Middle East Enhanced Oil Recovery Market to be Dominated by the Onshore Segment in the Forecast Period
Rising demand
for oil and gas & technological advancement in thermal/chemical flooding
are the factors fueling the Middle East Enhanced Oil Recovery Market growth in the forecast period.
According to TechSci Research report “Middle East Enhanced Oil Recovery Market -
By Country, Competition Forecast & Opportunities, 2018-2028,” the Middle
East Enhanced Oil Recovery Market is expected
to register robust growth during the forecast period, 2024-2028. Enhanced oil
recovery, or EOR for short, is the extraction of crude oil from an oil field
when it cannot be recovered in any other method. EOR may extract up to 60% more
oil from a reservoir than primary and secondary recovery, which can only
recover 20% to 40% of the oil. In addition to the injection of carbon dioxide
and water, one of three EOR techniques—thermal injection, gas injection, or
chemical injection—is employed, according to the US Department of Energy. More
advanced, speculative EOR procedures are known as quaternary recovery.
Due to high expense
of technology, enhanced oil recovery has relied mostly on government subsidies
or inventive investment programs all around the world. When compared to
standard therapies, the approach is significantly more complicated. EOR
deployment necessitates highly qualified employees, phased implementation and
integration of R&D, devotion, and risk-taking qualities, all of which are
hurdles to market development.
Gas injection has
advantages such as reduced oil viscosity and higher pressure in the reservoir
for oil production. With a rising emphasis on unconventional gas production
throughout the world, demand for gas injection based EOR technologies is
expected to expand during the projected period.
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The Middle East Enhanced Oil Recovery Market is segmented
into technology, application, country and competitive landscape. Based on
Technology, the market is segmented into gas, thermal, chemical, microbial,
others. The thermal method is one of the most well-established
and commonly used methods for improved oil recovery in the world. The process
is ideal for heavy, viscous crude oil and requires injecting thermal energy
into the reservoir to raise the temperature and lower the viscosity of the oil.
The primary application of natural gas is to create thermal energy. However,
due to its environmental benefits, solar EOR has grown in popularity in recent
years. Similarly, gas injection is frequently used to improve oil mobility in
reservoirs. CO2-EOR is one of the most quickly growing methods of enhancing oil
output in numerous countries. Carbon capture and sequestration technologies
benefit the environment by lowering carbon emissions, which may then be used to
boost oil recovery. Chemical EOR is generally used to boost oil output by
injecting water-soluble surfactants and polymers.
The market is
divided into two segments based on application, which include offshore and
onshore. Onshore wells offer several advantages over offshore wells, including
resource availability, cheap production costs, current technology, reservoir
expertise, and others. As a result, land-based wells produce a major share of
the Middle East Enhanced Oil Recovery Market.
Major market players in the Middle East Enhanced Oil Recovery Market are: -
- Schlumberger
Limited
- BP P.L.C
- Saudi Aramco
- Petroleum
Development Oman
- China National
Offshore Oil Corporation
- Linde AG
- Abu Dhabi National
Oil Company
- SGS SA
- Kemira Oyj
- Linde Plc
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“Rising demand for oil and gas, as well
as technical advancements in the oil industry are causing the market to develop
at a rapid pace throughout the forecast period. National oil companies are
reconsidering approaches that might lead to an increase in the amount of oil
produced domestically by investing in more cutting-edge technology, resulting
in a fast-rising market." said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“Middle East Enhanced Oil Recovery Market By Technology (Gas, Thermal,
Chemical, Microbial, Others), By Application (Offshore, Onshore), By Country, Competition, Forecast and Opportunities, 2028,” has
evaluated the future growth potential of Middle
East 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 the Middle East Enhanced Oil Recovery Market.
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