Enhanced Oil Recovery Market

Market Insights

Enhanced Oil Recovery (EOR) is the technique used to increase the amount of crude oil that can be extracted from the reservoir. In this process, the oil recovery is increased by injecting substances into the oil well to increase pressure and reduce the viscosity of the crude oil. In a conventional process, the recovery from an oil well is approximately 25% of the oil reserve capacity, whereas, with EOR techniques, up to 70% of the oil can be extracted from the reservoir. In heavy oil reservoirs where crude extraction from primary recovery is difficult, EOR techniques such as thermal injection are widely used to enhance oil recovery. However, this technique is not effective when the reservoirs are deep or too thin. Moreover, the thermal injection technique requires high capital investment, which may be a feasible solution in the case of smaller oil fields. Similarly, chemical injection techniques are most effective at increasing the yield in wet oil reservoirs. The increasing use of gas injection techniques as a tertiary recovery method, especially CO2 injection techniques, is expected to intensify the growth of the enhanced oil recovery market until 2023.

The global enhanced oil recovery market is gaining traction owing to declining oil prices over the past two years, which have adversely affected the profit margins of oil producers. Moreover, an increasing number of mature reserves coupled with increasing production of shale gas Thus, oil producers are concentrating on enhancing oil production from existing wells rather than investing in new wells. Such factors are expected to drive the growth of the global enhanced oil recovery market. Besides this, the EOR gas injection technique provides an added advantage for the commercial-scale use of carbon dioxide (CO2) generated by various industries and power plants, coupled with various government initiatives for the disposal of greenhouse gases, which is expected to drive the demand for the enhanced oil recovery market over the forecast period of 2016–2023.

The global enhanced oil recovery market has been estimated to be valued at US$ 45.8 billion by the end of 2016 and is expected to attain revenues of US$ 159.5 billion by 2023, expanding at a CAGR of 19.5% during the forecast period 2016–2023.

 Purpose of the Report

The purpose of this strategic research study titled “Global Enhanced Oil Recovery Market: Growth, Future Prospects, Competitive Analysis, and Forecast, 2016–2023” is to provide company executives, industry investors, and industry participants with in-depth insights to enable them to make informed strategic decisions regarding the opportunities in the global enhanced oil recovery market.

Target Audience

• Industry Investors
• Research Professionals
• Emerging Companies
• Raw Material Suppliers and Buyers
• Product Suppliers and Buyers
• Research Institutes

Overall, the research study provides a holistic view of the global enhanced oil recovery market’s growth, offering market size and estimates for the period from 2013 to 2023, keeping in mind the above-mentioned factors.

On the basis of Technology, the enhanced oil recovery market is categorized into the following types:

• Thermal injection
• Gas injection
• Chemical injection

  Enhanced oil recovery (EOR) is widely used to increase the recovery rate in mature oil fields. Crude oil found on the earth’s surface is of various qualities depending upon the presence of sulfur content, which makes the oil highly viscous. Oil producers use various oil recovery techniques to increase the recovery of oil from their reserves. The increasing number of mature oilfields, coupled with the growing production of non-conventional shale gas, fuels the demand for enhanced oil recovery techniques. Moreover, the slowdown in the oil and gas industry is influencing oil producers to concentrate on enhancing the oil recovery from the existing oilfields rather than investing in new oilfields.

On the basis of Technology, the enhanced oil recovery market can be segmented as a thermal injection, gas injection, and chemical injection. The thermal injection is the most common enhanced oil recovery technique used to reduce the viscosity of the highly viscous crude under the earth’s surface. In this process, steam and hot water are injected at the earth’s surface to increase the temperature of the high-viscosity crude oil, which in turn reduces the viscosity of the oil and facilitates its smooth recovery. Over the forecast period, the segment is expected to remain the most dominant among the technology segments.

The gas injection method uses carbon dioxide (CO2) for the recovery of crude oil and is expected to be the second largest segment over the forecast period (2016–2023) owing to more efficient oil recovery coupled with various government initiatives regarding the disposal of greenhouse gases such as carbon dioxide (CO2) generated by various industries and power plants.

