Enhanced Oil Recovery Market – Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028, Segmented By Technology (Gas, Thermal, Chemical, Microbial, Others), By Application (Offshore, Onshore), By Region

  • Industry : Oil and Gas
  • Pages : NA
  • Published Date : NA
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Report Description

Report Description

Forecast Period

2023-2028

Market Size (2022)

USD 42.34 Billion

CAGR (2023-2028)

6.35%

Market Size (2028)

USD 61.95 Billion

Fastest Growing Segment

Offshore

Largest Market

North America


Global Enhanced Oil Recovery Market is anticipated to grow at a steady pace in the forecast period, 2024-2028. Due to rising demand for oil and gas, companies are working hard to increase output from existing fields that have reached their maximum production capacity. According to the conclusions of a Halliburton research, mature fields provide around 70% of the world's oil and gas output. As a result, these companies are focusing their efforts on increasing recovery and extending the life of older fields using EOR technology. As a result, they are surpassing production levels, increasing market demand for increased oil recovery.

Enhanced oil recovery (EOR), also known as tertiary recovery, is the extraction of crude oil from an oil field that would otherwise be inaccessible. In comparison to primary and secondary recovery, EOR may extract 30% to 60% or more of a reservoir's oil. According to the US Department of Energy: thermal fluid, gases, and chemicals are injected in the process of production optimization, to increase the production rate. Additionally, Carbon dioxide and water are injected together in the EOR process. Quaternary recovery refers to more sophisticated, speculative EOR procedures.

The exponential use of oil in many industries such as transportation, shipping, electricity, manufacturing, and others has raised demand for petroleum products. Operators are embracing various technologies to fulfil the increased demand for oil. EOR allows for the ultimate recovery of oil from the reservoir, increasing overall output. It reduces production costs by avoiding the need to dig a new well, which is expected to boost the market.

Rising Demand for Energy Security to Support the Market

In the extraction of oil from reservoirs, new production techniques provide various economic and technological advantages. Primary and secondary approaches have traditionally been used to target mobile oil in the reservoir, whereas the tertiary method, also known as enhanced oil recovery (EOR), targets immobile oil that cannot be produced owing to capillary and viscous forces. Over time, technology has evolved towards ultimate oil recovery rather than fast oil recovery. Furthermore, several nations are growing domestic production via technical progress, which is expected to strengthen the market.

EOR allows for the extraction of a significant volume of stationary oil while lowering the cost of drilling new wells. Several firms in the United States are using EOR to satisfy national output goals. Governments all over the globe are focusing on the ultimate recovery of oil to reduce the environmental harm caused by new drilling. Furthermore, the increasing number of mature wells is projected to increase demand for advanced oil extraction methods, thus increasing the market value of this industry.

The Market Would Benefit from A Gradual Shift Towards Optimizing Oil Recovery from Reservoirs

Hydrocarbons are critical to the economic development of any nation on the planet. However, the availability of finite sources raises energy costs, necessitating exponential investment in oil imports by oil-deficient countries. As a result, several nations throughout the world are implementing new technologies to boost domestic production to satisfy rising oil demand, which is driving improved oil recovery market trends. This not only reduces the outflow of foreign cash due to oil imports, but also strengthens the country through energy security, hence the market is expected to register a high CAGR in the forecast period.

EOR allows for the extraction of a significant volume of stationary oil while also lowering the cost of drilling new wells. Several firms in the United States are using EOR to satisfy national output goals. Governments all over the globe are focusing on the ultimate recovery of oil to reduce the environmental harm caused by new drilling. Furthermore, the increasing number of mature wells is projected to increase demand for advanced oil extraction methods, thus increasing the market value of this industry.


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Market Segmentation

The Global Enhanced Oil Recovery Market is segmented into technology and application. Based on Technology, the market is segmented into gas, thermal, chemical, microbial, and others. Based on Application, the market is segmented into offshore and onshore.

