Enhanced Oil Recovery Market in North America to Surpass $ 4 Billion by 2022
Ageing onshore oilfields, growing adoption of EOR
methods and other macroeconomic factors such as GDP, industrial growth are expected to drive North America enhanced oil recovery market through
2022
According to a recently published
TechSci Research report, “North
America Enhanced Oil Recovery Market By Onshore
Vs. Offshore, By Type, Competition Forecast & Opportunities, 2012 – 2022”, enhanced oil recovery market in
North America is projected to cross $ 4 billion by 2022, on account of
factors such as upcoming/ongoing EOR projects and year
on year change in energy consumption pattern and oil demand until 2022. Oil
production in North America is expected to grow at a robust pace during
2017-2022 due to shale gas revolution. In 2015, the United States was the
largest market with 19.396 Mb/d crude oil consumption, followed by China
(11.968 Mb/d) and India (4.159 Mb/d). Moreover, according to the International
Monetary Fund (IMF), United States’s economic growth is predicted to increase
from 1.9% in 2016 to 2.1% in 2017. While, the economic growth of Canada is anticipated
to rise from 2% in 2015 to 1.3% in 2016. Backed by improving economy, demand
for enhanced oil recovery
methods in North America is expected to escalate at a healthy pace over the
next five years.
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https://www.techsciresearch.com/report/north-america-enhanced-oil-recovery-market-by-onshore-vs-offshore-by-type-thermal-miscible-gas-chemical-others-competition-forecast-opportunities/1017.html
In 2016, thermal EOR method garnered
the largest share in North America enhanced oil recovery market, however its
share is expected to decline owing to increase in miscible gas method, which
held the second largest share as crude oil found in the region has medium
degrees of American Petroleum Institute (API) favoring use of miscible gas
based enhanced oil recovery methods. Onshore application controls the market as
crude oil producers in North America region are estimated to prohibit their
investments in offshore crude oilfields as these are more expensive in
comparison to onshore crude oilfields. Some of the prominent players operating in the market include The Halliburton
Company, Schlumberger
Limited, Baker Hughes Inc., Baker
Hughes Inc., Chevron Corporation, ConocoPhillips Company and Occidental Petroleum Corporation.
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“Maturing
oilfields, upcoming/ongoing
EOR projects and
economic growth are forecast to create demand for EOR methods in North American
countries, especially the United States which commands the region’s market due
to focus
towards the tertiary method of oil recovery from conventional reserves. Additionally, in order
to meet increasing demand for crude oil, EOR measures are being deployed across
the region, which are anticipated to positively impact the market in the coming
years.”, said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“North America Enhanced Oil Recovery Market By Onshore Vs. Offshore, By
Type, Competition Forecast & Opportunities, 2012 – 2022” has
evaluated the future growth potential of North America 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 North America enhanced oil recovery market.
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