Market Snapshot:
Due to the lack of new oil and gas fields and an increasing need for fossil fuels has upsurged the demand to make improvements in the existing oil fields. Thus, the demand for Enhanced Oil Recovery (EOR) has been increased over the past few years and will further increase with respect to rapid industrial growth and the need for crude oil, EOR is an advanced technology used in extracting crude oil which couldn't be extracted through conventional oil extraction technologies from the existing oil reservoirs. It is also known as tertiary recovery process as it takes place after primary and secondary oil recoveries. Moreover, with the increasing gap between supply and demand for crude oil and growing demand from automobile industry will significantly increase demand for EOR over the forecasted period.
Highlights from Enhanced Oil Recovery Market Study
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Value (2030) | USD 89.01 Billion |
Unit | Value (USD Billion) |
CAGR | 27.19% |
The key Manufacturers profiled in the report are The Halliburton Company (United States), Schlumberger Limited (United States), Baker Hughes Inc. (United States), BP Plc. (United Kingdom), Exxon Mobil Corporation (United States), China Petroleum & Chemical Corporation (China), Saudi Aramco (Saudi Arabia), Statoil ASA (Norway), Chevron Corporation (United States), Royal Dutch Shell plc (Netherlands), ConocoPhillips Company (United States) and Petroleum Development Oman (Oman). Additionally, other players that are part of this comprehensive study are Total S.A. (France), China National Offshore Oil Corporation (China), Petroleo Brasileiro S.A. (Petrobras) (Brazil), Occidental Petroleum Corporation (United States), Linde AG (Ireland), Eni SpA (Italy), The PJSC Lukoil Oil Company (Russia) and Abu Dhabi National Oil Company (United Arab Emirates).
Geographic Breakdown and Segment Analysis
The Global Enhanced Oil Recovery market presents a comprehensive analysis of the Enhanced Oil Recovery market by product type (Primary Recovery, Secondary Recovery and Tertiary Recovery), by end-user/application (Onshore and Offshore), and by geography (North America, South America, Europe, Asia-Pacific and MEA) along with country level break-up. This section of our report presents a realistic picture of the Global Enhanced Oil Recovery industry. Investors and Manufacturers can easily understand the inherent opportunities and challenges for their products in geographical region of interest.
For instance, while the holds majority of market share of the Enhanced Oil Recovery market
Analyst at AMA have segmented the market study of Global Enhanced Oil Recovery market by Type, Application and Region.
Influencing Trend:
Growing Adoption of Chemical Injection Techniques in Oil and Gas Recovery, Robust Investments in R&D Activities for New Technology Development and Introduction to the solar Enhanced Oil Recovery Procedure
Market Growth Drivers:
Growing Applications of Gas Injection Techniques as Tertiary Recovery Method especially CO2 Injection Techniques and Rising Volatility in Supply and Demand of Oil and Gas Substrates
Challenges:
Higher Initial Investments and Growing Need for Skilled Workforce and Increasing Adoption of Substitutes and Artificial Fossil Fuels
Restraints:
Decreasing Oil and Gas Proces in Recent Past has Lowered the Profit Margins and Significant Decline in Oil and Gas Discoveries and increasing repairments in Existing Oil and Gas Discoveries
Opportunities:
Rising Number of Matured Reserves Coupled with Growing Production of Shale Gas and Continues Advancements coupled with Various Government Reimbursements in Efficient Oil and Gas Recovery
Market Developments Activities:
In November 2018 BP Announced its first Offshore Deplyoment LoSal Enhanced Oil recovery technology to its clear Ridge Project in the West Of Shetland Region Offshore Of the UK.
In June , 2023 – Halliburton Company announced it acquired Resoptima AS, a leading Norwegian technology company that specializes in data-driven reservoir management. This strategic acquisition will integrate the industry-leading reservoir modeling and predictive analytics of Resoptima into the Halliburton Landmark DecisionSpace® 365 suite.
Regulatory Insights:
In January 2018, the Indian government has proposed the draft policy for boosting oil and gas output through projects using EOR techniques by offering significant fiscal incentives, including 50% waiver of oil cess and reduced profit petroleum sharing for companies.
Key Target Audience
Enhanced Oil Recovery Service Providers, Oil and Gas Industry Associations, Oil and Gas Industry Regulators, Government Agencies, Petroleum Industry Import & Export Associates and Others