Enhanced Oil Recovery Market Current and Future Plans, Industry Analysis and Prospect by Forecast

 Enhanced Oil Recovery

Rising Focus on Heavy Oil Production Boosts Market Growth

Increasing activities to extract heavy oil from reserves in Canada, Venezuela, Mexico, China, and Colombia are driving the expansion of the enhanced oil recovery market. There is a rapid decline in conventional light oil. Heavy oil reserves are present in Canada and Venezuela; these are the key contributors to the production of heavy oil globally. Enhanced oil recovery technologies are used to increase the heavy oil production. Thus, the rising production activities to enhance oil production are creating opportunities for players operating in the enhanced oil recovery market.

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Enhanced Oil Recovery Market: Overview

·         Enhanced oil recovery (EOR) method, also called tertiary oil recovery, is a technology that involves extraction of crude oil from oil reservoirs that cannot be extracted through conventional technologies. It is also known as tertiary recovery method, as it takes place after primary and secondary recoveries.

·         Oil extracted through primary recovery accounts for 5% to 15%, while secondary recovery accounts for 20% to 60% of the total oil present in the reservoir. By using enhanced oil recovery technology, 35% to 75% oil can be extracted from the reservoir.

·         EOR technology uses methods such as thermal injection, gas injection, and chemical injection to extract oil from the reserves. Thermal injection technology uses hot water and steam to extract crude oil from the reservoir. Thermal injection technology reduces viscosity by increasing temperature; and improves the ability to flow through the reservoir. Gas injection uses gases such as natural gas, nitrogen, or carbon dioxide (CO2) that dissolve in the oil to lower its viscosity and improves its flow rate.

·         Chemical injection method uses long chain polymers, surfactant solutions, and alkali to extract crude oil from the reservoirs

Major Players in Global Enhanced Oil Recovery Market

·         BP Plc

·         Cenovus Energy Inc

·         Chevron Corporation

·         ConocoPhillips

·         ExxonMobil Corporation

·         OAO Lukoil

·         Petronas

·         Royal Dutch Shell Plc

·         Statoil ASA

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CO2 Injection Offers Considerable Benefits

·         The enhanced oil recovery technique that is attracting the most new market interest is CO2 injection. This can be ascribed to the technique’s ability to dispose of greenhouse gas and increase crude oil recovery.

·         CO2 released in the atmosphere through power generation and industrial sector is used in the gas injection technology to extract crude oil. Thus, large amount of CO2 is captured for EOR technologies, which may pollute the environment.

·         CO2-EOR is a sustainable way in which companies can reduce the intensity of emission of the oil delivered to market, thus helping reduce its environmental footprint. In theory, if the CO2 is captured from the air or from combustion of biomass, and injected in sufficient quantities, there could even be negative-emissions oil available to the market. Thus, CO2–EOR is expected to drive the EOR market in the near future.

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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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