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Latin America Enhanced Oil Recovery (EOR) Market

Latin America Enhanced Oil Recovery (EOR) Market By Application (Onshore, Offshore); By Technology (Thermal, Gas Injection, Chemical, Others) – Growth, Share, Opportunities & Competitive Analysis, 2024 – 2032

Summary
Table Of Content

REPORT ATTRIBUTE	DETAILS
Historical Period	2020-2023
Base Year	2024
Forecast Period	2025-2032
Latin America Enhanced Oil Recovery (EOR) Market Size 2024	USD2,590.34 million
Latin America Enhanced Oil Recovery (EOR) Market, CAGR	6.14%
Latin America Enhanced Oil Recovery (EOR) Market Size 2032	USD4,173.47 million

Market Overview

The Latin America Enhanced Oil Recovery (EOR) Market is projected to grow from USD2,590.34 million in 2024 to an estimated USD4,173.47 million by 2032, with a compound annual growth rate (CAGR) of 6.14% from 2025 to 2032. The market’s growth is attributed to the increasing demand for energy resources, coupled with the need for more efficient oil recovery techniques as conventional production declines.

Key drivers of the Latin America EOR market include advancements in recovery technologies and increasing investments in oil exploration and production across the region. With the rising focus on sustainable and efficient energy extraction, countries like Brazil and Mexico are prioritizing the development of EOR techniques. Furthermore, the demand for energy security, combined with the volatility in global oil prices, is driving the adoption of these methods to enhance productivity from existing oil reserves.

Geographically, Brazil dominates the Latin American EOR market, owing to its large offshore oil fields and robust oil industry. Mexico, with its significant oil reserves and expanding exploration activities, is also a key player in the market. Other countries, including Argentina and Colombia, are increasingly adopting EOR technologies to enhance their oil production. Key players in the market include Petrobras, Halliburton, Schlumberger, and Baker Hughes, which provide the technologies and services critical to the EOR process in the region.

Market Insights

The Latin America EOR market is projected to grow from USD 2,590.34 million in 2024 to USD 4,173.47 million by 2032, with a CAGR of 6.14% from 2025 to 2032.
Increasing demand for energy resources and the need for efficient oil recovery techniques from aging fields are the primary growth drivers in the region.
Advancements in EOR technologies such as CO2 injection, thermal recovery, and chemical flooding are key enablers of market growth.
High capital and operational costs associated with implementing EOR technologies and the geological complexities of some reserves pose challenges to market growth.
Brazil dominates the Latin America EOR market due to its extensive offshore oil fields, particularly the pre-salt reserves in the Santos and Campos Basins.
Countries like Mexico, Argentina, and Colombia are increasingly adopting EOR methods to enhance their oil production, contributing to regional market expansion.
Governments in Latin America, particularly in Brazil and Mexico, are actively supporting the adoption of EOR technologies through regulatory reforms and incentives.

Report Scope

This report segments the Latin America Enhanced Oil Recovery (EOR) market as follows:

Market Drivers

Declining Production from Conventional Oil Fields

One of the primary drivers for the Latin America Enhanced Oil Recovery (EOR) market is the declining output from conventional oil fields. For instance, oil production in Venezuela has dropped significantly, from 3.5 million barrels per day in 1998 to less than 700,000 barrels per day in 2022. As oil fields mature, natural production rates decline, necessitating the use of advanced techniques to maintain or increase production. Conventional methods are no longer sufficient to extract the remaining oil efficiently, leading to a growing demand for EOR technologies. EOR methods, such as CO2 injection, thermal recovery, and chemical flooding, help maximize recovery rates from these aging fields, extending their productive lifespan. In Latin America, where many oil fields are reaching maturity, particularly in countries like Brazil, Venezuela, and Mexico, the shift toward EOR has become critical to sustaining production levels and ensuring energy security. This trend is driving significant investment in advanced EOR technologies that can enhance recovery rates from these fields.

Technological Advancements and Efficiency in Oil Recovery

Technological innovations are another major factor driving the growth of the Latin American EOR market. For instance, CO2 injection systems have been successfully implemented in Brazil’s pre-salt oil fields, improving recovery rates by up to 20%. Recent advancements in EOR technologies have made these techniques more efficient and cost-effective, making them more attractive for oil producers in the region. New methods, such as microemulsion flooding, steam-assisted gravity drainage (SAGD), and the use of advanced CO2 injection systems, have shown promising results in increasing oil recovery from difficult-to-tap reserves. These technologies offer higher efficiency, lower operational costs, and the ability to recover more oil from challenging reservoirs, all of which contribute to their growing adoption. Furthermore, the implementation of real-time data analytics, automation, and artificial intelligence (AI) in monitoring and optimizing EOR processes is enhancing recovery efficiency, driving demand for advanced solutions in the region.

