Asia Pacific Enhanced Oil Recovery Market growth to Grow with a robust CAGR through to 2028
Increasing
number of aged wells, along with decreasing production from existing oilfields is
expected to drive the Asia Pacific Enhanced Oil Recovery Market growth in the
forecast period, 2024-2028.
According to TechSci Research report, “Asia Pacific
Enhanced Oil Recovery Market - By Country, Competition, Forecast and
Opportunities, 2018-2028”, the Asia Pacific Enhanced Oil Recovery Market is
expected to register a robust during the forecast period, 2024-2028. Enhanced Oil
Recovery (EOR) projects typically necessitate substantial initial investments
in technology, equipment, and research. Adequate investment and funding can
play a pivotal role in bolstering the EOR market by facilitating the
development and implementation of such projects. Moreover, the advancement of
innovative EOR techniques, including chemical, thermal, and microbial
approaches, has the potential to unlock fresh avenues for oil recovery and
foster market expansion.
The Asia
Pacific region is home to some of the world's most populous and rapidly
industrializing countries, including China and India. The robust economic
growth and urbanization in this region have resulted in a significant rise in
energy consumption. To address this increasing energy demand, there is a
substantial opportunity for the implementation of Enhanced Oil Recovery (EOR)
technologies. These technologies can effectively optimize the extraction of
hydrocarbons from mature oil fields, thereby bridging the supply-demand gap and
preventing the abandonment of valuable reservoirs.
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"Asia Pacific Enhanced Oil Recovery Market”
Based on technology,
Thermal Injection segment has emerged as the predominant market leader. The
thermal injection segment in the Asia Pacific EOR market has witnessed
significant growth in recent years. This growth can be attributed to the
region's abundant reserves of heavy oil, particularly in countries such as
China and Indonesia. China holds a dominant position in the thermal injection
segment of the Asia Pacific EOR market, with its extensive heavy oil resources
in regions like Xinjiang and Shandong making it a key market for steam
injection and in-situ combustion technologies. Steam injection, the most widely
adopted thermal EOR technique in the Asia Pacific region, involves injecting
steam into the reservoir to heat the oil, reduce viscosity, and enhance flow
towards production wells. Another popular variation of steam injection is
steam-assisted gravity drainage (SAGD), which has gained traction in heavy oil
and bitumen reservoirs. Environmental considerations are increasingly
influencing the thermal injection segment. While thermal EOR techniques are
effective, they can be energy-intensive and result in greenhouse gas emissions.
Ongoing research and development efforts in the Asia Pacific region are focused
on enhancing the efficiency and environmental performance of thermal injection
techniques. This includes the development of advanced steam generation
technologies, optimization of well design, and utilization of reservoir
modeling tools. The thermal injection segment of the Asia Pacific EOR market is
expected to continue growing, driven by the region's substantial heavy oil
resources and government support.
Based on application,
Offshore segment is expected to grow during the forecast period. The offshore Enhanced Oil Recovery (EOR) segment in the
Asia Pacific region is experiencing steady growth, primarily driven by the
maturation of offshore oil fields and the imperative to maintain or increase
production levels from these reservoirs. Southeast Asia, encompassing countries
like Malaysia, Indonesia, and Vietnam, accommodates numerous offshore oil
fields, making it a significant region for offshore EOR activities. Offshore
EOR inherently presents greater complexity and challenges compared to onshore
EOR, owing to the harsh marine environment, logistical constraints, and higher
operational costs associated with offshore operations. Various EOR techniques,
such as water injection, chemical injection, and gas injection (e.g., CO2 or
nitrogen), can be applied to offshore fields, with the selection of method
reliant upon reservoir characteristics and project economics. Technology
assumes a crucial role in offshore EOR, employing advanced reservoir modeling,
monitoring systems, and control mechanisms to optimize production and injection
strategies. Offshore EOR projects must comply with stringent environmental
regulations and sustainability goals, with a key consideration being the
minimization of environmental impact associated with offshore operations,
including chemical use and emissions. Some offshore EOR projects explore the
concept of Carbon Capture and Storage (CCS), entailing the injection of
captured CO2 into reservoirs for enhanced oil recovery while simultaneously
storing carbon dioxide underground. This approach aligns with environmental
goals and may serve as an incentive for EOR projects.
Major companies
operating in Asia Pacific Enhanced Oil Recovery Market are:
- China National Offshore Oil Corporation
- PetroChina
- Sinopec
- ONGC Ltd.
- Reliance Industries Limited
- Oil Search Limited
- Santos Ltd.
- ConocoPhillips
- Chevron Corporation
- JX Nippon Oil & Gas Exploration Corporation
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“China is
expected to dominate the market during the forecast period. China's rapid industrialization and urbanization have
resulted in a significant surge in energy demand. To address this demand and
decrease dependence on imported oil, China recognizes Enhanced Oil Recovery
(EOR) as a vital strategy to optimize the extraction of its domestic oil
resources and secure a reliable energy supply.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Asia Pacific Enhanced Oil Recovery Market By
Technology (Gas Injection, Thermal Injection, Chemical Injection, Microbial
Injection and Others), By Application (Onshore and Offshore), By Country, By
Competition Forecast & Opportunities, 2018-2028”, has evaluated
the future growth potential of Asia Pacific Enhanced Oil Recovery Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Asia Pacific Enhanced Oil Recovery Market.
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