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Thermal Enhanced Oil Recovery market is projected to grow at a CAGR of 5.2% by 2033: Visiongain Reports Ltd

Visiongain Reports Ltd
Visiongain Reports Ltd

Visiongain has published a new report entitled Thermal Enhanced Oil Recovery 2023-2033. It includes profiles of Thermal Enhanced Oil Recovery and Forecasts Market Segment by Spending, (CAPEX, OPEX) Market Segment by End-Use, (Heavy Oil Production, Extra-heavy Oil Production, Other End-Use) Market Segment by Type, (Cyclic Steam Stimulation (CSS), In-Situ Combustion (ISC), Steam-Assisted Gravity Drainage (SAGD), Electrical Heating) Market Segment by Method, (Hot Fluid Injection Processes, In-Situ Combustion (ISC), Electric Heating Methods, Electromagnetic Method, Other Methods) Market Segment by Technology, (Fast Steam Assisted Gravity Drainage (SAGD), Non-Condensable Gas Injection with Steam (NCG-SAGD), Once Through Heat Recovery Steam Generators (OTSG), Solar Thermal Enhanced Oil Recovery (ST‐EOR), Thermally-Assisted Gas-Oil Gravity Drainage (TAGOGD), Tertiary Gravity Drainage (TGD)) plus COVID-19 Impact Analysis and Recovery Pattern Analysis (“V”-shaped, “W”-shaped, “U”-shaped, “L”-shaped), Profiles of Leading Companies, Region and Country 

The global thermal enhanced oil recovery market was valued at US$21,811 million in 2022 and is projected to grow at a CAGR of 5.2% during the forecast period 2023-2033.

The Majority of EOR Projects in the World are Thermal EOR 

The majority of EOR projects, however, are Thermal EOR since EOR can be implemented as a basic, secondary or tertiary stage of recovery. Thermal EORs apply over a wide variety of oil saturations while they are often used in the recovery of heavy and medium gravity oils at the main and secondary oil recovery stages. Likewise, gas EOR is used as a secondary stage process and thus a larger spectrum of oil saturation is found in gas than in chemical EOR. After river floods are well under way, Chemical EOR is normally used. However, because polymer flooding with low saturation values would not b be the majority of the recorded EOR chemical ventures.

Nanotechnology Integration in EOR

The growing need for fossil fuels in the next few years and the depletion of light raw oil would require heavy, unconventional crude oil. In order to meet this challenge, the oil and gas industry has opted to deploy new technology that improve efficiency in processes of improved recovery of oil (EOR). In this sense, the integration of nanotechnology into heavy and extra-heavy crude oils by the application of nanoparticles and nanofluids has taken on considerable significance, primarily by the processes of thermal oil recovery (TEOR).

Download Exclusive Sample of Report

https://www.visiongain.com/report/thermal-eor-market-2023/#download_sampe_div

How has COVID-19 had a significant negative impact on the Thermal Enhanced Oil Recovery Market?

The world's oil markets have recovered from the significant demand shock brought on by COVID-19, but there is still a great deal of uncertainty that is putting the sector to the test like never before. The forecast for the world's oil consumption has been revised downward, and if stronger clean energy policies are implemented by governments and the pandemic's effects on behaviour become entrenched, demand may peak sooner than previously anticipated. By 2026, it is anticipated that global oil production will have increased by 5 mb/d. In addition, a record-high spare production capacity cushion of 9 mb/d has been created as a result of the historic collapse in demand, which might keep global markets stable in the near future.

With ethane, LPG, and naphtha together accounting for 70% of the forecast increase in oil product demand to 2026, the petrochemical industry will continue to lead demand growth. However, as electric vehicle adoption and efficiency improvements balance out the growth in mobility in emerging and developing economies, gasoline demand may have peaked.

How will this Report Benefit you?

Visiongain’s 368-page report provides 157tables and 267 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global thermal enhanced oil recovery market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Thermal Enhanced Oil Recovery. Get financial analysis of the overall market and different segments including end-use, method, technology, type and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing thermal enhanced oil recovery market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.

What are the Current Market Drivers?

