LONDON--(BUSINESS WIRE)--Technavio has announced the top five leading vendors in their recent global enhanced oil recovery (EOR) market 2017-2021 report. This market research report also lists 21 other prominent vendors that are expected to impact the market during the forecast period.
Competitive vendor landscape
According to the research analysis, the global enhanced oil recovery market is expected to grow at a CAGR of close to 11% by 2021. The market is highly competitive market with major vendors such as BP, Chevron, Halliburton, Royal Dutch Shell, and Schlumberger all competing based on price, quality, and market presence. However, the market is facing harsh conditions due to the low global commodity prices of oil and gas. The presence of well-diversified international and regional vendors characterizes the market. In the developed and developing countries, regional vendors dominate the market, thus increasing the competition.
Vendors are increasingly focusing on R&D to reduce cost and improve the effectiveness of the EOR operations. There are products being developed that are higher in viscosity so that once mixed with water they can seep out more crude oil. There are also other products that are being developed which are biodegradable in nature so that they can resolve the issues related to environmental contamination,” says Thanikachalam Chandrasekaran, a lead oil and gas research analyst from Technavio.
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Technavio market research analysts identify the following key vendors:
BP is an international oil and gas company that provides energy products and services worldwide. The company specializes in oil and natural gas exploration; field development and production; and midstream transportation, storage, and processing. The company harnesses technologies such as EOR, seismic data, and real-time data to support its upstream strategy.
Chevron is one of the leading energy companies in the world and is involved in the exploration, production, and transportation of crude oil, natural gas, and refined oil. It markets and sells fuels and lubricants; manufactures and sells petrochemical products, generates power, and produces geothermal energy; and develops energy resources such as biofuels for future.
Halliburton is one of the world's largest service companies engaged in the exploration, development, and production of oil and natural gas. The company serves the major oil and natural gas companies worldwide in upstream areas. Halliburton through its field development planning is engaged in providing EOR services.
Royal Dutch Shell
Royal Dutch Shell has an integrated operational structure with investments in the oil and gas value chain. Royal Dutch Shell through its energy and innovation segment is engaged in providing EOR services. The company is one of the leading players in solar EOR projects. For instance, Glasspoint and Shell are developing a solar EOR project in Oman, which is expected to be commercialized in 2017.
Schlumberger offers a varied range of services, including seismic surveys, formation evaluation, drilling technologies and equipment, cementing, well construction and completion, and project management. The company makes its presence felt in the EOR market through its services and products division wherein it is engaged in providing EOR screening, pilot project implementation, and full-field implementation services.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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