Report

Enhanced Oil Recovery Market: Developments, Opportunities and Market Outlook [2016-2026]

Enhanced oil recovery implies recovery beyond secondary stage when the reservoir is depleted and the conventional recovery processes are unable to produce profitable hydrocarbons. The average primary oil recovery can be considered upto 35% of the original oil in place, depending on the type of hydrocarbon and the recovery drive. While, the secondary recovery methods can increase the recovery upto 50% for lighter crude oils.

With much of the easy oil already been produced and an increase in depleted oil reserves with huge demand of crude oil, it is the need of the hour to extract the oil upto its last drop from the reservoir. This need has helped the EOR market to flourish in the oil industry. Furthermore, the enhanced oil recovery market has gained attention because of the decreasing oil prices from the past two years resulting in the decline of revenue of the oil companies. Therefore, the oil companies need to implement a different approach to maximize their overall revenue.

With much of the easy oil already been produced and an increase in depleted oil reserves with huge demand of crude oil, it is the need of the hour to extract the oil upto its last drop from the reservoir. This need has helped the EOR market to flourish in the oil industry. Furthermore, the enhanced oil recovery market has gained attention because of the decreasing oil prices from the past two years resulting in the decline of revenue of the oil companies. Therefore, the oil companies need to implement a different approach to maximize their overall revenue.

The chemical EOR technique is the fastest growing EOR technique in the market because of its effectiveness. Increasing use of gas injection techniques especially by CO2 and advancements in chemical injection EOR technique is intensifying the EOR market according to the latest trends and may dominate the EOR market.

The enhanced oil recovery market can be segmented into four categories:

  • Thermal Injection: It involves the introduction of heat into the formation resulting in the reduction of oil viscosity and facilitating the oil to flow, thereby enhancing the production. Thermal injection methods include steam flooding, combustion technique and hot water flooding.
  • Gas Injection: This technique involves the injection of gases into the formation that expand in it to push the oil towards the wellbore or gases that mix with oil to make it flow. The gases can be CO2, nitrogen and natural gas.
  • Chemical Injection: This EOR technique involves the injection of chemically active fluids that change the oil-rock properties reducing the interfacial tension and also the oil properties reducing the oil viscosity to increase the ultimate production. The chemical EOR techniques are generally costly. The chemical fluids can be polymer (long-chained molecules) fluid, nanoparticle fluid, surfactant fluid, microbial fluids and WAG (Water Alternating Gas)
  • Other EORs: Several other EOR techniques like plasma pulse technology, acoustic wave stimulated EOR and electromagnetic heating technique are under research and development phase and are continuously being tested on fields for oil production results. Further, under favourable conditions, these methods have shown positive results.

The increasing difference between the global demand and the oil production along with increase in depleted and mature fields has been the key drivers of the EOR market. In order to diminish this gap, oil companies are investing in EOR techniques to recover oil from low permeability reservoirs.

But there are certain restraining factors to the growth of EOR market such as:

  • The EOR techniques can only be implemented under specific conditions
  • Different challenges are being faced when EOR techniques are being applied for deep and thin reservoirs
  • Fluctuating oil prices is a major challenge for the growth of EOR market
  • Sometimes huge capital investment is required.

The opportunities in the EOR market lies in the advancements in the chemical injection processes which may dominate the future market and more recovery from deep reserves with economical oil production from the offshore areas. The EOR processes are generally employed in the onshore segment as offshore requires large capital investment.

The profiles and operational study of the key players in the EOR market including Exxon Mobil Corporation, Chevron Corporation, Royal Dutch Shell Plc, BP plc, Statoil ASA, Cenovus Energy Inc. and others have been included in the report.

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By Technology

  • Gas Injection
  • Thermal Recovery
  • Chemical Injection
  • Research & Development:
  • Other EORs – Plasma Pulse, EOR by nanotechnology and Electromagnetic

By Application

  • Offshore
  • Onshore

By Geography

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
  • Rest of the World (ROW)
  • Market overview and forecasting covering Optimistic, Realistic and Pessimistic scenarios (2016-2026)
  • Analysis and study of various services provided by major players active in the EOR market
  • Market segmentation based on Technology, Application & Geography
  • Detailed coverage of technology and services involved
  • Technical comparative studies and case analysis
  • Competitive landscape with in depth analysis of the market players’ strategy
  • Infraline’s Techno Managerial edge covering SWOT, TOWS, Porter’s five forces and PESTLE analysis

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