Rising Investment in Oil and Gas Exploration

Another key driver for the EOR market in Latin America is the increasing investment in oil and gas exploration. Latin American countries such as Brazil, Mexico, and Argentina are actively investing in oil exploration to tap into their vast untapped reserves. The growth in exploration activities, especially offshore in Brazil’s pre-salt fields and Mexico’s deep-water resources, is expanding the need for advanced extraction techniques. As oil companies explore more complex and deeper reservoirs, EOR techniques become essential to maximize oil extraction from these fields. The significant reserves in Brazil’s Santos and Campos Basins and offshore fields in the Gulf of Mexico have become a focal point for investment, further driving the demand for EOR services. Governments in Latin America are also supporting exploration and production activities through regulatory reforms and incentives, encouraging companies to invest in modern technologies, including EOR methods. This growing investment in exploration is expected to fuel the demand for EOR solutions as companies seek efficient ways to recover oil from both new and aging fields.

Geopolitical Factors and Energy Security

Geopolitical dynamics in the region, particularly in countries like Venezuela and Brazil, have also played a crucial role in boosting the demand for EOR technologies. With fluctuating oil prices and political instability in some Latin American nations, ensuring energy security has become a top priority. EOR methods offer a reliable solution for extending the life of existing oil fields, thus helping countries mitigate the risks of relying solely on new discoveries. Additionally, in the context of volatile oil prices, it is essential for oil producers to make the most out of their existing reserves, further reinforcing the importance of EOR techniques. In countries such as Venezuela, where oil production has been declining due to economic and political challenges, the implementation of EOR is seen as a crucial step toward improving output and ensuring long-term production stability. As geopolitical uncertainties continue to influence oil markets, the adoption of EOR technologies in Latin America is expected to grow as countries strive to maintain a stable and secure supply of oil.

Market Trends

Increased Adoption of CO2 Injection Techniques

Carbon dioxide (CO2) injection is gaining momentum as one of the most popular Enhanced Oil Recovery (EOR) techniques in Latin America. This method involves injecting CO2 into the reservoir to increase pressure, thereby improving the oil’s mobility and enhancing recovery. For instance, the International Energy Agency (IEA) reported that CO2-EOR techniques have the potential to store between 60 and 240 gigatonnes of CO2 globally, while also enhancing oil recovery. Brazil, with its large offshore oil fields, is leading the way in CO2 EOR, particularly in the pre-salt fields of the Santos Basin. CO2 injection is becoming more viable due to the increasing availability of CO2 from natural sources and industrial processes, combined with its ability to improve recovery rates while lowering costs compared to traditional methods. The trend of using CO2 EOR is supported by both public and private investments aimed at reducing carbon emissions, making this technique more attractive for oil producers in the region. Furthermore, Brazil’s commitment to implementing carbon capture and storage (CCS) technologies complements CO2 EOR, aligning with the country’s sustainability goals while maximizing oil extraction efficiency.

Shift Toward Thermal EOR Methods in Heavy Oil Reservoirs

Thermal EOR, particularly steam injection, is becoming increasingly popular in Latin America, particularly for heavy oil reserves in countries like Venezuela and Argentina. These methods are employed to reduce the viscosity of heavy crude oil, making it easier to extract. In Venezuela’s Orinoco Belt, one of the largest reserves of extra-heavy oil in the world, thermal EOR techniques have proven effective in increasing production rates. For instance, thermal EOR methods have enabled recovery rates of up to 60% in certain heavy oil reservoirs. Argentina’s Vaca Muerta formation, a significant unconventional oil and gas reservoir, is also seeing the adoption of steam-assisted gravity drainage (SAGD) as a means of unlocking trapped heavy oil reserves. The region’s significant reserves of heavy oil make thermal EOR methods a crucial component of Latin America’s oil recovery strategies. This shift is driven by the need to optimize recovery from complex, high-viscosity oil reservoirs, where traditional extraction methods fall short. With the continuous development of more efficient thermal technologies, the adoption of thermal EOR is expected to accelerate, enabling enhanced recovery from challenging reservoirs.

