Europe Enhanced Oil Recovery Market to Cross $1 Billion by 2022
Less new oilfield discoveries, maturing oilfields supported
by onshore enhanced oil recovery processes and conventional resources are expected to drive Europe enhanced oil recovery market through 2022
According to a recently published
TechSci Research report, “Europe
Enhanced Oil Recovery Market By Onshore
Vs. Offshore, By Type, Competition Forecast & Opportunities, 2012 – 2022”, enhanced oil recovery market in
Europe is projected to surpass $ 1 billion by 2022, on account of maturing fields in the UK, Norway,
and Russia and less dependence on Russian crude oil imports, thereby pushing
the region to strengthen its crude oil production. Further, increasing recovery
factor from ageing crude oil fields and surging technological advancements are
also anticipated to propel the market in the coming years. Crude oil production in the region in 2016
was 17.72 million barrels per day that exhibited an increase of 1.494% compared
to 2015. Since 2013, the region has been witnessing a positive production
trend. Russia has been the largest producer of crude oil in the region with
11.85% of the total global production followed by Norway and Kazakhstan.
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https://www.techsciresearch.com/report/europe-enhanced-oil-recovery-market-by-onshore-vs-offshore-by-type-thermal-miscible-gas-chemical-others-competition-forecast-opportunities/995.html
In 2016, thermal EOR method dominated
Europe enhanced oil recovery market, however a major shift is anticipated
towards carbon dioxide EOR process as new EOR projects are commencing in the UK.
Onshore application garnered the largest share in the market in 2016 and is
expected to continue commanding the market until 2022. Economic crisis in
Europe is predicted to favor growth of conventional onshore crude oil reserves.
EOR holds tremendous potential in Russia due to rising need to improve oil
recovery factor from existing oil fields in the country. Some of the prominent
players operating in
the market include BP P.L.C., Statoil ASA, Royal Dutch Shell plc, Total S.A., Linde AG, Eni SpA, and Lukoil.
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“Reducing dependency
on Russian crude oil imports, surging technological advancements and no new
significant crude oil discovery being made in the major crude oil producing
nations in the region, such as the UK and Norway are projected to fuel growth
in demand for tertiary EOR methods. In addition, growing need to improve
production of extra heavy crude oil and high cost of exploration are further
anticipated to drive the market in the coming years”, said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“Europe Enhanced Oil Recovery Market By Onshore Vs. Offshore, By Type, Competition
Forecast & Opportunities, 2012 – 2022” has evaluated the
future growth potential of Europe 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 Europe enhanced oil recovery market.
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