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Enhanced Oil Recovery: Technologies and Global Markets

·6-min read
ReportLinker
ReportLinker

Report Scope: The report discusses different types of EOR technologies like steam flooding, chemical flooding, nitrogen flooding, carbon-dioxide flooding, hydrocarbon flooding and in situ combustion.

New York, Sept. 12, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Enhanced Oil Recovery: Technologies and Global Markets" - https://www.reportlinker.com/p0236239/?utm_source=GNW
It offers detailed analysis of EOR technologies and their usage, and the prevalent trends and opportunities in the market.

The market values are estimated based on multiple factors and analysis of manufacturers’ revenues.Market dynamics within each industry are identified.

Technological advancements and trends are reviewed, and other influences such as economic conditions and standards are discussed. Because this is a global study, BCC Research analyzes domestic and international technological issues and economic considerations.

The market segments of the report are focused on technical and commercial aspects of the EOR in different application segments, such as onshore and offshore applications. The report also discusses the country-wise policy and regulatory framework that the EOR industry operates within in order to maintain the environmental sustainability and to comply with the government regulations.

The report also analyzes the regional markets for EOR.The segments are forecast for 2022 to 2027, with 2021 as a base year.

Furthermore, the report offers a competitive scenario of the market, including a detailed analysis of key market players and a list of small and regional market players.

The currency used in this report is U.S. dollars, with market size indicated only in U.S. $millions. For companies reporting their revenue in U.S. dollars, the revenues are taken from their annual reports. For companies that reported their revenue in other currencies, i.e., Euros and Pounds, the average annual currency conversion rate has been used for the particular year to convert the value into U.S. dollars. The conversion rate for each currency conversion is provided in the report.

Report Includes:
- 88 data tables and 98 additional tables
- An up-to-date review and analysis of the global market for enhanced oil recovery (EOR) technologies
- Analyses of the global market trends, with historic market revenue data for 2020-2021, estimates for 2022, and projections of compound annual growth rates (CAGRs) through 2027
- In-depth information (facts and figures) on the updated market drivers and challenges impeding the global EOR market, current global scenario, regulatory framework, and common factors influencing global demand for EOR technologies
- Estimation of the actual market size and market forecast for enhanced oil recovery in USD million values, and corresponding market share analysis by technology, application, and region
- Discussion of all viable commercially viable EOR technologies along with their installation, production system and associated operational methods
Regional market outlook and country specific data and analysis for the U.S., Canada, Mexico, Brazil, Venezuela, Russia, Germany, Turkey, Kazakhstan, Oman, Saudi Arabia, Egypt, Qatar, China, Indonesia, Malaysia, India etc.
- Information on the EOR industry value chain analysis providing a systematic study of key intermediaries involved, with emphasis on major types of end-user industries and disruptions caused by the COVID-19 pandemic and the Russia-Ukraine conflict
- Review of the EOR pricing analysis and applicability of CCUS technologies for enhanced oil recovery industry
- Identification of the major stakeholders and analysis of the competitive landscape based on recent developments and segmental revenues
- Profile descriptions of the leading EOR technology solutions companies, including BP plc, China Petroleum & Chemicals Corp., Royal Dutch Shell, ExxonMobil, Petroliam Nasional Bhd (PETRONAS), and Chevron Phillips Chemical (CPChem)

Summary:
The enhanced oil recovery technologies market has been dominated mainly by unconventional oil and gas extraction techniques, such as hydraulic fracturing, horizontal drilling, etc.; however, EOR technologies plays a significant role in the prominent oil and gas extraction technologies globally. These extraction technologies are constantly supporting the oil and gas industry’s growth globally, even where hydraulic fracturing is not applicable.

In 2015, the global deployment of enhanced oil recovery technologies declined due to a decline in crude oil prices.These prices further declined, down to their lowest value in 2016, and this resulted in a significant decline in oil production and exploration activities globally.

The private as well as public oil and gas companies reduced their exploration and investment activities in the industry.This unforeseen decline in crude oil prices negatively impacted the EOR industry in terms of prior growth rates and forecasts.

However, enhanced oil recovery technologies have grown since 2017 globally. Some specific EOR technologies are booming and gaining traction in the market, especially steam flooding and carbon
dioxide flooding, which have experienced the highest adoption rates. Like many plans in industries across the globe, some EOR projects got delayed and cancelled in 2020 due to the COVID-19 pandemic.

The implementation of EOR technologies differs significantly from area to area, i.e., a specific technology may be highly suitable to and developing rapidly in one country but declining in another country due to a lack of investments, shortage of raw materials, unfavorable geographic conditions and lack of required technologies. The area-based inconsistency of EOR is a function of differences in characteristics of field formation, e.g., whether it is sandstone or carbonated, as well as regulatory variability. In some places, these factors have combined to support robust markets.

Since 2017, the growth of the oil and gas industry has highlighted several important features for EOR technologies in the global markets.First, enhanced oil recovery technologies are not being sustained by high crude oil prices.

This means that EOR providers can increase their profitability, and this has caused bottlenecks for more costly efforts such as steam-assisted gravity drainage that are seeking to prove their viability.

Second, while the recent growth of unconventional oil exploration and production technologies, especially in the U.S., caused a drop in oil price, these low oil prices led to the reinstatement of tax exemptions and other incentives in some regions, which are supporting the development of EOR technologies.

Third, these EOR technologies have started gaining traction in many oil-producing nations, which have mainly, if not exclusively, relied on primary and secondary oil extraction methods.The other reason for this technology shift could be the increasing number of aging oil fields in various countries such as Algeria, India and Oman.

In addition, with respect to environmental concerns about climate change and GHG emissions, the advancement of CO2-EOR, which associates GHG emissions reduction with oil production, is opening the door for greater demand for EOR technologies in regions with concerns about their environment sustainability.
Read the full report: https://www.reportlinker.com/p0236239/?utm_source=GNW

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