Market Players

The main market players in the market Enhanced Oil Recovery Market are segmented into Halliburton Company, Schlumberger Limited, Baker Hughes Inc, BP plc., Exxon Mobil Corporation, China Petroleum & Chemical Corporation, Saudi Aramco Group, Statoil ASA,Chevron Corporation, TotalEnergies SE.

Recent Developments

  • Talos Energy has announced plans to drill the Tornado Attic well in the deepwater Gulf of Mexico using Seadrill's West Neptune drillship in May 2021. The Tornado Attic well is expected to boost the company's waterflood enhanced oil recovery project in the Tornado field, increasing production by 25 to 35 million barrels of oil equivalent (mboe) from the field.
  • TechnipFMC announced a contract with Ithaca Energy for the Captain enhanced oil recovery (EOR) project in the North Sea, UK, in May 2021. TechnipFMC has been chosen to build, produce, and install subsea equipment such as umbilicals, flexible water injection flowlines, stiff riser caissons, and other associated equipment.
  • J-Power and Schlumberger intended to collaborate in August 2021 to investigate the feasibility of manufacturing CO2-free hydrogen using coal gasification technology. The carbon dioxide produced by the method will be utilized to improve oil recovery (EOR).
  • LUKOIL and Gazprom Neft inked a collaboration agreement in October 2021 to conduct oil recovery enhancement projects. The agreement calls for collaboration on enhancing chemical techniques of increased oil recovery.

Attribute

Details

Base Year

2022

Historic Data

2018 – 2022

Estimated Year

2023

Forecast Period

2024– 2028

Quantitative Units

Revenue in USD Million, and CAGR for 2018-2022 and 2024-2028

Report coverage

Revenue forecast, company share, growth factors, and trends

Segments covered

By Technology

By Application

By Region

Regional scope

North America, Asia-Pacific, Europe, South America, Middle East & Africa

Country scope

United States; Canada; Mexico; China; India; Japan; South Korea; Australia; Singapore; Malaysia; Germany; United Kingdom; France; Italy; Spain; Brazil; Argentina; Colombia; Saudi Arabia; South Africa; UAE; Kuwait; Turkey

Key companies profiled

Halliburton Company, Schlumberger Limited, Baker Hughes Inc, BP p.l.c, Exxon Mobil Corporation, China Petroleum & Chemical Corporation, Saudi Aramco Group, Statoil ASA,Chevron Corporation, TotalEnergies SE

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Report Scope:

In this report, the Global Enhanced Oil Recovery Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

  • Enhanced Oil Recovery Market, By Technology:
    • Gas
    • Thermal
    • Chemical
    • Microbial
    • Others
  • Enhanced Oil Recovery Market, By Application:
    • Onshore
    • Offshore
  • Enhanced Oil Recovery Market, By Region:

·         North America

o   United States

o   Canada

o   Mexico

·         Asia-Pacific

o   China

o   India

o   Japan

o   South Korea

o   Australia

o   Singapore

o   Malaysia

·         Europe

o   Germany

o   United Kingdom

o   France

o   Italy

o   Spain

·         South America

o   Brazil

o   Argentina

o   Colombia

·         Middle East

o   Saudi Arabia

o   South Africa

o   UAE

o   Kuwait

o   Turkey

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Enhanced Oil Recovery Market.

Available Customizations:

Global Enhanced Oil Recovery Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Global Enhanced Oil Recovery Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

Table of content

1.    Product Overview

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Impact of COVID-19 on Global Enhanced Oil Recovery Market 