Integration of Digital Technologies in EOR Operations

The integration of digital technologies in EOR operations is rapidly transforming the way oil companies approach enhanced recovery in Latin America. The use of advanced data analytics, artificial intelligence (AI), and Internet of Things (IoT) sensors is becoming increasingly common to monitor and optimize EOR processes. These technologies help in real-time monitoring of reservoir conditions, allowing for better decision-making, optimization of resource allocation, and reduction of operational costs. In Brazil and Mexico, oil companies are using digital twin technologies to simulate reservoir behaviors, providing insights for more effective EOR implementation. Moreover, predictive maintenance powered by AI and machine learning is helping minimize downtime, thus improving the efficiency of EOR operations. This trend is leading to higher recovery rates, better reservoir management, and reduced environmental impact. The adoption of digital technologies is also improving the sustainability of EOR processes, aligning with growing environmental and regulatory requirements in the region.

Focus on Sustainability and Carbon Capture Initiatives

Sustainability has become a key driver of Enhanced Oil Recovery (EOR) in Latin America, with increasing attention being paid to the environmental impacts of oil extraction processes. Several countries in the region are integrating carbon capture, utilization, and storage (CCUS) technologies with EOR to both enhance oil recovery and reduce CO2 emissions. Brazil, for instance, is investing in projects that aim to capture and store CO2 from industrial sources, injecting it into oil reservoirs to boost recovery while contributing to environmental sustainability. This trend is also gaining traction in Mexico and Argentina, where efforts to reduce carbon footprints are aligning with the growing adoption of EOR techniques. The focus on sustainability is not only driven by governmental regulations and global pressure to combat climate change but also by the financial and operational benefits that EOR can offer when paired with CCUS. As Latin America moves toward a low-carbon future, the integration of EOR with carbon management strategies is expected to be a prominent trend in the oil and gas sector.

Market Challenges

High Capital and Operational Costs

One of the primary challenges facing the Latin America Enhanced Oil Recovery (EOR) market is the high capital and operational costs associated with implementing EOR technologies. While EOR techniques, such as CO2 injection, thermal recovery, and chemical flooding, can significantly increase oil recovery rates, the initial investment required for infrastructure, equipment, and specialized technology is substantial. For instance, reports indicate that the cost of implementing CO2 injection technology can range from $20 to $30 per barrel of oil recovered, depending on the field’s characteristics. This is particularly true in regions like offshore Brazil, where deep-water drilling and infrastructure for EOR processes are costly to establish and maintain. Furthermore, the ongoing operational expenses related to CO2 sourcing, steam generation, and chemical injection can be prohibitive for oil producers, particularly in markets where oil prices are volatile. The financial burden of these costs may deter smaller or mid-sized companies from adopting EOR methods, limiting the market’s overall growth potential. In addition, the need for highly skilled personnel and constant monitoring of reservoir conditions further adds to operational expenses, making it crucial for companies to find ways to optimize EOR processes and minimize costs. As oil producers in Latin America face the challenge of balancing production efficiency with financial constraints, the higcosts of EOR technologies remain a significant barrier to widespread adoption.

Geological and Reservoir Complexity

Another challenge faced by the Latin American EOR market is the geological and reservoir complexity of many oil fields in the region. Latin America is home to some of the world’s largest and most challenging oil reserves, such as Venezuela’s extra-heavy oil in the Orinoco Belt and Brazil’s pre-salt fields. These reserves present significant technical difficulties for EOR implementation due to the depth, pressure, and unique composition of the reservoirs. For example, pre-salt fields in Brazil are located deep beneath layers of salt, which complicates extraction processes and the application of EOR methods. Similarly, the heavy and extra-heavy oil found in Venezuela requires specialized thermal EOR methods to reduce viscosity and enhance flow, but these techniques often face challenges in terms of efficiency and scalability. The complexity of these reservoirs demands tailored, advanced EOR techniques, which require significant research, development, and testing. Furthermore, improper application of EOR methods can lead to low recovery rates or even reservoir damage, complicating efforts to enhance production. This reservoir complexity makes EOR applications less predictable and increases the risk of failure, which can deter investment and slow market growth. Consequently, while Latin America holds vast untapped oil reserves, the geological challenges of these fields present a formidable obstacle to the widespread adoption of EOR technologies in the region.

