Pune, India -- (SBWire) -- 12/10/2018 --Market Research Analysis
North America and Europe regions are expected to command a major market share
By US EIA s, the U.S. is dominating the market for enhanced oil recovery processes. The country has several support legislatures and policies that support the use of enhanced oil recovery methods. Several oilfields in the Gulf of Mexico are rapidly reaching their operational lifetime and, thus, enhanced oil recovery methods are being implemented widely. Similarly, the European region is witnessing an increased implementation of oil recovery process due to rapidly maturing fields in the North Sea region. In the Middle East and Asia Pacific, onshore wells are undergoing an increased implementation of oil recovery processes. Developing countries, such as India, Indonesia, and Malaysia, are expected to contribute to the growth of the market in the coming years.
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Market Highlights
In the last decade, the oil and gas industry witnessed a decline in new due to a sharp drop in oil prices and the preference of energy shifting from oil to renewable sources of energy. To overcome the cost associated with new oil discoveries and reduce existing operational overhead costs, oilfield operators are looking for new techniques to boost oil production from existing wells. Moreover, 70% of the existing oil fields are nearing their operational lifetime or maturing, where oil extraction through primary and secondary methods will yield lesser oil than before.
Enhanced oil recovery methods are expected to play a crucial role as they can enable oil extraction from mature oilfields. The global oil and gas industry is investing a lot in enhanced oil recovery methods as they are expected to play a key role in meeting the energy demands of the world. The enhanced oil recovery market, by is segmented into thermal, chemical, and microbial methods of oil recovery. By employing enhanced recovery methods, the oil and gas present deep down in the reservoirs get stimulated, and the fluids are then extracted.
By technology type, the CO2 based enhanced oil recovery methods have been quite successful for a few decades now, owing to the government initiatives for carbon capture and storage programs. CO2 emissions from power plants are captured and are used in the enhanced oil recovery process. This helps the power industry to reduce its carbon footprints and the oil industry to use the toxic CO2 for oil recovery processes. Besides, new techniques, such as microbial enhanced oil recovery methods, are gaining prominence with several companies investing in this space. One of the major reasons for is that it uses naturally present bacteria in the oil fields to enhance the oil recovery process. Oilfield operators who employ this method of oil recovery have an additional advantage of having control over the G
By technology type, the CO2 based enhanced oil recovery methods have been quite successful for a few decades now, owing to the government initiatives for carbon capture and storage programs. CO2 emissions from power plants are captured and are used in the enhanced oil recovery process. This helps the power industry to reduce its carbon footprints and the oil industry to use the toxic CO2 for oil recovery processes. Besides, new techniques, such as microbial enhanced oil recovery methods, are gaining prominence with several companies investing in this space. One of the major reasons for is that it uses naturally present bacteria in the oil fields to enhance the oil recovery process. Oilfield operators who employ this method of oil recovery have an additional advantage of having control over the G
Global enhanced oil recovery market is projected to witness 15.7% CAGR during the forecast period.
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Key Players
The key players in the global enhanced oil recovery market are Praxair Technology, Inc., PJSC Lukoil Oil Company , FMC Technologies, Inc., Chevron Phillips Chemical Corporation, Schlumberger Ltd., Royal Dutch Shell Plc, Halliburton Corporation, Basf SE, Baker Hughes, a GE company, Statoil ASA, BP Plc., Exxon Mobil, and Titan Oil Recovery.
Enhanced Oil Recovery Market to 2023 – Market Share, Growth, Statistics, Competitor Landscape, Key Players Analysis, Trends and Forecasts