4.    Executive Summary

5.    Voice of Customers

6.    Global Enhanced Oil Recovery Market Outlook

6.1.  Market Size & Forecast

6.1.1.    By Value

6.2.  Market Share & Forecast

6.2.1.    By Technology (Gas, Thermal, Chemical, Microbial, Others)

6.2.2.    By Application (Offshore, Onshore)

6.2.3.    By Region

6.3.  By Company

6.4.  Market Map

7.    North America Enhanced Oil Recovery Market Outlook

7.1.  Market Size & Forecast

7.1.1.    By Value

7.2.  Market Share & Forecast

7.2.1.    By Technology

7.2.2.    By Application

7.2.3.    By Country

7.3.  North America: Country Analysis

7.3.1.    United States Enhanced Oil Recovery Market Outlook

7.3.1.1.        Market Size & Forecast

7.3.1.1.1.            By Value 

7.3.1.2.        Market Share & Forecast

7.3.1.2.1.            By Technology

7.3.1.2.2.            By Application

7.3.2.    Canada Enhanced Oil Recovery Market Outlook

7.3.2.1.        Market Size & Forecast

7.3.2.1.1.            By Value 

7.3.2.2.        Market Share & Forecast

7.3.2.2.1.            By Technology

7.3.2.2.2.            By Application

7.3.3.    Mexico Enhanced Oil Recovery Market Outlook

7.3.3.1.        Market Size & Forecast

7.3.3.1.1.            By Value 

7.3.3.2.        Market Share & Forecast

7.3.3.2.1.            By Technology

7.3.3.2.2.            By Application

8.    Asia-Pacific Enhanced Oil Recovery Market Outlook

8.1.  Market Size & Forecast

8.1.1.    By Value

8.2.  Market Share & Forecast

8.2.1.    By Technology

8.2.2.    By Application

8.2.3.    By Country

8.3.  Asia-Pacific: Country Analysis

8.3.1.    China Enhanced Oil Recovery Market Outlook

8.3.1.1.        Market Size & Forecast

8.3.1.1.1.            By Value 

8.3.1.2.        Market Share & Forecast

8.3.1.2.1.            By Technology

8.3.1.2.2.            By Application

8.3.2.    India Enhanced Oil Recovery Market Outlook

8.3.2.1.        Market Size & Forecast

8.3.2.1.1.            By Value 

8.3.2.2.        Market Share & Forecast

8.3.2.2.1.            By Technology

8.3.2.2.2.            By Application

8.3.3.    Japan Enhanced Oil Recovery Market Outlook

8.3.3.1.        Market Size & Forecast

8.3.3.1.1.            By Value 

8.3.3.2.        Market Share & Forecast

8.3.3.2.1.            By Technology

8.3.3.2.2.            By Application

8.3.4.    South Korea Enhanced Oil Recovery Market Outlook

8.3.4.1.        Market Size & Forecast

8.3.4.1.1.            By Value 

8.3.4.2.        Market Share & Forecast

8.3.4.2.1.            By Technology

8.3.4.2.2.            By Application

8.3.5.    Australia Enhanced Oil Recovery Market Outlook

8.3.5.1.        Market Size & Forecast

8.3.5.1.1.            By Value 

8.3.5.2.        Market Share & Forecast

8.3.5.2.1.            By Technology

8.3.5.2.2.            By Application

8.3.6.    Singapore Enhanced Oil Recovery Market Outlook

8.3.6.1.        Market Size & Forecast

8.3.6.1.1.            By Value 

8.3.6.2.        Market Share & Forecast

8.3.6.2.1.            By Technology

8.3.6.2.2.            By Application

8.3.7.    Malaysia Enhanced Oil Recovery Market Outlook

8.3.7.1.        Market Size & Forecast

8.3.7.1.1.            By Value 

8.3.7.2.        Market Share & Forecast

8.3.7.2.1.            By Technology

8.3.7.2.2.            By Application

9.    Europe Enhanced Oil Recovery Market Outlook

9.1.  Market Size & Forecast

9.1.1.    By Value

9.2.  Market Share & Forecast

9.2.1.    By Technology

9.2.2.    By Application

9.2.3.    By Country

9.3.  Europe: Country Analysis

9.3.1.    Germany Enhanced Oil Recovery Market Outlook

