Acumen Research and Consulting, Latest Market Research Study on “Enhanced Oil Recovery (EOR) Market Size, Share, Trends, Growth and Forecast 2019-2026”.
LOS ANGELES, June 24, 2019 (GLOBE NEWSWIRE) — The Global Enhanced Oil Recovery Market is estimated to grow at CAGR above 6.5 % over the forecast time frame and reach the market value around USD 91 billion by 2026.
A growing amount of older wells and increased demand for oil worldwide are important considerations for market growth.
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Due to an growing population and the fast urbanization, Asia Pacific is expected leading to an increase in demand for improved oil recovery, to expansion by around 8 percent in a CAGR over the forecast period. The global players operating in the region are expected to adopt competitive policies to further boost development.
Significant businesses invest in R&D operations and establish joint study initiatives for the growth of inventive products. UAE created Pressure-Volume-Temperature Laboratory (PVT) with the Petroleum Institute Research Center (PIRC) in order to conduct fluid assessment for improved oil recovery methods in order to achieve greater productivity in target wells.
The leading EOR technology was thermal extraction, with total sales of about USD 22 billion in 2018. The highest CAGR of about 5% in terms of the quantity of hydrocarbon generated during the forecast era is expected to be gas injection technology.
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The total oil generated from EOR activities was estimated at around 996 million barrels worldwide in 2018.
In 2018, the onshore application sector retained over 90 percent of its major market share.
In terms of its quantity, North America is the world leader of the Enhanced Oil Recovery (EOR) sector, with a share of more than 38% in 2018; over the forecast era the U.S. gas injections market EOR is anticipated to grow at a 4.5% CAGR, with a CAGR estimated at around 7.5% between 2019 and 2026.
The increased deployment of carbon captures and sequestration (CCS) injections owing to the elevated recovery rate together with good government legislation is expected to guide the segment’s development.
In the worldwide improved oil recovery industry, the GCC will demonstrate the greatest level of development. The increasing amount of oil reserves in the Middle East is primarily ascribed to this. Over 8 Bn of oil on the Gulf of Mexico’s offshore reservoirs is anticipated to continue with main and secondary activities. The demand for fresh improved oil recovery installations in GCC is driven by these variables. GCC develops a range of improved petroleum recuperation methods, such as the creation of solar-fired heat oil recovery that can be renewable or bio-based.
Many nations in the Gulf experience a shortage of gas supplies, but elevated fuel subsidies change the retail cost of gas. Market players such as Glass Point have therefore created petroleum and gas power generators to be used for improved oil regeneration. The development of patented technology is one of the main approaches on the GCC improved oil recovery market. In view of GCC’s water shortage, for example, Gulf Energy LLC has created a microbial improved oil recovery scheme. In addition, businesses participate in the expansion strategy by exploring new areas.
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Key Players & Strategies
Due to the presence of numerous seasoned market members, the market is extremely competitive and moderately consolidated. These members expand their reach through joint ventures with other firms. They are derived from small regional providers of raw materials including CO2, polymers and nitrogen.
Companies are more likely that oil will gain the development of the economy from offshore reserves. Because the small-scale industry has fewer main actors, multinationals are investing heavily in research and development to advance new economic technology developments for increased oil recovery.
The key players operating in the market include ExxonMobil Corporation; BP plc; Chevron Phillips Chemical Company LP; Petroliam Nasional Berhad; China Petroleum & Chemical Corporation; Cenovus Energy Inc.; Royal Dutch Shell plc; Statoil ASA; Nalco Champion; Lukoil Oil Company; Petroleo Brasileiro S.A.; Chevron Corporation; and Praxair Technology Inc.
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