Market Opportunities

Expanding Offshore EOR Applications in Brazil’s Pre-Salt Fields

One of the most promising opportunities in the Latin America Enhanced Oil Recovery (EOR) market lies in the expanding application of EOR technologies in Brazil’s pre-salt offshore fields. These fields, located deep beneath layers of salt, contain significant untapped oil reserves. However, the complexity of these reservoirs demands advanced EOR techniques, such as CO2 injection and thermal recovery, to maximize production. Brazil’s Petrobras has been at the forefront of deploying innovative EOR methods to enhance recovery from these deepwater fields. With further technological advancements and increased investment, there is a substantial opportunity to boost production and improve recovery rates from these vast offshore resources. As Brazil continues to invest in its offshore oil infrastructure, the demand for EOR services and solutions will continue to grow, creating significant market opportunities for EOR technology providers and service companies in the region.

Development of Heavy Oil Reserves in Venezuela and Argentina

The Latin American EOR market also presents a valuable opportunity through the development of heavy oil reserves, particularly in Venezuela’s Orinoco Belt and Argentina’s Vaca Muerta formation. These regions hold some of the largest untapped heavy and extra-heavy oil resources globally. Enhanced oil recovery methods, such as steam injection and solvent flooding, are essential for unlocking the potential of these challenging reservoirs. As Venezuela and Argentina look to increase oil production and regain market share, the need for efficient EOR techniques will grow. With the region’s rich oil resources, the demand for tailored, cost-effective EOR solutions remains strong. This market opportunity is further amplified by government efforts to attract foreign investment and technology partnerships, offering the potential for increased deployment of EOR techniques and long-term growth in the sector

Market Segmentation Analysis

By Application

The Latin America Enhanced Oil Recovery (EOR) market is primarily segmented by application into onshore and offshore categories. The onshore segment holds a significant share of the market, driven by the large number of onshore oil fields in countries like Venezuela, Argentina, and Mexico. These onshore fields often require advanced EOR techniques to enhance production, particularly as many of these fields are mature and experiencing declining natural production rates. EOR methods, such as CO2 injection and chemical flooding, are widely used in onshore operations to extract additional oil from aging reserves. The offshore segment, however, is expected to witness faster growth in the coming years, largely due to the robust development of offshore oil fields in Brazil. Brazil’s pre-salt fields, located deep beneath layers of salt in the Santos and Campos Basins, present unique challenges that require advanced EOR technologies. Offshore operations are complex and expensive, but they offer significant untapped potential, making the adoption of EOR methods essential for maximizing recovery in these fields.

By Technology

The EOR market in Latin America is further divided by technology, with thermal, gas injection, chemical, and other methods being the primary technologies utilized. The thermal EOR segment, which includes steam injection and SAGD (steam-assisted gravity drainage), is widely used in heavy oil reserves, such as those found in Venezuela’s Orinoco Belt and Argentina’s Vaca Muerta formation. Thermal techniques are particularly effective in reducing the viscosity of heavy crude, allowing it to flow more easily to the surface. Gas injection, including CO2 injection, is another significant segment in Latin America, especially in Brazil’s offshore pre-salt fields. This technique involves injecting CO2 into the reservoir to increase pressure and enhance oil recovery. Gas injection is often used in combination with carbon capture and storage (CCS) initiatives to reduce environmental impact, making it an attractive option in regions focused on sustainability. The chemical EOR segment is also growing, driven by the use of surfactants, polymers, and alkalis to improve oil mobility. This method is beneficial for fields with mixed oil types and for increasing recovery from reservoirs with low permeability. Other technologies in the market include microbial EOR and hybrid methods that combine multiple techniques to optimize recovery in specific reservoirs.

Segments

Based on Application

Onshore
Offshore

Based on Technology

Thermal
Gas Injection
Chemical
Others

Based on Region

Brazil
Venezuela
Argentina

Regional Analysis

Brazil (45-50%)

Brazil, holding the largest market share in the Latin American EOR sector, is expected to dominate the region, accounting for approximately 45-50% of the market. This dominance is primarily due to Brazil’s extensive offshore oil fields, especially in the pre-salt reservoirs of the Santos and Campos Basins. Brazil’s offshore production requires advanced EOR technologies, including CO2 injection and thermal recovery methods, to maximize output from these deep-water fields. The country’s commitment to offshore exploration and its ongoing investments in EOR technologies, such as CO2 capture and storage (CCS), have positioned it as a leader in the Latin American market. As production from these fields continues to grow, Brazil’s contribution to the regional EOR market will remain significant.