9.3.1.1.        Market Size & Forecast

9.3.1.1.1.            By Value 

9.3.1.2.        Market Share & Forecast

9.3.1.2.1.            By Technology

9.3.1.2.2.            By Application

9.3.2.    United Kingdom Enhanced Oil Recovery Market Outlook

9.3.2.1.        Market Size & Forecast

9.3.2.1.1.            By Value 

9.3.2.2.        Market Share & Forecast

9.3.2.2.1.            By Technology

9.3.2.2.2.            By Application

9.3.3.    France Enhanced Oil Recovery Market Outlook

9.3.3.1.        Market Size & Forecast

9.3.3.1.1.            By Value 

9.3.3.2.        Market Share & Forecast

9.3.3.2.1.            By Technology

9.3.3.2.2.            By Application

9.3.4.    Italy Enhanced Oil Recovery Market Outlook

9.3.4.1.        Market Size & Forecast

9.3.4.1.1.            By Value 

9.3.4.2.        Market Share & Forecast

9.3.4.2.1.            By Technology

9.3.4.2.2.            By Application

9.3.5.    Spain Enhanced Oil Recovery Market Outlook

9.3.5.1.        Market Size & Forecast

9.3.5.1.1.            By Value 

9.3.5.2.        Market Share & Forecast

9.3.5.2.1.            By Technology

9.3.5.2.2.            By Application

10.  South America Enhanced Oil Recovery Market Outlook

10.1.             Market Size & Forecast

10.1.1. By Value

10.2.             Market Share & Forecast

10.2.1. By Technology

10.2.2. By Application

10.2.3. By Country

10.3.             South America: Country Analysis

10.3.1. Brazil Enhanced Oil Recovery Market Outlook

10.3.1.1.     Market Size & Forecast

10.3.1.1.1.         By Value 

10.3.1.2.     Market Share & Forecast

10.3.1.2.1.         By Technology

10.3.1.2.2.         By Application

10.3.2. Argentina Enhanced Oil Recovery Market Outlook

10.3.2.1.     Market Size & Forecast

10.3.2.1.1.         By Value 

10.3.2.2.     Market Share & Forecast

10.3.2.2.1.         By Technology

10.3.2.2.2.         By Application

10.3.3. Colombia Enhanced Oil Recovery Market Outlook

10.3.3.1.     Market Size & Forecast

10.3.3.1.1.         By Value 

10.3.3.2.     Market Share & Forecast

10.3.3.2.1.         By Technology

10.3.3.2.2.         By Application

11.  Middle East & Africa Enhanced Oil Recovery Market Outlook

11.1.             Market Size & Forecast

11.1.1. By Value

11.2.             Market Share & Forecast

11.2.1. By Technology

11.2.2. By Application

11.2.3. By Country

11.3.             Middle East & Africa: Country Analysis

11.3.1. Saudi Arabia Enhanced Oil Recovery Market Outlook

11.3.1.1.     Market Size & Forecast

11.3.1.1.1.         By Value 

11.3.1.2.     Market Share & Forecast

11.3.1.2.1.         By Technology

11.3.1.2.2.         By Application

11.3.2. South Africa Enhanced Oil Recovery Market Outlook

11.3.2.1.     Market Size & Forecast

11.3.2.1.1.         By Value 

11.3.2.2.     Market Share & Forecast

11.3.2.2.1.         By Technology

11.3.2.2.2.         By Application

11.3.3. UAE Enhanced Oil Recovery Market Outlook

11.3.3.1.     Market Size & Forecast

11.3.3.1.1.         By Value 

11.3.3.2.     Market Share & Forecast

11.3.3.2.1.         By Technology

11.3.3.2.2.         By Application

11.3.4. Turkey Enhanced Oil Recovery Market Outlook

11.3.4.1.     Market Size & Forecast

11.3.4.1.1.         By Value 

11.3.4.2.     Market Share & Forecast

11.3.4.2.1.         By Technology

11.3.4.2.2.         By Application

11.3.5. Kuwait Enhanced Oil Recovery Market Outlook

11.3.5.1.     Market Size & Forecast

11.3.5.1.1.         By Value 

11.3.5.2.     Market Share & Forecast

11.3.5.2.1.         By Technology

