Press Release

South America Enhanced Oil Recovery Market growth to Grow with a 8.1% CAGR through to 2029

Environmental Benefits and Government Policies and Investments are expected to drive the South America Enhanced Oil Recovery Market growth in the forecast period, 2025-2029.

According to TechSci Research report, “South America Enhanced Oil Recovery Market - By Country, Competition, Forecast and Opportunities, 2019-2029”, South America Enhanced Oil Recovery Market was valued at USD 3.8 billion in 2023 and is expected to reach USD 6.1 billion by 2029 with a CAGR of 8.1% during the forecast period. South American Enhanced Oil Recovery (EOR) market is also propelled by factors such as rising investment in the region's oil and gas infrastructure and government support for energy development. Many South American countries are focused on increasing domestic oil production to reduce dependence on imports and ensure energy security. For instance, Brazil’s efforts to maximize output from its pre-salt oil fields are being backed by significant investments in advanced recovery methods, which is accelerating EOR adoption. Similarly, Argentina’s Vaca Muerta shale play is receiving substantial attention for its potential, and EOR methods are increasingly seen as critical to unlocking additional reserves.

Another important driver is the growing focus on improving operational efficiency in oil extraction. As the global demand for energy continues to rise, companies in South America are focusing on technologies that extend the life of oil fields and increase recovery rates, minimizing the need for costly new exploration projects. Furthermore, the rising awareness of climate change is encouraging the development of EOR techniques that align with carbon reduction goals, making CO2 injection and other eco-friendly recovery methods more attractive to stakeholders across the region.

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Based on application, the offshore segment has emerged as the predominant market leader. The offshore segment has emerged as the dominant application in the South American Enhanced Oil Recovery (EOR) market due to the region's vast offshore oil reserves, particularly in Brazil's pre-salt fields. Brazil is home to some of the world’s largest offshore oil fields, such as those in the Santos and Campos Basins, which have become central to the country’s oil production strategy. These fields, located beneath deep layers of salt, present significant challenges for conventional recovery methods due to their complex geological formations. As a result, offshore EOR techniques, particularly CO2 injection, gas flooding, and thermal recovery methods, are increasingly being adopted to optimize production and extend the life of these reservoirs.

The use of EOR in offshore fields offers several advantages. For one, it allows for the extraction of additional oil from maturing fields where traditional recovery methods have become less effective. Techniques like CO2 injection not only enhance oil recovery but also contribute to sustainability efforts by sequestering CO2 underground, which aligns with Brazil's environmental and regulatory goals. Additionally, offshore EOR methods are critical for maintaining or increasing production levels in these high-demand fields, where new exploration may not be as economically viable due to the high costs involved.

As offshore oil fields continue to mature, Brazil’s oil industry is increasingly relying on advanced EOR methods to maintain output, making the offshore sector a key driver of growth in the South American EOR market. The success of these techniques in Brazil has also sparked interest in other countries with offshore oil reserves, such as Argentina and Venezuela, creating further opportunities for EOR technology deployment across the region.

With rising energy demand and the ongoing need to maximize the potential of existing oil reserves, the offshore segment in South America is poised to maintain its dominance. The combination of technological advancements in EOR and the growing availability of CO2 for injection will continue to drive growth in this sector. Furthermore, the integration of digital technologies, such as real-time monitoring and data analytics, is enhancing the efficiency of offshore EOR operations, further boosting the segment's prominence in the market. As South America looks to maximize its offshore oil production, EOR will play a central role in the region's energy future.

Major companies operating in South America Enhanced Oil Recovery Market are:

  • Halliburton Latin America S.R.L.
  • Schlumberger del Ecuador S.A.
  • Baker Hughes of Mexico S. de R.L. de C.V.
  • ExxonMobil Corporation
  • Arabian American Oil Company (ARAMCO)
  • Petroleo Brasileiro SA
  • Equinor ASA
  • Chevron Corporation
  • China Petroleum & Chemical Corporation
  • BP p.l.c   

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“The South American Enhanced Oil Recovery (EOR) market presents several promising opportunities driven by technological advancements and the growing demand for energy. As oil fields in the region mature, particularly in Brazil and Argentina, the need to maximize recovery from existing reserves is creating a strong demand for EOR solutions. Technologies like CO2 injection, gas flooding, and chemical flooding are expected to see increased adoption, driven by their effectiveness in enhancing oil recovery while addressing environmental concerns, such as carbon capture and storage (CCS). These methods are particularly beneficial for offshore and mature fields where traditional recovery techniques are less effective. The region also benefits from a growing emphasis on sustainable energy practices, which is aligning with the potential environmental benefits of certain EOR techniques, such as reducing greenhouse gas emissions through CO2 sequestration. Moreover, as oil prices fluctuate, improving the efficiency of existing oil production has become a priority, making EOR a cost-effective way to increase output without the need for new drilling projects. Additionally, partnerships between industry players and research institutions, like the Wyoming Gas Injection Initiative, provide a platform for further innovation in the market, increasing opportunities for the deployment of advanced recovery technologies across South America.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

South America Enhanced Oil Recovery Market Segmented By Technology (Gas Injection, Thermal Injection, Chemical Injection, Microbial Injection, Others), By Application (Onshore, Offshore), By Country, By Competition Forecast & Opportunities, 2019-2029”, has evaluated the future growth potential of South America 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 South America Enhanced Oil Recovery Market.

 

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