Venezuela (25-30%)

Venezuela follows Brazil as the second-largest contributor to the Latin American EOR market, holding around 25-30% of the market share. Venezuela’s vast reserves of heavy oil in the Orinoco Belt are one of the largest untapped sources of oil globally. However, extracting this oil is challenging due to its high viscosity, requiring the use of thermal EOR methods such as steam injection. Despite political and economic challenges, Venezuela continues to be a major player in the EOR market, with the potential for significant growth as the country seeks to revitalize its oil industry and attract foreign investment in EOR technologies.

Key players

Petrobras
Ecopetrol S.A.
YPF S.A.
Pemex (Petróleos Mexicanos)
Gran Tierra Energy Inc.
Vista Oil & Gas
Frontera Energy Corporation
GeoPark Limited
Pacific Rubiales Energy Corp.
Enauta Energia S.A.

Competitive Analysis

The Latin American Enhanced Oil Recovery (EOR) market is characterized by intense competition among several key players, including Petrobras, Ecopetrol, YPF, Pemex, and others. Petrobras leads the market due to its extensive offshore oil fields in Brazil, particularly the pre-salt Santos and Campos Basins, which require advanced EOR techniques. Ecopetrol and YPF are major players in Colombia and Argentina, respectively, focusing on maximizing output from onshore and unconventional oil reserves using thermal and gas injection EOR methods. Pemex, with its substantial reserves in Mexico, is increasingly adopting EOR to enhance production from aging fields. Smaller players like Gran Tierra Energy and Vista Oil & Gas are also active in EOR, leveraging technology and investment to develop unconventional oil resources in Argentina. The competition among these companies drives continuous innovtion in EOR technologies, ensuring higher recovery rates and cost-efficiency in the region.

Recent Developments

In April 2025, Shell and SLB (formerly Schlumberger) announced a partnership to deploy Petrel subsurface software across Shell’s assets worldwide. This collaboration aims to enhance digital capabilities and drive operating cost efficiencies, potentially impacting EOR projects.

In April 2025, Eni confirmed a significant oil discovery at the Capricornus 1-X well in Namibia’s Orange Basin. The well found 38 meters of net pay with good petrophysical properties, indicating potential for future EOR applications.

In 2024, TotalEnergies reported a 23% increase in net electricity production and invested $4 billion in Integrated Power. This growth contributed to lowering the lifecyclcarbon intensity of the company’s energy products sold by 16.5% in 2024 compared to 2015, aligning with its sustainability and climate objectives.

In March 2025, Equinor announced plans to drill 600 improved oil recovery wells and about 250 exploration wells to maintain production on the Norwegian Continental Shelf towards 2035.

In January 2025, OMV continued its Enhanced Oil Recovery program with carbon dioxide injection on Ivanić and Žutica fields.

In April 2025, MOL Group continued its EOR program with CO₂ injection on Ivanić and Žutica fields, and installed a new steam turbine at the Molve plant to decrease electrical energy purchase and reduce CO₂ emissions.

Market Concentration and Characteristics

The Latin American Enhanced Oil Recovery (EOR) market exhibits moderate concentration, with a few dominant players such as Petrobras, Ecopetrol, YPF, and Pemex commanding a significant share. These companies, with their large-scale operations in Brazil, Colombia, Argentina, and Mexico, hold a competitive edge due to their established infrastructure, technological capabilities, and extensive oil reserves. The market is characterized by a mix of state-owned and private enterprises, with a focus on both offshore and onshore oil fields. While larger firms lead the market, smaller players like Gran Tierra Energy and Vista Oil & Gas are making notable strides in EOR, particularly in unconventional oil resources. The region’s oil industry is heavily influenced by the need for advanced recovery techniques to optimize production from aging and complex reservoirs, driving continuous innovation and technological advancement in the EOR sector. The market’s growth is also shaped by the varying levels of government support, regional political dynamics, and the adoption of sustainable practices like CO2 capture and storage in EOR operations.