Progress in Techniques and Technology of Oil Recovery

In order to increase oil production and supplies, methods were developed for improved oil regeneration (IOR) and enhanced oil regeneration (EOR). IOR techniques are used to recover near-field mobile crude oil and/or non-moving crude oil, while EOR methods are used in order to recovery, after implementation of primary and secondary methods, mostly non-mobile crude oil that persists in the reservoir. Chemical, steam, and thermal approaches are the main types of EOR technologies. The most widely used EOR techniques are the chemical injection of surfactants, polymers and solvents. Nevertheless, the chemical injection efficiency is a effected principally by porous medium adsorption and/or oxidation, minimizing the cost-benefit ratio and in the majority of cases these procedures are not ideal for hard, immobile crude oil and petroleum sands.

Steam Injection Method Gains Momentum on the Global Market

Nowadays the most used and advanced thermal EOR process is steam injection. Steam is generated on the surface and poured into a reservoir under high pressure along the injection wells. The temperature of the formation increases dramatically as steam enters the reservoir and the oil viscosity therefore decrease. This is the principal recovery mechanism for heavy oil. Other methods, such as the thermal expansion of oil and the removal of capillary pressures, lead to a further recovery of oil. However, the lighter hydrocarbons are vaporized or transformed in the reservoir as the steam cools down and condenses

Download Exclusive Sample of Report

https://www.visiongain.com/report/thermal-eor-market-2023/#download_sampe_div

Where are the Market Opportunities?

Increasing Significance of the Recovery of Solar Thermal Oil (S-EOR)

Solar Thermal Enhanced Oil Recovery (S-EOR) is an innovative method used to produce steam and to extract oil from matured oil wells using CSP (concentrated solar energy technology). At high pressure and temperature, the steam generated is pumped into the reservoir wells for the extraction of oil. Increased oil recovery is accompanied by three common methods of steam injection: continuous steam injection, cyclical steam stimulation and steam gravity drive (CSS) (SAGD). The steam is traditionally generated by fired boilers of natural gas (NG) with the related emissions of greenhouse gases.

Using Traditional EOR and IOR Combinations

Using variations of conventional EORs and IORs, RFs of 50 to 70% were achieved in some fields but are still less than the standard RF in the gas field. Most of the residual oil is thought to be buried or circumvented in volume not available by IOR technology in longitudinal scales that cannot be overcome through seismic surveys or by drilling new sources.

Competitive Landscape

The major players operating in the thermal enhanced oil recovery market are BP Plc, Canadian Natural Resources Limited, Cenovus Energy Inc, Chevron Corp, China National Offshore Oil Corporation (CNOOC), China Petroleum & Chemical Corporation, ConocoPhillips, Equinor ASA, Exxon Mobil Corp., Ferus Pvt. Ltd., Halliburton Company, Imperial Oil Ltd, Kinder Morgan, Inc., Occidental Petroleum Corporation, Petroleo Brasileiro S.A, Petroleos de Venezuela. S.A (PDVSA), Royal Dutch Shell, Suncor Energy Inc. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.

Recent Developments

  • 14 July 2022, ConocoPhillips (NYSE: COP) announced an investment in a new large-scale LNG facility being built by Sempra Infrastructure, a division of Sempra (NYSE: SRE) (BMV: SRE), in Jefferson County, Texas. This investment has the potential to significantly expand ConocoPhillips' global liquefied natural gas (LNG) business.

  • 11 August 2022, North American Natural Resources, Inc. (NANR) and its sister firms North American Biofuels, LLC and North American-Central, LLC have been acquired by Kinder Morgan, Inc. Seven landfill gas-to-power facilities in Michigan and Kentucky are included in the $135 million acquisition, which includes the purchase price and associated transaction costs.

To access the data contained in this document please email oliver.davison@visiongain.com

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About Visiongain

Visiongain is one of the fastest-growing and most innovative independent market intelligence providers around, the company publishes hundreds of market research reports which it adds to its extensive portfolio each year. These reports offer in-depth analysis across 18 industries worldwide. The reports, which cover 10-year forecasts, are hundreds of pages long, with in-depth market analysis and valuable competitive intelligence data. Visiongain works across a range of vertical markets with a lot of synergies. These markets include automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors. Our customised and syndicated market research reports offer a bespoke piece of market intelligence customised to your very own business needs.

Contact:

Oliver Davison
PR at Visiongain Reports Limited
Tel: + 44 0207 336 6100
Email: oliver.davison@visiongain.com
Web: www.visiongain.com