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Middle-East Enhanced Oil Recovery Market Size (2024 - 2029)

The Middle-East enhanced oil recovery market is poised for growth, driven by the maturation of oil fields and rising oil prices, despite challenges posed by the region's tough carbonate reservoirs. The market's expansion is supported by advancements in EOR technologies, particularly in gas injection methods, which offer significant recovery rates. Oman is anticipated to lead the market due to the decline in easily accessible oil reserves. The market's potential is further enhanced by technological innovations from international players, which improve the economic viability of EOR techniques.

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Market Size of Middle-East Enhanced Oil Recovery Industry

Middle-East Enhanced Oil Recovery Market- Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR > 6.00 %
Market Concentration Medium

Major Players

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*Disclaimer: Major Players sorted in no particular order

Middle-East Enhanced Oil Recovery Market Analysis

The Middle-East enhanced oil recovery market is expected to grow with a CAGR of around 6% during the forecast period. The COVID-19 pandemic had an impact on the market with crashed oil demand and resultantly low oil prices. The crude prices went down to around USD22 per barrel in the region, which created hurdles for the upcoming upstream projects. The Middle-East enhanced oil recovery (EOR) market is expected to thrive in the coming years due to many maturing fields in the region, and the increasing oil prices in the recent picture. However, sometimes heavy oil resources found in the Middle-East region are in tough carbonate reservoirs, which creates a fracture network. All the EOR techniques fail to get the oil output as the steam bypasses the oil, which is a major challenge for the market.

  • The Gas Injection segment is expected to witness significant growth during the forecast period due to the highest rate of oil recovery with the method.
  • The technological developments by foreign players in the EOR field create ample opportunities for the market. As an example, a company is currently researching on Next Generation CO2 EOR method, which enhances the economic performance and applicability of the CO2 injection technique.
  • Oman is expected to dominate the market due to the dwindling "easy oil extraction" in the last decade.

Middle-East Enhanced Oil Recovery Industry Segmentation

The Middle-East Enhanced Oil Recovery (EOR) market report includes:

Technique
Thermal
Gas Injection
Chemical Injection
Geography
Oman
United Arab Emirates
Qatar
Rest of Middle-East
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Middle-East Enhanced Oil Recovery Market Size Summary

The Middle-East enhanced oil recovery (EOR) market is poised for growth, driven by the region's maturing oil fields and rising oil prices. Despite challenges such as tough carbonate reservoirs that complicate oil extraction, the market is expected to expand, with gas injection techniques playing a pivotal role. These techniques, which involve injecting gases like natural gas and carbon dioxide to enhance oil recovery, have been significantly developed in the region, improving recovery rates and reducing costs. Technological advancements, particularly in CO2 EOR methods, are creating new opportunities, with countries like Oman and the UAE leading the charge in implementing these innovative solutions.

Oman is anticipated to be a key player in the EOR market due to its aggressive adoption of EOR methods in response to declining easy oil production. The country's state-owned Petroleum Development Oman (PDO) is at the forefront, leveraging gas production for EOR projects and aiming to boost crude output significantly. The presence of major players such as PDO, ADNOC, and others underscores the market's moderate fragmentation and competitive landscape. Additionally, initiatives like Qatar Petroleum's CO2 dehydration project and ADNOC's plans to enhance CCUS EOR projects highlight the region's commitment to advancing EOR technologies, positioning the Middle-East as a significant hub for enhanced oil recovery activities.

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Middle-East Enhanced Oil Recovery Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Technique

      1. 2.1.1 Thermal

      2. 2.1.2 Gas Injection

      3. 2.1.3 Chemical Injection

      4. 2.1.4

    2. 2.2 Geography

      1. 2.2.1 Oman

      2. 2.2.2 United Arab Emirates

      3. 2.2.3 Qatar

      4. 2.2.4 Rest of Middle-East

Middle-East Enhanced Oil Recovery Market Size FAQs

The Middle-East Enhanced Oil Recovery Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)

Petroleum Development Oman, Abu Dhabi National Oil Company (ADNOC), BP Plc, Dubai Petroleum Co. and SGS SA are the major companies operating in the Middle-East Enhanced Oil Recovery Market.

Middle-East Enhanced Oil Recovery Report Snapshots

Middle-East Enhanced Oil Recovery Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)