Enhanced Oil Recovery Market by Technology, Share, Growth, Application & Geography – Analysis & Forecast to 2024
Category: #world  By Deepak Pardhi  Date: 2019-01-21
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Enhanced Oil Recovery Market by Technology, Share, Growth, Application & Geography – Analysis & Forecast to 2024

The report is a comprehensive exploration of Global Enhanced Oil Recovery market offering growth rates, size of the industry, competitive landscape information, factors to the contributing growth of the global Enhanced Oil Recovery market and more.

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. 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. Global Enhanced oil recovery market is set to exceed USD 140 billion by 2024; as reported in the latest study report.

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.

Global 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.

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Oman enhanced oil recovery market is predicted to surpass USD 3 billion by 2024. Growing focus on the use of sustainable resources to recover crude along with companies' EOR production targets will stimulate the business growth. In 2014, Petroleum Development Oman (PDO) revealed its plan to build a solar EOR project and maximize the local supply chain for the technology. In 2015, EOR accounts for around 11% of the company's daily production, which is anticipated to rise 33% by 2023.

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.

Table of Content:

 

Chapter 1. Enhanced Oil Recovery Market Methodology & Scope

 

Chapter 2. Enhanced Oil Recovery Market Executive Summary

 

Chapter 3. Enhanced Oil Recovery Industry Insights

 

Chapter 4. Enhanced Oil Recovery Market, By Technology

 

Chapter 5. Enhanced Oil Recovery Market, By Application

 

Chapter 6. Enhanced Oil Recovery Market, By Region

 

Chapter 7. Enhanced Oil Recovery Market Company Profiles

 

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Related Report:

Global Microbial Enhanced Oil Recovery Market 2018 by Manufacturers, Regions, Type and Application, Forecast to 2023

Microbial Enhanced Oil Recovery (MEOR) is a biological based technology consisting in manipulating function or structure, or both, of microbial environments existing in oil reservoirs. The ultimate aim of MEOR is to improve the recovery of oil entrapped in porous media while increasing economic profits. MEOR is a tertiary oil extraction technology allowing the partial recovery of the commonly residual two-thirds of oil, thus increasing the life of mature oil reservoirs.

https://www.marketstudyreport.com/reports/global-microbial-enhanced-oil-recovery-market-2018-by-manufacturers-regions-type-and-application-forecast-to-2023?utm_source=RR-SP

Read more at: https://www.marketwatch.com/press-release/Solid-State-Batteries-Market-Trends-Global-Industry-Analysis-Top-Manufacturers-Share-Growth-Opportunities-and-Forecast-to-2023-2019-01-17

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About Author

Deepak Pardhi

Email: [email protected]   

Deepak Pardhi

Deepak Pardhi carries a brief yet notable experience in the digital marketing domain having worked on several projects across a range of niche verticals. Deepak is endorsed with a B.Tech degree in electrical & electronics engineering.

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