Enhanced Oil Recovery Industry Overview
The global enhanced oil recovery market size was valued at USD 38.83 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.8% from 2022 to 2030.
An increasing number of aged wells, along with decreasing production from existing oilfields, is expected to drive the market demand over the forecast period. Enhanced oil recovery (EOR) technology enhances oil production from mature and aged oil fields, by almost 10 to 20 percent when compared to conventional oil extraction methods. Mature wells are those oil reserves where production has reached its peak and has started to decline owing to poor permeability or exhibiting heavy oil. Technically, EOR increases the permeability of the reservoir so that hydrocarbons can flow through the pathways easily and into the targeting producing well.
Gather more insights about the market drivers, restrains and growth of the Global Enhanced Oil Recovery Market
The U.S. market is anticipated to witness significant growth on account of the growing exploration of unconventional oil and gas resources. Furthermore, government funding aimed at commercializing the EOR technology is anticipated to positively influence the industry landscape. For instance, the U.S. Department of Energy (DoE) provides funding to private companies and universities in order to carry out research for advancements in EOR technologies.
Further, a number of CO2 injection-based EOR projects started from 2017 to 2020 in the U.S., which resulted in the dominating share of CO2 injection technology over other available technologies in the country. For instance, the oil production in the Permian Basin has shown a significant rise in oil production by the use of CO2-EOR technology. These market developments are expected to boost the growth of the market in the U.S. in the forecast period.
Falling crude oil prices are expected to have a negative impact on the oil and gas industry and may restrain the market growth over the forecast period. The COVID-19 pandemic led to a drastic drop in oil prices in 2020. This resulted in reductions in planned capital expenditure and the implementation of cost-cutting actions by oil players across the globe, which is expected to hinder the growth of the market.
However, a rise in environmental concerns regarding carbon emissions has resulted in enhancing the demand for carbon capture and storage (CCS), which has emerged as a viable solution to limit carbon emissions. These factors are expected to positively impact the market growth as captured carbon in CCS projects is usually utilized by oil and gas companies for CO2 injection EOR technology.
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Enhanced Oil Recovery Market Segmentation
Grand View Research has segmented the global enhanced oil recovery market report on the basis of technology, application, and region:
- Enhanced Oil Recovery Technology Outlook (Volume, Million bbl; Revenue, USD Million, 2019 – 2030)
- CO2 Injection
- Enhanced Oil Recovery Application Outlook (Volume, Million bbl; Revenue, USD Million, 2019 – 2030)
- Enhanced Oil Recovery Regional Outlook (Volume, Million bbl; Revenue, USD Million, 2019 – 2030)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)
Market Share Insights
- In 2019: U.S. DoE announced USD 40 million in funding for research and development activities aimed at reducing the technical risk in enhanced oil recovery while simultaneously expanding EOR applicability across conventional and unconventional reservoirs.
Key Companies profiled:
Some prominent players in the global enhanced oil recovery market include:
- BP plc
- Cenovus Energy, Inc.
- Chevron Corporation
- Equinor ASA
- ExxonMobil Corporation
- Petróleo Brasileiro S.A.
- Total SA
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