The chemical injection method uses polymers, surfactants, alkalis, and microbes for crude oil recovery and can be used for both sandstone and carbonate formations. An increasing number of matured reserves is expected to fuel the demand for enhanced oil recovery techniques over the forecast period (2016–2023).

On the basis of geography, the global enhanced oil recovery market is segmented into the following categories:

North America

• U.S.
• Canada

Latin America

• Brazil
• Mexico
• rest of Latin America

Europe

• Germany
• France
• U.K.
• Rest of Europe

Asia Pacific

• China
• India
• Japan
• Rest of Asia Pacific

Middle East and Africa (MEA)

• GCC
• rest of MEA

 The oil and gas industry has witnessed a slowdown in the recent past due to supply exceeding demand, which resulted in a decline in oil prices, which in turn adversely affected the profit margins of oil producers. Growing oil demand and the increasing number of mature reservoirs have influenced the oil producer to adopt technologies such as enhanced oil recovery. The increasing adoption of enhanced oil recovery techniques is expected to witness robust growth until 2023. The global enhanced oil recovery market is segmented on the basis of geography. North America contributed the highest revenue share in the global enhanced oil recovery market, with a contAribution that is estimated to be more than 25% by the end of 2016. Following it, MEA stood in second place in the same year. An increasing number of matured reserves and rising government interest in promoting the use of gas injection technology, especially carbon dioxide (CO2) due to water scarcity in the region, are projected to intensify the significant growth of the region over the forecast period. Europe is expected to be the fastest-growing segment, as major economies in the region are looking to obtain sufficiency by increasing oil production using technologies such as enhanced oil recovery. Such factors are expected to spur the growth of the enhanced oil recovery market over the forecast period (2016–2023).

Chapter 1 Preface
1.1 Report Description
1.1.1 Purpose of the Report
1.1.2 Target Audience
1.1.3 USP and Key Offerings
1.2 Research Scope
1.3 Research Methodology
1.3.1 Phase I: Secondary Research
1.3.2 Phase II: Primary Research
1.3.3 Phase III: Expert Panel Review
1.3.4 Assumptions

Chapter 2 Executive Summary
2.1 Market Snapshot: Global Enhanced Oil Recovery Market

Chapter 3 Market Dynamics
3.1 Introduction
3.2 Market Dynamics
3.2.1 Market Drivers
3.2.2 Market Challenges
3.2.3 Market Opportunities
3.3 Attractive Investment Proposition
3.4 Market Share Analysis of Key Manufacturers in the Global Enhanced Oil Recovery Market

Chapter 4: Global Enhanced Oil Recovery Market Analysis, By Technology
4.1 Thermal Injection
4.2 Gas Injection
4.3 Chemical Injection

Chapter 5: North American Enhanced Oil Recovery Market Analysis
5.1 Overview
5.1.1 North American Enhanced Oil Recovery Market Revenue, 2013–2023 (US$ Bn)
5.2 North American Enhanced Oil Recovery Market Analysis, By Technology, 2013–2023 (US$ Bn)
5.2.1 North American Enhanced Oil Recovery Market Analysis, By Technology, 2013–2023 (US$ Bn)
5.3 North American Enhanced Oil Recovery Market Analysis, By Country, 2013–2023 (US$ Bn)
5.3.1 U.S.
5.3.2 Canada

Chapter 6: Europe Enhanced Oil Recovery Market Analysis
6.1 Overview
6.1.1 Europe Enhanced Oil Recovery Market Revenue, 2013–2023 (US$ Bn)
6.2 Europe Enhanced Oil Recovery Market Analysis, By Technology, 2013–2023 (US$ Bn)
6.2.1 Europe Enhanced Oil Recovery Market Analysis, By Technology, 2013–2023 (US$ Bn)
6.3 Europe Enhanced Oil Recovery Market Analysis, By Country, 2013–2023 (US$ Bn)
6.3.1 Germany
6.3.2 France
6.3.3 U.K.
6.3.4 Rest of Europe

