APAC Enhanced Oil Recovery (EOR) Market to Grow at CAGR 12% till 2022
Anticipated demand for
crude oil which is higher than the production in the region, surging
technological advancements and increasing applications of EOR are expected to drive Asia-Pacific enhanced
oil recovery market through 2022
According to a recently published
TechSci Research report, “Asia-Pacific
Enhanced Oil Recovery Market By Onshore
Vs. Offshore, By Type, Competition Forecast & Opportunities, 2012 – 2022”, enhanced oil recovery market in
Asia-Pacific is projected to exhibit a CAGR of over 12% during 2017-2022, owing to rising demand from
developing economies such as China and India in the region. In
addition, increasing
applications of EOR in mature fields of Malaysia and Indonesia is further
expected to aid the region’s enhanced oil recovery market during the forecast period.
Asia-Pacific is the largest market for crude oil in the world and accounted for
34.58% of the total crude oil production, globally, in 2016 and consumption of crude oil within the region, increased
at a marginal rate of 4.09% in the same year. China stood as the largest crude
oil producing nation in the region, followed by India and Indonesia. In 2016,
China witnessed a positive year on year growth of 1.3% and recorded a
production volume of 4.36 million barrels per day.
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Enhanced Oil Recovery Market"
https://www.techsciresearch.com/report/asia-pacific-enhanced-oil-recovery-market-by-onshore-vs-offshore-by-type-thermal-miscible-gas-chemical-others-competition-forecast-opportunities/1000.html
Asia-Pacific enhanced oil
recovery market was governed by thermal oil recovery method in 2016, as thermal
methods of EOR are ideal for crude oil characteristics, that is mostly used in
countries like China and Indonesia. The segment is expected to maintain its
dominance through 2022, however, its share is estimated to decline in the
indicated year. In 2016, the second largest share was held by miscible gas
followed by chemical and others. Onshore enhanced oil recovery market governs
the region with companies like China’s National Oil Company (CNOC) as major
contributors to the enhanced oil recovery market with high application of
methods for enhanced oil recovery. Some of the prominent players operating in the market include The Halliburton
Company, BP
P.L.C., China Petroleum & Chemical Corporation, Royal Dutch Shell plc, Total S.A., China National
Offshore Oil Corporation and Linde
AG.
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“Rising demand, low reserve to
production ratio and enhanced utilization of EOR methods are forecast
to propel enhanced oil recovery market Asia-Pacific during 2017-2022. Moreover,
surging technological advancements coupled with high cost of exploration are
also anticipated to fuel demand for EOR methods. All these factors are projected
to aid enhanced oil recovery market in the region to exhibit double digit
growth in the course of next five years.”, said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Asia-Pacific Enhanced Oil Recovery Market By Onshore Vs. Offshore, By
Type, Competition Forecast & Opportunities, 2012 – 2022” has
evaluated the future growth potential of Asia-Pacific enhanced oil recovery market and provides
statistics and information on market structure and trends. The report is
intended to provide cutting-edge market intelligence and help decision makers
take sound investment evaluation. Besides, the report also identifies and
analyzes emerging trends along with essential drivers, challenges and
opportunities available in Asia-Pacific enhanced oil recovery market.
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