Sellbyville, DE -- (SBWIRE) -- 10/16/2018 -- The U.S. enhanced oil recovery market will witness strong growth on account of the increasing demand for petroleum products coupled with growing investments toward E&P projects. As per the EIA, the capital expenditure for 44 onshore oil production companies in the U.S. increased by USD 4.9 billion between 2015 and 2016. Favorable government initiatives and programs to increase oil recovery from matured reservoirs will further propel the industry landscape. The International Energy Agency (IEA) introduced EOR Technology Collaboration Program (TCP) to reduce the overall cost of existing technologies and explore innovative methods to enhance the overall productivity.

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Increasing number of stripper and marginal wells along with the growing demand to produce oil at the minimum cost will drive the enhanced oil recovery market size. In 2015, the EIA estimated about 380,000 stripper wells in the U.S. compared to about 90,000 non-strippers. As per the National Stripper Well Association (NSWA), the U.S. had an estimated 771,000 marginal wells in production with about 410,000 oil wells in 2013.

Offshore enhanced oil recovery market will witness a significant growth on account of the ongoing expansion of deep-water projects. In 2017, Petronas Carigali Sdn Bhd (PCSB) announced its plan to invest around USD 2.3 billion for its EOR projects located in the offshore Sarawak oilfield in Malaysia.

With increasing number of E&P activities and growing quest to produce crude oil at lower cost, enhanced oil recovery market is witnessing strong growth potential across the globe. In the recent times, enhanced oil recovery market has gained significant attention in the public policy realm as this technique is known to offer a faster and more likely pathway toward the deployment of carbon capture and storage (CCS) projects. Basically, enhanced oil recovery (EOR) is the implementation of several techniques for increasing the amount of crude oil that can be extracted from an oil field.

The fact that EOR can considerably reduce CO2 emission has encouraged governmental bodies to merit closer regulatory scrutiny toward environment. It is prudent to mention that, governments are taking several initiatives toward developing a proper infrastructure and installing advanced technology for crude oil production on global scale. For instance, U.S. government has introduced National Enhanced Oil Recovery Initiative (NEORI) to spur the crude production of the region and effectively reduce the CO2 emission through the use of EOR technology. In July 2017, NEORI established a FUTURE Act to speed up the installation of such technologies to reduce CO2 emission from oil & gas rigs, power plants, and other industrial applications.

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Environmental benefits along with the adoption of Carbon Capture and Storage (CCS) will augment the enhanced oil recovery market growth. According to the study of DOE's National Energy Technology Laboratory (NETL), CO2 EOR could provide a value-added market for the sale of carbon dioxide emitted from new coal-fired power plants.

Norway enhanced oil recovery market is set to witness a gain of over 18% by 2024. Declining crude production along with the growing focus of Norwegian operators on maintaining productivity at low crude oil price will positively impact the business outlook. Norwegian oil production dropped from a peak of around 3 MMbbl/d in 2005 to 1.9 MMbbl/d in 2016. The Norwegian Petroleum Directorate (NPD) encourage operators to use EOR techniques in new projects as well as the existing fields approaching the end of their productive lifespans.

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Key players in the enhanced oil recovery market include Schlumberger, Halliburton, NALCO, GE (Baker Hughes), Total, Petroleum Development Oman, Statoil, Occidental Petroleum, ConocoPhillips, Lukoil, British Petroleum, Kinder Morgan, Chevron, Denbury Resources, Exxon Mobil, Shell, and Wintershall.

Taking into consideration the topographical trends, U.S. is one of the leading regions that is witnessing robust growth in enhanced oil recovery market. According to statistics, U.S. crude oil consumption raised from 18.5 MMbbl/d in 2012 to 19.4 MMbbl/d in 2015. As per IEA, the CO2 enhanced oil recovery market is expected to reach 650,000 barrels per day by 2040. Positive governmental outlook toward deployment of CCS technology especially in the oil and gas companies to renew the production volume in wells and refill the gas pressure are identified as one of the significant factors augmenting enhanced oil recovery market share in the ensuing years. Reports state the U.S. enhanced oil recovery market to be over 250 MMbbl in terms of volume, in 2016.

Along with the U.S., UAE is another lucrative region whch has proclaimed to increase its oil production to 30% by 2020. The regional enhanced oil recovery industry is further expected to prosper, given the ADNOC's announcement to deploy EOR technologies as a part of 2030 strategy and maximize the crude oil production.