Chapter 7 Asia Pacific Enhanced Oil Recovery Market Analysis
7.1 Overview
7.1.1 Asia Pacific Enhanced Oil Recovery Market Revenue, 2013–2023 (US$ Bn)
7.2 Asia Pacific Enhanced Oil Recovery Market Analysis, By Technology, 2013–2023 (US$ Bn)
7.2.1 Asia Pacific Enhanced Oil Recovery Market Analysis, By Technology, 2013–2023 (US$ Bn)
7.3 Asia Pacific Enhanced Oil Recovery Market Analysis, By Country, 2013–2023 (US$ Bn)
7.3.1 China
7.3.2 India
7.3.3 japan
7.3.4 Rest of Asia Pacific

Chapter 8 Latin America Enhanced Oil Recovery Market Analysis
8.1 Overview
8.1.1 Latin America Enhanced Oil Recovery Market Revenue, 2013–2023 (US$ Bn)
8.2 Latin America Enhanced Oil Recovery Market Analysis, By Technology, 2013–2023 (US$ Bn)
8.2.1 Latin America Enhanced Oil Recovery Market Analysis, By Technology, 2013–2023 (US$ Bn)
8.3 Latin America Enhanced Oil Recovery Market Analysis, By Country, 2013–2023 (US$ Bn)
8.3.1 brazil
8.3.2 Mexico
8.3.3 Rest of Latin America
Chapter 9: Middle East and Africa Enhanced Oil Recovery Market Analysis
9.1 Overview
9.1.1 Middle East and Africa Enhanced Oil Recovery Market Revenue, 2013–2023 (US$ Bn)
9.2 Middle East and Africa Enhanced Oil Recovery Market Analysis, By Technology
9.2.1 Middle East and Africa Enhanced Oil Recovery Market Analysis, By Technology, 2013–2023 (US$ Bn)
9.3 Middle East and Africa Enhanced Oil Recovery Market Analysis, By Country, 2013-2023 (US$ Bn)
9.3.1 GCC
9.3.2 Rest of MEA

Chapter 10 Company Profiles
10.1 Exxon Mobil Corporation
10.2 Chevron Corporation
10.3 Royal Dutch Shell Plc
10.4 Cenovus Energy Inc.
10.5 ConocoPhillips Company
10.6 Statoil ASA
10.7 BP p.l.c.
10.8 Denbury Resources Inc.
10.9 Petroliam Nasional Berhad (PETRONAS)
10.10 Suncor Energy Inc.

Chapter 11: Macroeconomic and Forecast Indicators Impacting the Enhanced Oil Recovery Market
11.1 Urban Population
11.2 Oil Prices
11.3 Crude Oil Production
11.4 Oil & Gas Industry

List of Figures

FIG. 1: Global Enhanced Oil Recovery Market: Research Methodology
FIG. 2: Attractive Investment Proposition
FIG. 3 Market Share Analysis of Key Manufacturers in the Global Enhanced Oil Recovery Market, 2015 (Value %)
FIG. 4: Global Enhanced Oil Recovery Market by Thermal Injection, 2013–2023 (US$ Bn)
FIG. 5: Global Enhanced Oil Recovery Market by Gas Injection, 2013–2023 (US$ Bn)
FIG. 6: Global Enhanced Oil Recovery Market by Chemical Injection, 2013–2023 (US$ Bn)
FIG. 7 North American Enhanced Oil Recovery Market Revenue, 2013–2023 (US$ Bn)
FIG. 8: Europe Enhanced Oil Recovery Market Revenue, 2013–2023 (US$ Bn)
FIG. 9: Asia Pacific Enhanced Oil Recovery Market Revenue, 2013–2023 (US$ Bn)
FIG. 10: Latin America Enhanced Oil Recovery Market Revenue, 2013–2023 (US$ Bn)
FIG. 11: Middle East and Africa Enhanced Oil Recovery Market Revenue, 2013–2023 (US$ Bn)