Report Coverage

The research report offers an in-depth analysis based on Application, Technology and Region. It details leading market players, providing an overview of their business, product offerings, investments, revenue streams, and key applications. Additionally, the report includes insights into the competitive environment, SWOT analysis, current market trends, as well as the primary drivers and constraints. Furthermore, it discusses various factors that have driven market expansion in recent years. The report also explores market dynamics, regulatory scenarios, and technological advancements that are shaping the industry. It assesses the impact of external factors and global economic changes on market growth. Lastly, it provides strategic recommendations for new entrants and established companies to navigate the complexities of the market.

Future Outlook

As conventional oil fields in Latin America mature, the demand for advanced EOR technologies will increase, focusing on maximizing recovery from aging fields. This trend will be particularly prominent in offshore fields in Brazil and onshore reserves in Venezuela and Argentina.

Brazil’s pre-salt fields will remain the focal point for EOR advancements, with Petrobras continuing to lead the charge in adopting CO2 injection and thermal recovery methods. Significant investments in offshore infrastructure will drive market growth in the coming years.

The CO2 injection segment will see increased adoption as governments and oil companies seek sustainable solutions. Brazil, in particular, will leverage CO2 injection for both enhanced recovery and carbon capture, contributing to environmental goals.

The use of thermal EOR techniques, especially steam injection, will expand in regions like Venezuela’s Orinoco Belt and Argentina’s Vaca Muerta formation, as these fieldcontain vast reserves of heavy oil that require specialized extraction methods.

Increased private and public investments in EOR technologies will drive innovation, with a focus on improving efficiency, reducing costs, and enhancing environmental sustainability. This will lead to more cost-effective solutions for oil recovery.

The integration of digital tools, AI, and IoT in EOR operations will optimize recovery processes by enabling real-time data analysis and predictive maintenance. These innovations will improve the efficiency of EOR methods across the region.

Argentina’s growing shale oil industry, particularly in the Vaca Muerta formation, will contribute to the increasing demand for EOR techniques, particularly thermal and gas injection methods, to enhance recovery from unconventional reservoirs.

Environmental concerns and regulatory pressure will lead to a shift toward sustainable EOR practices, such as the integration of carbon capture and storage (CCS) with CO2 injection, reducing the carbon footprint of oil recovery.

Governments in Latin America, particularly in Brazil and Mexico, will continue to offer incentives and regulatory reforms to encourage the adoption of EOR techniques. This will help attract foreign investment and promote market growth.

As oil production expands in other countries, such as Colombia and Mexico, the market for EOR services will diversify. Smaller and mid-sized companies will increasingly seek to implement EOR methods to enhance the productivity of their oil fields.

