DUBLIN--(BUSINESS WIRE)--The "Enhanced Oil Recovery (EOR) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The enhanced oil recovery (EOR) market is expected to grow at a CAGR of more than 1.5% during the forecast period of 2021 - 2026.
The COVID-19 pandemic has severely affected the shale and heavy oil market which accounts for a large usage of the EOR techniques. Factors such as the increasing number of maturing oil fields coupled with improving technologies with the introduction of better oil recovery techniques are likely to drive the EOR market during the forecast period. However, the volatility of crude oil prices is expected to restrain the growth of the market in the coming years.
Companies Mentioned
- Baker Hughes Co.
- BP PLC
- Chevron Corporation
- Exxon Mobil Corporation
- Halliburton Co.
- Praxair Technology Inc.
- Royal Dutch Shell PLC
- Schlumberger Ltd.
- Total SA
- Weatherford International PLC
Key Market Trends
Gas Injection Technique to Dominate the Market
- Gas injection offers advantages, such as reduction of oil viscosity and added pressure in the reservoir for oil production. With increasing focus on unconventional gas production across the globe, the demand for gas injection-based EOR techniques is expected to increase during the forecast period.
- In 2019, the government of the United States proposed legislation to promote the carbon capture improvement act. According to this act, the government is to promote collaboration between the oil and gas industry and the power plants and industrial plant operators, for the carbon sequestration process; the oil and gas operators are expected to help the other industries in carbon sequestration, which can be used by the former for CO2 injection.
- In 2020, owing to the shale boom, the United States has become a net exporter of natural gas and become a net oil exporter by September 2019 which was earlier estimated to be in 2027. In 2018, According to International Energy Agency(IEA), gas injection is expected to account for approximately 60% of EOR production in the United States, with a growing emphasis on CO2-based EOR.
- The United States and Canada are expected to further ramp up production from their unconventional reserves during the forecast period, which would, in turn, supplement the demand for gas injection-based EOR in North America.
- Hence, the CO2 injection segment is expected to maintain a significant share in the EOR market during the forecast period.
Asia-Pacific to Witness Significant Growth
- Asia-Pacific, with its increasing demand for oil and gas from major countries such as China and India, is propelling the need for EOR in their mature fields to sustain the oil and gas production targets, is anticipated to drive the demand for EOR services.
- As of 2019, in the Asia-Pacific region, there were approximately 30 EOR projects, of which approximately 58% were categorized under the chemical and CO2 miscible injection types, with China leading the chemical injection segment of the market studied.
- The producing oilfields of India are continually aging with the average recovery factor remaining continuously below the global average. As a part of the broader 'Energy Security' program, the government has set a goal to reduce 10% of crude oil import by 2022, with EOR emerging as an answer for the same.
- State-run company - ONGC of India has announced its plans to invest INR 57,825 crore on 28 EOR projects, while Cairn India plans to spend INR 37,000 crore to ramp up production using EOR. Such similar investment by the oil and gas operators and the government is expected to significantly attract international EOR players to India, during the forecast period.
- Hence, Asia-Pacific is expected to witness growth in this sector due to the large production of heavy crude oil and push towards optimum utilization of carbon dioxide
Key Topics Covered:
1 INTRODUCTION
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
4 MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2026
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Technology
5.1.1 Gas Injection
5.1.2 Thermal Injection
5.1.3 Chemical Injection
5.1.4 Microbial Injection
5.1.5 Others
5.2 Location
5.2.1 Onshore
5.2.2 Offshore
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia-Pacific
5.3.4 South America
5.3.5 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Baker Hughes Co.
6.3.2 BP PLC
6.3.3 Chevron Corporation
6.3.4 Exxon Mobil Corporation
6.3.5 Halliburton Co.
6.3.6 Praxair Technology Inc.
6.3.7 Royal Dutch Shell PLC
6.3.8 Schlumberger Ltd.
6.3.9 Total SA
6.3.10 Weatherford International PLC
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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