The Enhanced Oil Recovery (EOR) market refers to the use of various techniques to extract additional oil from reservoirs after primary and secondary methods have been utilized. The market is driven by increasing demand for oil, declining production from existing wells, and the need for more efficient extraction techniques.
One of the most common EOR techniques is thermal recovery, which involves injecting steam or hot water into the reservoir to reduce the viscosity of the oil and improve its flow. This method is particularly effective in heavy oil reservoirs.
Another commonly used EOR technique is gas injection, which involves injecting natural gas or carbon dioxide into the reservoir to push oil towards production wells. This method is particularly effective in light oil reservoirs.
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Chemical injection is also a popular EOR method, which involves injecting polymers, surfactants, or other chemicals into the reservoir to reduce the surface tension between the oil and the reservoir rock, and improve the mobility of the oil.
The global Enhanced Oil Recovery market is expected to grow significantly in the coming years, driven by the rising demand for oil and the need for more efficient extraction techniques. The Asia-Pacific region is expected to be the fastest-growing market due to the increasing demand for oil in countries like China and India.
Enhanced Oil Recovery Market Analysis:
Enhanced Oil Recovery Market is projected to witness USD 63.4 Billion 6.53% CAGR during the forecast period.
Segmentation
On the basis of technology, the enhanced oil recovery market is segmented as thermal, chemical, microbial, and others. The thermal and chemical methods are more established procedures with several practical projects being already carried out. The chemical methods traditionally use polymer, alkaline, and surfactant methods to extract more oil from existing wells.
By application, it is segmented into offshore and onshore.
Competitive Outlook
Baker Hughes, FMC Technologies, Inc., Titan Oil Recovery, BP Plc., Royal Dutch Shell Plc, Praxair Technology, Inc., Statoil ASA, Chevron Phillips Chemical Corporation, PJSC Lukoil Oil Company, BASF SE, Exxon Mobil, Halliburton Corporation, and Schlumberger Ltd. are prime players of the global enhanced oil recovery market.
