Enhanced Oil Recovery Market, By Technology (Thermal, Gas Injection, Chemical, and Other EOR), By Application (Onshore and Offshore), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) - Trends, Analysis, and Forecast till 2030

Enhanced oil recovery market accounted for USD 42.77 billion in 2020 and is estimated to be USD 81.75 billion by 2030 and is anticipated to register a CAGR of 6.8%.

Enhanced oil recovery is the process of extracting the remaining oil by using tertiary method. It is also known by the alternative name tertiary recovery procedure as it is carried out after the primary oil recovery and secondary oil recovery. The primary techniques used for enhanced oil recovery are gas injection, microbial injection, chemical injection, and thermal injection. The thermal recovery technology is widely used technique for the extraction of oil. Also, enhanced oil recovery is used to mobilize immobile oil residue by physical, chemical, or thermal process. Tertiary recovery is the basis of enhanced oil recovery technology, and term is used for the production of liquid hydrocarbons by using techniques over the conventional ones. It can be used after both primary and secondary recovery have been exhausted or at the initial stage of production, EOR restores formation pressure and enhances oil displacement in the reservoir.  

Rising number of oil fields

Increasing number of mature oil fields worldwide, increasing depletion in oil reserves and technological advancements is one of the factors propels growth of the enhanced oil recovery market. Increasing depletion in oil reserves supports the growth of enhanced oil recovery market. Advancement in technology augment the growth of global enhanced oil recovery market. Moreover, the increasing demand of crude oil, elevated recovery rates, growing numeral of mature oil wells, and encouraging government regulation for the production of oil are few other factors driving growth of the enhanced oil recovery market. Focus on heavy oil reservoirs provides opportunities for growth of the enhanced oil recovery market. Furthermore, governments are taking initiatives for developing a proper infrastructure and advanced technology for oil production.

However, high cost for the procedure, technical and operational issues hinder growth of the enhanced oil recovery market. In addition, environmental issues such as, brine contamination and the decreasing cost of crude oil restraint the growth of the enhanced oil recovery market.

Enhanced oil recovery market is segmented based on technology, application, and region.

On the basis of technology, the global enhanced oil recovery market has been segmented into thermal, gas, chemical, and other EOR. Based on application segment, the global enhanced oil recovery market is divided into onshore and offshore.

Regional Insights:

On region the global enhanced oil recovery market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa North America is expected to account for major share in global enhanced oil recovery market due to the presence of a large number of mature wells and large-scale development of unconventional energy in the region. Further, Asia Pacific region is expected to show significant growth rate owing to rapid industrialization and growing oil and gas industry. Moreover, the favorable government initiatives in countries such as China and India, leads to infrastructural development of petroleum industry which is expected to drive the market over the forecast period.

Enhanced Oil Recovery Market Report Scope:

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2020 to 2030. For the purpose of this study, has segmented the enhanced oil recovery market report based on technology, application, and region.

Enhanced Oil Recovery Market, By Region:

• North America
  • Middle East & Africa
    • GCC
    • Israel
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Italy
    • Rest of Europe
  • U.S.
  • Canada

The key players operating in the global enhanced oil recovery market includes ExxonMobil Corporation, Cenovus Energy Inc., Chevron Corporation, BP Plc., Anadarko Petroleum Corporation, Petronas, ConocoPhillips, OAO Lukoil, Equinor ASA, and Royal Dutch Shell Plc.

Sinopec:

 They have launched China’s largest carbon capture, storage, and utilization project. It involves sending captured CO₂ to petrochemical company where it will be reinjected as the part of oil recovery programs.

• Exxon Mobil Corporation
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Cenovus Energy Inc.
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Chevron Corporation, BP Plc.
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Anadarko Petroleum Corporation
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Petronas, ConocoPhillips
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• OAO Lukoil
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Equinor ASA
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies
• Royal Dutch Shell Plc.
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies