Report Description

North America Enhanced Oil Recovery is anticipated to grow robustly in the forecast period 2024-2028. The exponential expansion in oil consumption across a variety of industries including transportation, shipping, electricity, manufacturing, and others, has increased demand for petroleum products. To fulfill the increased demand for oil, operators are employing a few cutting-edge technologies. Enhanced Oil Recovery (EOR), also called tertiary recovery, is the recovery of oil from an oil field that cannot be recovered easily.

EOR techniques are classified into three types: gas injection, heat injection, and chemical injection. Gas injection, which employs gases such as natural gas, nitrogen, or carbon dioxide (CO2), accounts for roughly 60% of EOR output. The most widely employed technique in improved oil recovery is gas injection or miscible flooding. Miscible flooding refers to injection procedures that use miscible gases in the reservoir. Various technologies are employed in this approach to heat the crude oil in the formation to reduce its viscosity and/or evaporate portion of the oil, lowering the mobility ratio. Cyclic steam injection, steam flooding, and combustion are all methods. These strategies increase the sweep and displacement efficiency.

North America's Largest Oil Shale Reserves

In 2020, North America's crude oil reserves were estimated to be 36 billion metric tonnes. Of this, the oil reserves of Canada, including its oil sands deposits, accounted for 75%One of the largest oil shale reserves in the world is found in the United States. The U.S. crude oil and lease condensate proved reserves increased by 6.2 billion barrels (16%), from 38.2 billion barrels to 44.4 billion barrels, at the end of 2021. Since North America has a large amount of oil reserves in the region, enhanced oil recovery market is expected to register a high CAGR in the forecast period.

Moreover, On Alaska's North Slope, there is a large oil field called Prudhoe Bay Oil Field. With a total area of 213,543 acres (86,418 ha) and an initial oil reserve of 25 billion barrels (4.0 109 m3), it is the largest oil field in North America. Moreover, Natural gas proved reserves in the United States increased by 152.1 trillion cubic feet (Tcf) (32%), from 473.3 Tcf at the end of 2020 to 625.4 Tcf at year's end of 2021 setting a new record. Hence the need of EOR technology in the region is growing rapidly.

Acceptance of Maximum Oil Recovery Methodology in Subsurface Area

Companies are working hard to improve output from existing fields that have reached their maximum production capacity to meet increased demand for oil and gas. According to the findings of a company’s study, mature fields account for around 70% of oil and gas output. As a result, these businesses are now concentrating their efforts on boosting recovery and prolonging the life of older fields utilizing EOR technology. As a result, they are outpacing output, raising market demand for more oil recovery.

Operators are adopting a variety of cutting-edge techniques to meet the rising demand for oil. EOR allows for the maximum oil recovery from the reservoir, increasing overall production. Additionally, by eliminating the drilling of a new well, which is expected to boost the market, it optimizes the production cost.

Large amounts of generated water are frequently pumped to the surface by Enhanced oil recovery wells. This water includes brine, as well as harmful heavy metals and radioactive compounds. If not adequately regulated, this may be extremely harmful to drinking water supplies and the ecosystem in general. These factors are restraining the market growth in the forecast period.

Adoption of New Technologies Fueling The Market Growth

All the countries of the region need hydrocarbons for economic development. Countries suffering from oil shortages have to invest heavily in their oil imports due to limited oil reserves, which raises energy costs. As a result, several countries across the region are using the latest technology to increase domestic production to meet their daily oil requirements. The region is focusing towards oil recovery methods, owing to which the North America Enhanced Oil Recovery is expected to grow in the forecast period.

EOR allows for the extraction of a significant volume of oil that is immobile and lowers the expense of drilling new wells. The EOR technique is being used by several businesses in the US to reach the set production goals. To reduce the environmental harm caused by the new drilling process, governments all over the region are putting more emphasis on the ultimate recovery of oil. Additionally, when there are more mature wells, there will likely be more of a demand for advanced oil extraction methods, which will significantly increase the market value.

United states Government Laws Towards Carbon Capture Improvement Act

There are two supergiant oil fields out of the more than 33,000 which have been discovered. (Prudhoe Bay, in the North Slope region of Alaska, and East Texas). The United States has produced more oil overall than any other nation. Additionally, the US government introduced laws in 2019 to support the Carbon Capture Improvement Act. This act calls for the government to encourage cooperation between the oil and gas sector, power plants, and industrial facility operators to sequester carbon. Furthermore, the oil and gas companies are anticipated to assist other businesses with carbon sequestration so that the latter might use it for CO2 injection. Hence the North America Enhanced Oil Recovery Market is anticipated to grow in the forecast period.

By 2020, a new evaluation technique had been developed by the United States Geological Survey (USGS) to determine how much gas and oil may be produced by adding carbon dioxide to petroleum reservoirs. The amount of oil and gas produced in the US could grow by using carbon dioxide Enhanced oil recovery methods. During the forecast period, it is anticipated that the United States and Canada will increase results from their unconventional reserves even more. This will help to meet North America's rising demand for gas injection based EOR. Additionally, according to the International Energy Agency (IEA), 300 billion barrels of recoverable oil might be released by the methodical application of all EOR technologies.

Recent Development

  • Alaska (for the second consecutive year) witnessed a considerable volume of proven natural gas reserves increased in 2021. The highest rise of all states in 2021, Alaska's yearly proved natural gas resource total scaled by 63.3 Tcf in 2021, nearly tripling its total from 36.5 Tcf to 99.8 Tcf.
  • The second-largest growth in proved natural gas reserves in 2021 was in Texas (34.3 Tcf, or 30%), and the third-largest increase was in New Mexico (10 Tcf, or 38%).
  • Seven of the 8 states with the greatest oil reserves had a rise in their proven U.S. reserves of crude oil and lease condensate in 2021.The highest net gain in the state's proved reserves of crude oil and lease condensate, or an increase of 1,931 million barrels, was recorded by operators in Texas in 2021.
  • The second-largest increase in proved crude oil and lease condensate reserves, totaling 1,370 million barrels, was recorded by operators in New Mexico. With a net rise of 754 million barrels, Alaska saw the third-largest net gain in proved reserves of crude oil and lease condensate.
  • The New Mexico Acquisition was purchased for USD 330 million, excluding normal purchase price reductions. In conjunction with the closure, the firm issued USD 200 million in new senior unsecured notes and used borrowings from its active revolving credit facility to cover the remaining consideration. The Senior Notes will mature in April 2028 and will accrue interest at a rate of 10.5% per year.


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Market Segmentation

The North America Enhanced Oil Recovery Market is divided based on technology, location of deployment, and country. Based on technology, the market is divided into gas injection, thermal injection, chemical injection, microbial injection, and others. Based on location of deployment, the market is segmented into onshore and offshore. Based on country, market is divided into United States, Canada, and Mexico.

Market player

Major players operating in the North America Enhanced Oil Recovery Market are Chevron Corporation, Occidental Petroleum Corporation, BP International Limited, Husky Energy Inc., ConocoPhillips Company, Halliburton Company, Schlumberger Limited, Shell USA, Inc., Praxair, Inc.

Attribute

Details

Base Year

2022

Historic Data

2018– 2021

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Million, value, and CAGR for 2018 -2022 and 2023 – 2028

Report coverage

Revenue forecast, Company Share, growth factors, and trends

Segments covered

Technology

Location of Deployment

Country

Regional scope

North America

Country scope

United States, Canada, Mexico

Key companies profiled

Chevron Corporation, Occidental Petroleum Corporation, BP International Limited, Husky Energy Inc., ConocoPhillips Company, Halliburton Company, Schlumberger Limited, Shell USA, Inc., Praxair, Inc.

Customization scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


Report Scope:

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

  • North America Enhanced Oil Recovery Market,By Technology:
    • Gas Injection
    • Thermal Injection
    • Chemical Injection
    • Microbial Injection
    • Others
  • North America Enhanced Oil Recovery Market,By Location of Deployment:
    • Onshore
    • Offshore
  • North America Enhanced Oil Recovery Market, By Country:
    • United States
    • Canada
    • Mexico

Competitive Landscape

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

Available Customizations:

North America 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).

The North America 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

1.    Product Overview

1.1.  Market Definition

1.2.  Scope of the Market

1.3.  Markets Covered

1.4.  Years Considered for Study

1.5.  Key Market Segmentations

2.    Research Methodology

2.1.  Baseline Methodology

2.2.  Key Industry Partners

2.3.  Major Association and Secondary Sources

2.4.  Forecasting Methodology

2.5.  Data Triangulation & Validation

2.6.  Assumptions and Limitations

3.    Executive Summary

4.    Voice of Customers

5.    North America Enhanced Oil Recovery Market Outlook

5.1.  Market Size & Forecast

5.1.1.    By Value

5.2.  Market Share & Forecast

5.2.1.    By Technology (Gas Injection, Thermal Injection, Chemical Injection, Microbial Injection, and Others)

5.2.2.    By Location of Deployment (Onshore and Offshore)

5.2.3.    By Country (United States, Canada, Mexico)

5.3.  By Company (2022)

5.4.  Market Map

6.    United States Enhanced Oil Recovery Market Outlook

6.1.  United States Economic Profile

6.2.  Market Size & Forecast

6.2.1.    By Value

6.3.  Market Share & Forecast

6.3.1.    By Technology

6.3.2.    By Location of Deployment

6.4.  United States Energy Outlook

6.4.1.    United States Primary Energy Consumption

6.4.2.    United States Oil Production

6.4.3.    United States Oil Consumption

6.4.4.    United States Natural Gas Production

6.5.  United States Rig Count Outlook

7.    Canada Enhanced Oil Recovery Market Outlook

7.1.  Canada Economic Profile

7.2.  Market Size & Forecast

7.2.1.    By Value

7.3.  Market Share & Forecast

7.3.1.    By Technology

7.3.2.    By Location of Deployment

7.4.  Canada Energy Outlook

7.4.1.    Canada Primary Energy Consumption

7.4.2.    Canada Oil Production

7.4.3.    Canada Oil Consumption

7.4.4.    Canada Natural Gas Production

7.5.  Canada Rig Count Outlook

8.    Mexico Enhanced Oil Recovery Market Outlook

8.1.  Mexico Economic Profile

8.2.  Market Size & Forecast

8.2.1.    By Value

8.3.  Market Share & Forecast

8.3.1.    By Technology

8.3.2.    By Location of Deployment

8.4.  Mexico Energy Outlook

8.4.1.    Mexico Primary Energy Consumption

8.4.2.    Mexico Oil Production

8.4.3.    Mexico Oil Consumption

8.4.4.    Mexico Natural Gas Production

8.5.  Mexico Rig Count Outlook

9.    Market Dynamics

9.1.  Drivers

9.2.  Challenges

10. Market Trends & Developments

11. Policy & Regulatory Landscape

12. Company Profiles

12.1.             Chevron Corporation

12.1.1. Business Overview

12.1.2. Key Revenue and Financials (If Available)

12.1.3. Recent Developments

12.1.4. Key Personnel

12.1.5. Key Product/Services

12.2.             Occidental Petroleum Corporation

12.2.1. Business Overview

12.2.2. Key Revenue and Financials (If Available)

12.2.3. Recent Developments

12.2.4. Key Personnel

12.2.5. Key Product/Services

12.3.             BP International Limited

12.3.1. Business Overview

12.3.2. Key Revenue and Financials (If Available)

12.3.3. Recent Developments

12.3.4. Key Personnel

12.3.5. Key Product/Services

12.4.             Husky Energy Inc.

12.4.1. Business Overview

12.4.2. Key Revenue and Financials (If Available)

12.4.3. Recent Developments

12.4.4. Key Personnel

12.4.5. Key Product/Services

12.5.             ConocoPhillips Company

12.5.1. Business Overview

12.5.2. Key Revenue and Financials (If Available)

12.5.3. Recent Developments

12.5.4. Key Personnel

12.5.5. Key Product/Services

12.6.             Halliburton Company

12.6.1. Business Overview

12.6.2. Key Revenue and Financials (If Available)

12.6.3. Recent Developments

12.6.4. Key Personnel

12.6.5. Key Product/Services

12.7.             Schlumberger Limited

12.7.1. Business Overview

12.7.2. Key Revenue and Financials (If Available)

12.7.3. Recent Developments

12.7.4. Key Personnel

12.7.5. Key Product/Services

12.8.             Shell USA, Inc.

12.8.1. Business Overview

12.8.2. Key Revenue and Financials (If Available)

12.8.3. Recent Developments

12.8.4. Key Personnel

12.8.5. Key Product/Services

12.9.             Praxair, Inc.

12.9.1. Business Overview

12.9.2. Key Revenue and Financials (If Available)

12.9.3. Recent Developments

12.9.4. Key Personnel

12.9.5. Key Product/Services

13. Strategic Recommendations

About Us & Disclaimer

Figures and Tables

Frequently asked questions

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Chevron Corporation, Occidental Petroleum Corporation, BP International Limited, Husky Energy Inc., ConocoPhillips Company, Halliburton Company, Schlumberger Limited, Shell USA, Inc., Praxair, Inc.

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Demand for petrol will be rising rapidly in the future period. Moreover, one of the largest oil shale reserves in the world is found in the United States due to which the market of Enhanced oil recovery is expected to register a high CAGR.

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Large amounts of generated water are frequently pumped to the surface by Enhanced oil recovery wells. By injecting generated water far down, disposal wells prevent surface pollution of soil and water, these factors are limiting the market growth.

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Major advantages of 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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Parvati Sharma

Account Manager BD
Press Release

North America Enhanced Oil Recovery Market is Expected to be Dominated by the United States

Jul, 2023

Rising demand for oil and gas, as well as technical advancements in thermal/chemical flooding, would drive market expansion throughout the forecast period.