Enhanced Oil Recovery (EOR) Market - Segmented by Technology (Gas Injection, Chemical Injection, Thermal Injection, Microbial Injection), Location (Onshore, Offshore), and Geography - Growth, Trends and Forecast (2019 - 2024)

Enhanced Oil Recovery (EOR) Market - Segmented by Technology (Gas Injection, Chemical Injection, Thermal Injection, Microbial Injection), Location (Onshore, Offshore), and Geography - Growth, Trends and Forecast (2019 - 2024)

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Enhanced Oil Recovery (EOR) Market

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 ‘lower for longer oil’ 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 United States, the United Kingdom, Malaysia, are expected to extensively promote EOR friendly policy. Furthermore, in the current ‘lower for longer’ 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 United States 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 - Expected Dark Horse in the Enhanced Oil Recovery (EOR) 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.

Enhanced Oil Recovery (EOR) Market

Notable Developments in the Enhanced Oil Recovery (EOR) Market

  • January 2018: Pulse Oil announces 100% independent assessment of Bigoray EOR Project.
  • January 2018: Department of Energy to invest USD 30 million to boost unconventional recovery in the United States.
  • January 2018: ADNOC to expand CCUS portfolio to meet a six-fold increase in the utilization of CO2 for Enhanced Oil Recovery (EOR) projects.
  • October 2017: Chevron Sanctioned Stage 1 Captain Enhanced Oil Recovery Project.

Enhanced Oil Recovery (EOR) Market Major Players: 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 SA, Lukoil Oil Co.

Reasons to Purchase Enhanced Oil Recovery (EOR) Market Report

  • Identify the drivers, restraints, and opportunity possessed by the global enhanced oil recovery (EOR) market with in-depth analysis.
  • Analyze the various perspectives of the global market dynamics with the help of Porter’s five forces analysis.
  • Identify the most dominating type of technology and location with forecasted market estimate for the market.
  • Identify the largest, fastest growing, and significant regions during the forecast period with in-depth analysis.
  • Identify the latest developments, market shares and strategies employed by the major market players.
  • 3 months analyst support, along with the Market Estimate sheet (in excel).

Customization of Enhanced Oil Recovery (EOR) Market Report

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1. Executive Summary                  

2. Research Methodology                           

3. Enhanced Oil Recovery (EOR) Market Overview                       

                3.1 Introduction               

                3.2 Market Size and Demand Forecast until 2023              

                3.3 Recent Trends and Developments   

                3.4 Government Policies & Regulations     

4. Enhanced Oil Recovery (EOR) Market Dynamics                       

                4.1 Enhanced Oil Recovery (EOR) Market Drivers          

                4.2 Enhanced Oil Recovery (EOR) Market Restraints    

                4.3 Enhanced Oil Recovery (EOR) Market Opportunities            

5. Value Chain Analysis                 

6. Industry Attractiveness: Porter’s Five Force Analysis                                   

                6.1 Bargaining Power of Suppliers            

                6.2 Bargaining Power of Consumers       

                6.3 Threat of New Entrants         

                6.4 Threat of Substitutes             

                6.5 Intensity of Competitive Rivalry        

7. Global Enhanced Oil Recovery (EOR) Market Analysis, by Technology (Market Overview, Market Size and Demand Forecast until 2023)

                7.1 Gas Injection             

                7.2 Chemical Injection   

                7.3 Thermal Injection    

                7.4 Microbial Injection  

                7.5 Others          

8. Global Enhanced Oil Recovery (EOR) Market Analysis, by Location (Market Overview, Market Size and Demand Forecast until 2023)

                8.1 Onshore      

                8.2 Offshore      

9. Global Enhanced Oil Recovery (EOR) Market Analysis, by Geography (Market Overview, Market Size and Demand Forecast until 2023)

                9.1 Asia-Pacific Enhanced Oil Recovery (EOR) Market Growth (2018-2023)

                                9.1.1 India Enhanced Oil Recovery (EOR) Market Growth (2018-2023)

                                9.1.2 China Enhanced Oil Recovery (EOR) Market Growth (2018-2023)

                                9.1.3 Australia Enhanced Oil Recovery (EOR) Market Growth (2018-2023)

                                9.1.4 Indonesia Enhanced Oil Recovery (EOR) Market Growth (2018-2023)

                                9.1.5 Rest of Asia-Pacific

                9.2 North America Enhanced Oil Recovery (EOR) Market Growth (2018-2023)         

                                9.2.1 United States Enhanced Oil Recovery (EOR) Market Growth (2018-2023)

                                9.2.1 Canada Enhanced Oil Recovery (EOR) Market Growth (2018-2023)

                                9.2.3 Rest of North America

                9.3 Europe Enhanced Oil Recovery (EOR) Market Growth (2018-2023)        

                                9.3.1 United Kingdom Enhanced Oil Recovery (EOR) Market Growth (2018-2023)

                                9.3.2 Norway Enhanced Oil Recovery (EOR) Market Growth (2018-2023)

                                9.3.3 Russia Enhanced Oil Recovery (EOR) Market Growth (2018-2023)

                                9.3.4 Netherlands Enhanced Oil Recovery (EOR) Market Growth (2018-2023)

                                9.3.5 Rest of Europe

                9.4 South America Enhanced Oil Recovery (EOR) Market Growth (2018-2023)          

                                9.4.1 Brazil Enhanced Oil Recovery (EOR) Market Growth (2018-2023)

                                9.4.2 Argentina Enhanced Oil Recovery (EOR) Market Growth (2018-2023)

                                9.4.3 Venezuela Enhanced Oil Recovery (EOR) Market Growth (2018-2023)

                                9.4.4 Rest of South America

                9.5 Middle East and Africa Enhanced Oil Recovery (EOR) Market Growth (2018-2023)          

                                9.5.1 Saudi ArabiaEnhanced Oil Recovery (EOR) Market Growth (2018-2023)

                                9.5.2 UAE Enhanced Oil Recovery (EOR) Market Growth (2018-2023)

                                9.5.3 Iran Enhanced Oil Recovery (EOR) Market Growth (2018-2023)

                                9.5.4 Nigeria Enhanced Oil Recovery (EOR) Market Growth (2018-2023)

                                9.5.5 Angola Enhanced Oil Recovery (EOR) Market Growth (2018-2023)

                                9.5.6 Rest of Middle East and Africa

10. Key Company Analysis* (Overview, Products & Services, Financial Analysis**, Recent Development and Analyst View)                   

                10.1 Halliburton Co.        

                10.2 Praxair Technology, Inc.      

                10.3 Royal Dutch Shell Plc            

                10.4 Statoil ASA

                10.5 BP Plc          

                10.6 China Petroleum & Chemical Corporation   

                10.7 Oil and Natural Gas Corporation Ltd              

                10.8 Chevron Philips Chemical Company               

                10.9 Schlumberger Ltd  

                10.10 ExxonMobil Corporation  

                10.11 ConocoPhillips      

                10.12 Petroleo Brasileiro S.A.     

                10.13 Lukoil Oil Co.          

(*List of companies is not exhaustive. Please let us know if you are interested in any company profile)                 

11. Competitive Landscape                         

                11.1 Mergers & Acquisitions       

                11.2 Joint Ventures, Collaborations and Agreements      

                11.3 Market Share Analysis         

                11.4 Strategies Adopted by Leading Players        

12. Appendix                    

                12.1 Contact Us

                12.2 Disclaimer 

(**Subject to availability on public domain)                         

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