The global enhanced oil recovery market is expected to grow at a CAGR of more than 3.5% over the period . Factors such as increasing demand for oil and gas which is expected to increase by 1.4% per year, till 2040, as predicted by the International Energy Agency (IEA), the global average field recovery is expected to increase significantly during the forecast period to meet the demand and in turn driving the EOR market. Moreover, around 60% of the global oil and gas produce came from wells that were more than 20 years old, and around 81% of the global hydrocarbon liquid production sites witnessed a decline, which is expected to have a positive effect on the EOR market. However, the environmental concerns such as altering the reservoir paradigm along with high up-front capital requirements are restraining the growth of the market studied.
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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 September 2017, the government of the United States proposed a legislation to promote the carbon capture act. According to this act, the government is to promote a 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 2017, owing to Shale boom, the United States became a net exporter of natural gas and is expected to become a net oil exporter by 2027. Gas injection is expected to account for approximately 60% of EOR production in the United States, with 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 Dominate the Market
– Asia-Pacific, with its increasing demand for oil and gas from major countries such as China and India are 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.
– 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 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 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.
The enhanced oil recovery market is moderately fragmented. Some of the key players in the market are Halliburton Company, Baker Hughes Company, Total SA, Chevron Corporation and Schlumberger Limited.
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