Press Release

Microbial Enhanced Oil Recovery Market to Grow with a CAGR of 7.19% through 2028

Increasing government support for EOR technologies and growing awareness of the environmental benefits of MEOR are likely to drive the market in the forecast period.

 

According to TechSci Research report, “Microbial Enhanced Oil Recovery Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Microbial Enhanced Oil Recovery Market stood at USD 408.10 million in 2022 and is anticipated to grow with a CAGR of 7.19% in the forecast period. One of the primary drivers propelling the global Microbial Enhanced Oil Recovery (MEOR) market is the depletion of conventional oil reserves. As the world's population continues to grow and industrialization expands, the demand for energy, particularly in the form of crude oil, remains insatiable. However, many of the easily accessible and high-quality oil reservoirs have been exploited extensively, leading to declining production rates. MEOR offers a promising solution to this challenge by rejuvenating mature and low-producing oil fields. By harnessing the power of specially selected microorganisms, MEOR processes alter the reservoir's physical and chemical properties. These microbes break down complex hydrocarbons, reduce oil viscosity, and improve reservoir sweep efficiency, ultimately unlocking trapped oil that was previously unrecoverable through traditional methods. Given the rising energy demand and the limited availability of conventional oil reserves, the adoption of MEOR techniques is increasingly appealing to oil and gas companies. It allows them to extend the productive life of existing wells, optimize resource utilization, and maximize oil recovery from reservoirs that were once considered depleted. As a result, MEOR has emerged as a critical driver in meeting global energy needs.

Another significant driver of the global MEOR market is the increasing emphasis on environmental sustainability and regulatory support for eco-friendly oil recovery practices. Traditional oil extraction methods, such as hydraulic fracturing and steam injection, have raised environmental concerns due to their associated greenhouse gas emissions, water consumption, and habitat disruption. MEOR, on the other hand, is recognized for its minimal environmental impact. It involves the use of naturally occurring microorganisms, eliminating the need for harsh chemicals and reducing the carbon footprint of oil recovery operations. Consequently, governments and regulatory bodies worldwide are actively endorsing MEOR as a responsible and sustainable approach to oil extraction. To encourage the adoption of MEOR techniques, many governments have implemented policies and incentives. These may include tax breaks, subsidies, and research grants aimed at supporting research and development efforts in the field. Regulatory frameworks also encourage oil companies to invest in MEOR technologies as part of their commitment to environmental stewardship, thereby driving the growth of the global MEOR market.

In summary, the depletion of conventional oil reserves and the increasing focus on environmentally sustainable practices, backed by regulatory support, serve as two pivotal drivers for the global Microbial Enhanced Oil Recovery market. MEOR's ability to revitalize mature reservoirs and its eco-friendly approach position it as a key player in the quest for sustainable and efficient oil recovery solutions.


                                                                                             

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The Global Microbial Enhanced Oil Recovery Market is segmented into type, mechanism, bacterial injection and region.Based on type, The Onshore segment had the largest market share in 2022 & expected to maintain it in the forecast period. Onshore MEOR operations are generally more cost-effective compared to offshore operations. The expenses associated with drilling and maintaining offshore wells, as well as managing the logistical challenges of working in a marine environment, can be significantly higher. Onshore operations benefit from proximity to infrastructure, reducing transportation and support costs. Onshore oil reservoirs are easier to access and operate than offshore ones. They are often located closer to transportation networks, which simplifies logistics and reduces downtime. In contrast, offshore reservoirs can be challenging to access due to their distance from shore, weather-related disruptions, and the need for specialized equipment and vessels. Many onshore reservoirs around the world are mature, meaning that they have been in production for several years and are nearing the end of their productive life. MEOR can be particularly attractive for these reservoirs as it offers a way to revive and extend their production, maximizing the recovery of remaining oil. MEOR is often viewed as an environmentally friendly technology. Given the heightened environmental scrutiny associated with offshore drilling and production, some oil companies and regulatory bodies may prefer onshore MEOR solutions as they are perceived to have a lower environmental impact. Historically, the development and implementation of MEOR technologies have been more extensive and advanced in onshore settings. Conducting research, trials, and monitoring are generally easier onshore, which has facilitated the growth of onshore

Based on Mechanism, The In-Situ Mechanism segment had the largest market share in 2022 and is projected to experience rapid growth during the forecast period. In-situ MEOR involves the injection of specially selected microorganisms directly into the oil reservoir. These microbes are chosen to thrive in specific reservoir conditions, including temperature, pressure, and salinity. This adaptability is crucial for the success of MEOR, as the microorganisms need to survive and remain active within the reservoir to modify the oil properties effectively. In-situ applications leverage natural reservoir conditions, making them more suitable for a wide range of reservoir types. In-situ MEOR typically involves fewer operational complexities compared to ex-situ methods. Once the microbial formulation is injected into the reservoir, there is no need for additional handling, containment, or transportation of microorganisms. This can lead to cost savings and reduced logistical challenges. The simplicity of in-situ applications makes them more attractive to oil companies. In-situ MEOR allows for direct contact between the injected microorganisms and the oil within the reservoir. This proximity enhances the microbial action on the crude oil, leading to more efficient changes in oil properties, such as reduced viscosity and improved flow. The direct interaction contributes to the effectiveness of in-situ MEOR methods. In-situ MEOR is often considered more cost-efficient compared to ex-situ methods, which require the cultivation and transportation of large quantities of microbes to the site. In-situ applications leverage natural reservoir conditions, reducing the need for extensive infrastructure, microbial cultivation facilities, and transportation costs. In-situ MEOR is generally seen as an environmentally friendly method, as it minimizes the risks associated with the handling and containment of large volumes of microorganisms. This aligns with environmental sustainability goals and regulatory preferences, making it a preferred choice in regions with stringent environmental regulations.

 

Major companies operating in the Global Microbial Enhanced Oil Recovery Market are:

  • Schlumberger NV
  • Halliburton Corporation
  • Baker Hughes Company
  • Weatherford International Plc
  • Microbia Inc.
  • Titan Oil Recovery Inc
  • Biorem Inc
  • Petroleum Technology Group
  • MicroBioLogics

 

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“The Global Microbial Enhanced Oil Recovery market is expected to rise in the upcoming years and register a significant CAGR during the forecast period. The primary market driver for the global MEOR market is the need to increase oil production from mature oil fields. As oil fields mature, the natural pressure in the reservoir decreases, making it more difficult to extract the remaining oil. MEOR can be used to increase oil recovery from mature oil fields by up to 20%. Therefore, the market of Microbial Enhanced Oil Recovery is expected to boost in the upcoming years.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

Microbial Enhanced Oil Recovery Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Types (Offshore and onshore), By Mechanism (In-Situ Mechanism, Ex-Situ Mechanism), By Bacterial Injection (Cyclic MEOR, Microbial Flooding, Feeding Existing Bacteria), By Region, By Competition”, has evaluated the future growth potential of Global Microbial 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 make sound investment decisions., The report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Microbial Enhanced Oil Recovery Market.


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