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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America Enhanced Oil Recovery Market”
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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