A., Lukoil Oil Co.
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The International Energy Agency (IEA) predicts that the demand for energy will increase by 1.4% per year, till 2040, with oil & natural gas contributing to approximately half the need. However, the global average field recovery from water flooding is currently around 35%, leaving between 60 to 70% of oil in place. The employment of enhanced oil recovery (EOR) techniques is expected to increase significantly across the globe, during the forecast period, to maximize ultimate economic recovery from existing oil and gas fields. Furthermore, increasing numeral of mature oil wells, and encouraging government regulation and programs in countries, such as India, is expected to supplement the growth of the market further. However, environmental issues, such as brine contamination and the prolonged âlower for longer oilâ condition of crude oil, may restraint the growth of the market during the forecast period.
Maturing Oilfields – Fueling the Demand
Maximizing recovery of oil from aging resources is a primary concern for oil companies and authorities. Also, the rate of replacement of the produced reserves by discoveries has been declining steadily in the past decades. Therefore, the increase of the recovery factors from mature fields under primary and secondary production is expected to be critical to meet the growing global energy demand during the forecast period. The Southeast Asian region is witnessing a constant increase of mature fields. Countries across the globe, such as India, the US, the UK, Malaysia, are expected to extensively promote EOR friendly policy. Furthermore, in the current âlower for longerâ market scenario and market trend of developing more offshore development projects, the companies are expected to adopt a wait and watch strategy for announcing new E&P projects. This would further supplement the demand for EOR services from the maturing field, across the globe.
Gas Injection to Register High Demand in North America
Gas Injection offers advantages, such as reduction of oil viscosity and added pressure in the reservoir for oil production. With increasing focus on unconventional gas production across the globe, the demand for gas injection based EOR techniques is expected to increase during the forecast period. In 2017, owing to Shale boom, the US became a net exporter of natural gas and is expected to become a net oil exporter by 2027. Gas injection is expected to account for approximately 60% of EOR production in the United States, with growing emphasis on CO2 based EOR. The regional availability of vast resources of cheap sources of CO2 from natural sources and are readily available CO2 pipeline system is expected to supplement the further growth of CO2-based EOR. The United States and Canada are expected to further ramp up production from their unconventional reserves during the forecast period, which would, in turn, supplement the demand for gas injection-based EOR in North America.
India â Expected Dark Horse in the Market
The producing oilfields of India are continually aging with average recovery factor remaining continuously below the global average. As a part of the broader Energy Security program, the government has set a goal to reduce 10% of crude oil import by 2022, with EOR emerging as an answer for the same. In January 2018, Indian government proposed the draft policy for boosting oil and gas output through projects using EOR techniques, offering significant fiscal incentives, including 50% waiver of oil cess and reduced profit petroleum sharing for companies. State-run company – ONGC plans to invest INR 57,825 crore on 28 EOR projects, while Cairn India plans to spend INR 37,000 crore to ramp up production using EOR. Such similar investment by the oil and gas operators and the government is expected to significantly attract international EOR players to India, during the forecast period.
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Reasons to Purchase Enhanced Oil Recovery (EOR) Market Report:
- Identification of key factors instrumental in changing the market scenario, exploiting new opportunities, and gaining a competitive edge.
- Analysing various perspectives of the market with the help of Porter’s five forces analysis.
- The authentication mode is likely to witness the highest adoption of these systems in the market.
- The regions that are expected to witness the fastest growth during the forecast period.
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