Enhanced Oil Recovery Market

Introduction of the Enhanced Oil Recovery Market Report

Enhanced oil recovery method refers to the process of recovering the oil from the existing oil wells. Moreover, most of the oil wells are nearing their operational lifetime, and the oil production from these wells is constantly shrinking. As a result, to improve the oil production from these wells, the oil field upstream operators are investing in enhanced oil recovery methods, which are expected to increase oil production. These operations are carried out on both offshore and onshore wells.

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Market Dynamic

Key Drivers and Emerging Trends

The rising number of aged oil wells resulting in lower oil production from these wells is expected to drive the market during the forecast period. The Enhanced Oil Recovery (EOR) methods enhance the oil production from mature oil wells by almost 10 to 20% as compared to the conventional oil production methods. The EOR technology increases the permeability of the oil reservoir, hence hydrocarbons can flow easily through the pathways. The U.S. government has taken an initiative to commercialize the EOR technology, which has enhanced the oil recovery market in US. For instance, the U.S. Department of Energy (DoE) provides funding to private oil companies and universities for research-related activities to innovate the EOR technologies.

Moreover, the increasing number of gas injection-based EOR technologies such as CO2 and natural gas injection are expected to escalate the enhanced oil recovery market size during the forecast period. Gas injection offers advantages like lowering oil viscosity and rising pressure in the reservoir for oil production. There is a rising demand for oil & gas owing to which the companies are aiming to increase the production from the mature and aged fields. As a result, upstream oil companies are currently focused on raising recovery and extending the lifespan of mature fields by using EOR technologies, hence exceeding the production levels; this will drive the demand for enhanced oil recovery market.

Restraint in the Enhanced Oil Recovery Market

However, dropping crude oil prices are expected to affect the oil & gas industry and restraining the EOR market growth over the forecast period. Moreover, the outbreak of novel coronavirus has led to a steep drop in the oil prices in 2020. This resulted into reduction in planned capital expenditure which is another factor hampering the growth of the market over the forecast period.

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Technology – Segment Analysis

Based on the technology, the thermal technology segment is expected to grow at a higher CAGR during the forecast period. This method involves the application of heat on the oil wells, which aids in lowering down the oil viscosity and improves its mobility ratio. Thermal technology is used in shallow wells having higher oil viscosity, such as heavy oil and tar sand. Moreover, the rising focus toward the development of eco-friendly and economically viable solutions will excel the industry growth.

Application – Segment Analysis

Based on the application, the onshore segment is projected to dominate the market during the forecast period owing to a higher number of onshore exploration and production operations across the world. Lower conventional operational costs for onshore oilfields than the offshore oilfield is another factor driving the segment growth. Moreover, the rising application of digital technologies along with the declining production rate from mature wells will increase the growth of the onshore enhanced oil recovery segment. The oil field operators have integrated sensors and are using extensive data analytics tools, thus providing real-time field data, which has aided the growth of the market segment.

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Regional – Segment Analysis:

Based on the region, North America region is expected to grow at a higher CAGR during the forecast period. This can be attributed due to the presence of large numbers of mature oil fields and unconventional oil and gas resources in the region. These aged and mature oil wells will require advanced oil extraction techniques to increase the production of oil. Moreover, the U.S. government has started funding heavily towards EOR projects which are believed to further commercialize the technology. For instance, in 2019, the U.S. Department of Energy (DoE) declared USD 40 million funding for research and development activities related to EOR technology, aiming to reduce the technical risk along with the expansion of EOR applications across conventional and unconventional oil reservoir.

Top Market Players

Various notable players operating in the market, include, Baker Hughes Company, bp p.l.c., Chevron Corporation, Exxon Mobil Corporation, Halliburton Co., Oil and Natural Gas Corporation Ltd., Royal Dutch Shell Plc, Schlumberger Limited., Total, Weatherford, among others. 

