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 substance into the oil well to increase pressure and reduce viscosity of the crude oil. In conventional process, the recovery from oil well is approximately 25% of the oil reserve capacity whereas with EOR techniques upto 70% of the oil can be extracted from the reservoir. In case of heavy oil reservoir where crude extraction from primary recovery is difficult, EOR techniques such as thermal injection are widely used to enhance the oil recovery. However, this technique is not effective when the reservoirs are deep or too thin. Moreover, thermal injection technique requires high capital investment which may a feasible solution in case of smaller oil fields. Similarly, chemical injection techniques are most effective to increase the yield in case of wet oil reservoirs. Increasing use of gas injection techniques as tertiary recovery method especially CO2 injection techniques are expected to intensify the growth of the enhanced oil recovery market till 2023.
Global enhanced oil recovery market is gaining traction owing to declining oil prices from past two years has adversely affected the profit margin of oil producers. Moreover, increasing number of matured reserves coupled with increasing production of shale gas. Thus, oil produce are concentrating on enhancing oil production from existing wells rather than investing in new wells. Such factors are expected to drive the growth of global enhanced oil recovery market. Besides this, EOR gas injection technique provides 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 green house gases is expected to drive the demand of enhanced oil recovery market over the forecast period 2016-2023.
Global enhanced oil recovery market has been estimated to be valued at US$ 45.8 Bn by the end of 2016 and is expected to attain revenue of US$ 159.5 Bn 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 make informed strategic decisions regarding the opportunities in the global enhanced oil recovery market.
Target Audience
USP and Key Offerings
The report titled “Global Enhanced Oil Recovery Market- Growth, Future Prospects, Competitive Analysis and Forecast, 2016 – 2023” offers strategic insights into the global enhanced oil recovery market along with the market size and estimates for the duration 2013 to 2023. The said research study covers in-depth analysis of multiple market segments based on technology and cross-sectional study across different geographies. In order to help strategic decision makers, the report also includes competitive profiling of the leading enhanced oil recovery service providers, their expansion strategies, market positioning, and latest developments. Other in-depth analyses provided in the report include:
Overall, the research study provides a holistic view of the global enhanced oil recovery market growth, offering market size and estimates for the period from 2013 to 2023, keeping in mind the above mentioned factors.
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 Manufactures in 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 America Enhanced Oil Recovery Market Analysis
5.1 Overview
5.1.1 North America Enhanced Oil Recovery Market Revenue, 2013 – 2023, (US$ Bn)
5.2 North America Enhanced Oil Recovery Market Analysis, By Technology, 2013 – 2023 (US$ Bn)
5.2.1 North America Enhanced Oil Recovery Market Analysis, By Technology, 2013 – 2023 (US$ Bn)
5.3 North America 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 & Africa Enhanced Oil Recovery Market Analysis
9.1 Overview
9.1.1 Middle East & Africa Enhanced Oil Recovery Market Revenue, 2013 – 2023, (US$ Bn)
9.2 Middle East & Africa Enhanced Oil Recovery Market Analysis, By Technology
9.2.1 Middle East & Africa Enhanced Oil Recovery Market Analysis, By Technology, 2013 – 2023 (US$ Bn)
9.3 Middle East & 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 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 America 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 & 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 America 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 & 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/Portfolio; News Coverage)
TABLE 24 Cenovus Energy Inc.: Company Snapshot (Business Description; Financial Information; Product Position/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/Portfolio; News Coverage)
TABLE 28 Denbury Resources Inc.: Company Snapshot (Business Description; Financial Information; Product Position/Portfolio; News Coverage)
TABLE 29 Petroliam Nasional Berhad (PETRONAS): Company Snapshot (Business Description; Financial Information; Product Position/Portfolio; News Coverage)
TABLE 30 Suncor Energy Inc.: Company Snapshot (Business Description; Financial Information; Product Position/Portfolio; News Coverage)
On the basis of technology, the enhanced oil recovery market is categorized into following types:
Enhanced Oil recovery (EOR) is widely used to increase the recovery rate in matured oil field. Crude oil found in earth surface is of various qualities depending upon the presence of sulphur content which makes the crude highly viscous. Oil producers use various oil recovery techniques to increase the recovery of oil from the reserves. Increasing number of matured oilfields coupled with growing production of non-conventional shale gas fueling the demand for enhanced oil recovery techniques. Moreover, slowdown in oil & gas industry 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 thermal injection, gas injection, and chemical injection. Thermal injection is the most common enhanced oil recovery technique used to reduce the viscosity of the highly viscous crude under the earth surface. In this process, the steam and hot water is injected to the earth’s surface to increase the temperature of the high viscous crude which in turn reduces the viscosity of the crude oil facilitating smooth recovery of crude oil. The segment is expected to remain as most dominant segment among the technologies segment over the forecast period.
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 disposal of green house gases such as carbon dioxide (CO2) generated by various industries and power plants.
The chemical injection method uses polymers, surfactant, alkali, and microbial for the crude oil recovery and can be used for both sandstone and carbonate formations. Increasing number of matured reserves 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 following categories,
Oil & gas industry has witness slowdown in recent past due to supply surpassing the demand resulted in decline of oil price which in turn adversely affected the profit margins of oil producers. Growing oil demand and increasing number of matured reservoirs has influenced the oil producer to adopt technologies such as enhanced oil recovery. Increasing adoption of enhanced oil recovery techniques are expected to witness the robust growth till 2023. The global enhanced oil recovery market is segment on the basis of geography. North America contributed the highest revenue share in global enhanced oil recovery market with a contribution which is estimated to be more than 25% by end of 2016. Followed by it, MEA stood at second position in the same year. Increasing number of matured reserves and rising government interest in order to promote use of gas injection technology especially carbon dioxide (CO2) due water scarcity in the region is 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 as looking to obtain sufficiency by increasing oil production using technologies such as enhanced oil recovery. Such factors are expected to spur the growth of enhanced oil recovery market over the forecast period (2016-2023).