List of Tables

Table 1: Market Snapshot: Global Enhanced Oil Recovery Market
Table 2: Global Enhanced Oil Recovery Market, By Technology, 2013–2023 (US$ Bn)
Table 3: North American Enhanced Oil Recovery Market Analysis, By Technology, 2013–2023 (US$ Bn)
Table 4: U.S. Enhanced Oil Recovery Market Analysis, By Technology, 2013–2023 (US$ Bn)
Table 5: Canada Enhanced Oil Recovery Market Analysis, By Technology, 2013–2023 (US$ Bn)
Table 6: Europe Enhanced Oil Recovery Market Analysis, By Technology, 2013–2023 (US$ Bn)
Table 7: Germany Enhanced Oil Recovery Market Analysis, By Technology, 2013–2023 (US$ Bn)
Table 8: France Enhanced Oil Recovery Market Analysis, By Technology, 2013–2023 (US$ Bn)
Table 9: U.K. Enhanced Oil Recovery Market Analysis, By Technology, 2013–2023 (US$ Bn)
Table 10: Rest of Europe Enhanced Oil Recovery Market Analysis, By Technology, 2013–2023 (US$ Bn)
Table 11: Asia Pacific Enhanced Oil Recovery Market Analysis, By Technology, 2013–2023 (US$ Bn)
Table 12: China Enhanced Oil Recovery Market Analysis, By Technology, 2013–2023 (US$ Bn)
Table 13: India Enhanced Oil Recovery Market Analysis, By Technology, 2013–2023 (US$ Bn)
Table 14: Japan Enhanced Oil Recovery Market Analysis, By Technology, 2013–2023 (US$ Bn)
Table 15: Rest of Asia Pacific Enhanced Oil Recovery Market Analysis, By Technology, 2013–2023 (US$ Bn)
Table 16: Latin America Enhanced Oil Recovery Market Analysis, By Technology, 2013–2023 (US$ Bn)
Table 17: Brazil Enhanced Oil Recovery Market Analysis, By Technology, 2013–2023 (US$ Bn)
Table 18: Mexico Enhanced Oil Recovery Market Analysis, By Technology, 2013–2023 (US$ Bn)
Table 19: Rest of Latin America Enhanced Oil Recovery Market Analysis, By Technology, 2013–2023 (US$ Bn)
Table 20: Middle East and Africa Enhanced Oil Recovery Market Analysis, By Technology, 2013–2023 (US$ Bn)
Table 21: Exxon Mobil Corporation: Company Snapshot (Business Description; Financial Information; Product Position/Portfolio; News Coverage)
Table 22: Chevron Corporation: Company Snapshot (Business Description; Financial Information; Product Position/Portfolio; News Coverage)
TABLE 23: Royal Dutch Shell Plc.: Company Snapshot (Business Description; Financial Information; Product Position and Portfolio; News Coverage)
Table 24: Cenovus Energy Inc.: Company Snapshot (Business Description; Financial Information; Product Position and Portfolio; News Coverage)
TABLE 25: ConocoPhillips Company: Company Snapshot (Business Description; Financial Information; Product Position/Portfolio; News Coverage)
Table 26: Statoil ASA: Company Snapshot (Business Description; Financial Information; Product Position/Portfolio; News Coverage)
TABLE 27 BP p.l.c.: Company Snapshot (Business Description; Financial Information; Product Position or Portfolio; News Coverage)
TABLE 28: Denbury Resources Inc.: Company Snapshot (Business Description; Financial Information; Product Position and Portfolio; News Coverage)
TABLE 29: Petroleum Nasional Berhad (PETRONAS): Company Snapshot (Business Description; Financial Information; Product Position and Portfolio; News Coverage)
TABLE 30: Suncor Energy Inc.: Company Snapshot (Business Description; Financial Information; Product Position or Portfolio; News Coverage)