Key Developments:

• • In 2019, Oil and Natural Gas Corporation Limited (ONGC) signed an MoU with Indian Oil Corporation Limited (IOCL) for gas-based Enhanced Oil Recovery (EOR) by injecting carbon dioxide fetched from IOCL Koyali refinery. The MoU aims at lowering India’s carbon emission targets as outlined in COP21 while enhancing production from domestic oil fields.
  • In 2018, Chevron received approval from the United Kingdom Oil and Gas Authority (OGA) for its field development plan (FDP) of Stage 1 of the Captain Enhanced Oil Recovery project (Captain EOR project) in the UK Central North Sea. Chevron’s investment in EOR technology, which is to be deployed in the North Sea, is believed to unlock millions of extra barrels of oil, adding more years to the lifespan of this mature oil well, illustrating a strong advancement towards Vision 2035.

Segments covered in the Report:

The global Enhanced Oil Recovery market has been segmented on the basis of Technology, Application, and regions. Based on Technology, the market is segmented into Thermal, CO2 Injection, Chemical and Others. Based on Application, the market is segmented into Onshore and Offshore. 

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Key questions answered in this research report:

• • At what pace is global Enhanced Oil Recovery market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Enhanced Oil Recovery market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Enhanced Oil Recovery market?
  • Which Technology generated maximum revenues in 2019 and identify the most promising Technology during the forecast period?
  • What are the various Application areas of global Enhanced Oil Recovery market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2020
Market Forecast Period	2021-2028
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Technology, By Application, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Baker Hughes Company, bp p.l.c., Chevron Corporation, Exxon Mobil Corporation, Halliburton Co., Oil and Natural Gas Corporation Ltd., Royal Dutch Shell Plc, Schlumberger Limited., Total, Weatherford, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Enhanced Oil Recovery Market by Technology

• • Thermal
  • CO2 Injection
  • Chemical
  • Others

Global Enhanced Oil Recovery Market by Application

• • Onshore
  • Offshore

Global Enhanced Oil Recovery Market by Region

• • North America Enhanced Oil Recovery Market (Option 1: As a part of the free 25% customization)
    • North America Enhanced Oil Recovery Market by Technology
    • North America Enhanced Oil Recovery Market by Application
    • US Enhanced Oil Recovery Market All-Up
    • Canada Enhanced Oil Recovery Market All-Up
  • Europe Enhanced Oil Recovery Market (Option 2: As a part of the free 25% customization)
    • Europe Enhanced Oil Recovery Market by Technology
    • Europe Enhanced Oil Recovery Market by Application
    • UK Enhanced Oil Recovery Market All-Up
    • Germany Enhanced Oil Recovery Market All-Up
    • France Enhanced Oil Recovery Market All-Up
    • Spain Enhanced Oil Recovery Market All-Up
    • Rest of Europe Enhanced Oil Recovery Market All-Up
  • Asia-Pacific Enhanced Oil Recovery Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Enhanced Oil Recovery Market by Technology
    • Asia-Pacific Enhanced Oil Recovery Market by Application
    • China Enhanced Oil Recovery Market All-Up
    • India Enhanced Oil Recovery Market All-Up
    • Japan Enhanced Oil Recovery Market All-Up
    • Rest of APAC Enhanced Oil Recovery Market All-Up
  • RoW Enhanced Oil Recovery Market (Option 4: As a part of the free 25% customization)
    • RoW Enhanced Oil Recovery Market by Technology
    • RoW Enhanced Oil Recovery Market by Application
    • Brazil Enhanced Oil Recovery Market All-Up
    • South Africa Enhanced Oil Recovery Market All-Up
    • Saudi Arabia Enhanced Oil Recovery Market All-Up
    • UAE Enhanced Oil Recovery Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Enhanced Oil Recovery Market All-Up

Major Players Operating in the Enhanced Oil Recovery (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Baker Hughes Company
  • bp p.l.c.
  • Chevron Corporation
  • Exxon Mobil Corporation
  • Halliburton Co.
  • Oil and Natural Gas Corporation Ltd.
  • Royal Dutch Shell Plc
  • Schlumberger Limited.
  • Total
  • Weatherford