11.3.5.2.2.         By Application

12.  Market Dynamics

13.  Market Trends & Developments

14.  Company Profiles

14.1.1. Halliburton Company

14.1.1.1.     Business Overview

14.1.1.2.     Key Revenue and Financials (If Available)

14.1.1.3.     Recent Developments

14.1.1.4.     Key Personnel

14.1.1.5.     Key Product/Services

14.1.2. Schlumberger Limited

14.1.2.1.     Business Overview

14.1.2.2.     Key Revenue and Financials (If Available)

14.1.2.3.     Recent Developments

14.1.2.4.     Key Personnel

14.1.2.5.     Key Product/Services

14.1.3.    Baker Hughes Inc.

14.1.3.1.     Business Overview

14.1.3.2.     Key Revenue and Financials (If Available)

14.1.3.3.     Recent Developments

14.1.3.4.     Key Personnel

14.1.3.5.     Key Product/Services

14.1.4.    BP p.l.c

14.1.4.1.     Business Overview

14.1.4.2.     Key Revenue and Financials (If Available)

14.1.4.3.     Recent Developments

14.1.4.4.     Key Personnel

14.1.4.5.     Key Product/Services

14.1.5. Exxon Mobil Corporation.

14.1.5.1.     Business Overview

14.1.5.2.     Key Revenue and Financials (If Available)

14.1.5.3.     Recent Developments

14.1.5.4.     Key Personnel

14.1.5.5.     Key Product/Services

14.1.6.  China Petroleum & Chemical Corporation

14.1.6.1.     Business Overview

14.1.6.2.     Key Revenue and Financials (If Available)

14.1.6.3.     Recent Developments

14.1.6.4.     Key Personnel

14.1.6.5.     Key Product/Services

14.1.7.     Saudi Aramco Group

14.1.7.1.     Business Overview

14.1.7.2.     Key Revenue and Financials (If Available)

14.1.7.3.     Recent Developments

14.1.7.4.     Key Personnel

14.1.7.5.     Key Product/Services

14.1.8.  TotalEnergies SE

14.1.8.1.     Business Overview

14.1.8.2.     Key Revenue and Financials (If Available)

14.1.8.3.     Recent Developments

14.1.8.4.     Key Personnel

14.1.8.5.     Key Product/Services

14.1.9.  Statoil ASA.

14.1.9.1.     Business Overview

14.1.9.2.     Key Revenue and Financials (If Available)

14.1.9.3.     Recent Developments

14.1.9.4.     Key Personnel

14.1.9.5.     Key Product/Services

14.1.10. Chevron Corporation

14.1.10.1.   Business Overview

14.1.10.2.   Key Revenue and Financials (If Available)

14.1.10.3.   Recent Developments

14.1.10.4.   Key Personnel

14.1.10.5.   Key Product/Services

15.  Strategic Recommendations

16.  About Us & Disclaimer

Figures and Tables

Frequently asked questions

Frequently asked questions

The main market players in the Enhanced Oil Recovery Market are Halliburton Company, Schlumberger Limited, Baker Hughes Inc, BP p.l.c, Exxon Mobil Corporation, China Petroleum & Chemical Corporation, Saudi Aramco, Statoil ASA,Chevron Corporation, TotalEnergies SE.

Demand of petrol is rising rapidly in the future period due to which the global enhanced oil recovery market is projected to register with a high CAGR. Furthermore, several nations are growing domestic production via technical progress, which is expected to strengthen the market.

Onshore wells have various benefits over offshore wells, including resource availability, low production costs, existing technology, reservoir knowledge, and others. As a result, land-based wells generate a significant portion of the world’s oil. Due to which market is anticipated to grow in the forecast period.

EOR is a method of increasing the amount of crude oil extracted from an oil field. It is typically accomplished by injecting water or gas into a reservoir to create pressure and drive petroleum out of the rock.

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