CHAPTER NO. 1 : INTRODUCTION 18

1.1.1. Report Description 18

Purpose of the Report 18

USP & Key Offerings 18

1.1.2. Key Benefits for Stakeholders 18

1.1.3. Target Audience 19

1.1.4. Report Scope 19

CHAPTER NO. 2 : EXECUTIVE SUMMARY 20

2.1. Enhanced Oil Recovery Market Snapshot 20

2.1.1. Latin America Enhanced Oil Recovery Market, 2018 – 2032 (USD Million) 21

CHAPTER NO. 3 : GEOPOLITICAL CRISIS IMPACT ANALYSIS 22

3.1. Russia-Ukraine and Israel-Palestine War Impacts 22

CHAPTER NO. 4 : ENHANCED OIL RECOVERY MARKET – INDUSTRY ANALYSIS 23

4.1. Introduction 23

4.2. Market Drivers 24

4.2.1. Rising global demand for crude oil 24

4.2.2. Advancements in EOR technologies improving efficiency and reducing costs 25

4.3. Market Restraints 26

4.3.1. High operational costs associated with EOR implementation 26

4.4. Market Opportunities 27

4.4.1. Increasing exploration activities in offshore oil fields 27

4.5. Porter’s Five Forces Analysis 28

4.6. Buying Criteria 29

CHAPTER NO. 5 : IMPORT EXPORT ANALYSIS 30

5.1. Import Analysis by Latin America 30

5.1.1. Latin America Enhanced Oil Recovery Market Import Volume/Revenue, By Latin America, 2018 – 2023 30

5.2. Export Analysis by Latin America 31

5.2.1. Latin America Enhanced Oil Recovery Market Export Volume/Revenue, By Latin America, 2018 – 2023 31

CHAPTER NO. 6 : DEMAND SUPPLY ANALYSIS 32

6.1. Demand Analysis by Latin America 32

6.1.1. Latin America Enhanced Oil Recovery Market Demand Volume/Revenue, By Latin America, 2018 – 2023 32

6.2. Supply Analysis by Latin America 33

6.2.1. Latin America Enhanced Oil Recovery Market Supply Volume/Revenue, By Latin America, 2018 – 2023 33

CHAPTER NO. 7 : PRODUCTION ANALYSIS 34

7.1. Production Analysis by Latin America 34

7.1.1. Latin America Enhanced Oil Recovery Market Production Volume/Revenue, By Latin America, 2018 – 2023 34

CHAPTER NO. 8 : PRICE ANALYSIS 35

8.1. Price Analysis by Type 35

8.1.1. Latin America Enhanced Oil Recovery Market Price, By Type, 2018 – 2023 35

8.1.2. Latin America Type Market Price, By Type, 2018 – 2023 35

CHAPTER NO. 9 : RAW MATERIALS ANALYSIS 36

9.1. Key Raw Materials and Suppliers 36

9.2. Key Raw Materials Price Trend 36

CHAPTER NO. 10 : MANUFACTURING COST ANALYSIS 37

10.1. Manufacturing Cost Analysis 37

10.2. Manufacturing Process 37

CHAPTER NO. 11 : ANALYSIS COMPETITIVE LANDSCAPE 38

11.1. Company Market Share Analysis – 2023 38

11.2. Value Chain Analysis 38

11.2.1. Latin America Enhanced Oil Recovery Market: Company Market Share, by Volume, 2023 39

11.2.2. Latin America Enhanced Oil Recovery Market: Company Market Share, by Revenue, 2023 40

11.2.3. Latin America Enhanced Oil Recovery Market: Top 6 Company Market Share, by Revenue, 2023 40

11.2.4. Latin America Enhanced Oil Recovery Market: Top 3 Company Market Share, by Revenue, 2023 41

11.3. Latin America Enhanced Oil Recovery Market Company Volume Market Share, 2023 42

11.4. Latin America Enhanced Oil Recovery Market Company Revenue Market Share, 2023 43

11.5. Company Assessment Metrics, 2023 43

11.5.1. Stars 43

11.5.2. Emerging Leaders 43

11.5.3. Pervasive Players 43

11.5.4. Participants 43

11.6. Start-ups /SMEs Assessment Metrics, 2023 43

11.6.1. Progressive Companies 43

11.6.2. Responsive Companies 44

11.6.3. Dynamic Companies 44

11.6.4. Starting Blocks 44

11.7. Strategic Developments 45

11.7.1. Acquisitions & Mergers 45

New Product Launch 45

Latin America Expansion 45

11.8. Key Players Product Matrix 46

CHAPTER NO. 12 : PESTEL & ADJACENT MARKET ANALYSIS 47

12.1. PESTEL 47

12.1.1. Political Factors 47

12.1.2. Economic Factors 47

12.1.3. Social Factors 47

12.1.4. Technological Factors 47

12.1.5. Environmental Factors 47

12.1.6. Legal Factors 47

12.2. Adjacent Market Analysis 47

CHAPTER NO. 13 : ENHANCED OIL RECOVERY MARKET – BY APPLICATION SEGMENT ANALYSIS 48

13.1. Enhanced Oil Recovery Market Overview, by Application Segment 48

13.1.1. Enhanced Oil Recovery Market Revenue Share, By Application, 2023 & 2032 49

13.1.2. Enhanced Oil Recovery Market Attractiveness Analysis, By Application 50

13.1.3. Incremental Revenue Growth Opportunity, by Application, 2024 – 2032 50

13.1.4. Enhanced Oil Recovery Market Revenue, By Application, 2018, 2023, 2027 & 2032 51

13.2. Onshore 52

13.3. Offshore 53

CHAPTER NO. 14 : ENHANCED OIL RECOVERY MARKET – BY TECHNOLOGY SEGMENT ANALYSIS 54

14.1. Enhanced Oil Recovery Market Overview, by Technology Segment 54

14.1.1. Enhanced Oil Recovery Market Revenue Share, By Technology, 2023 & 2032 55

14.1.2. Enhanced Oil Recovery Market Attractiveness Analysis, By Technology 56

14.1.3. Incremental Revenue Growth Opportunity, by Technology, 2024 – 2032 56

14.1.4. Enhanced Oil Recovery Market Revenue, By Technology, 2018, 2023, 2027 & 2032 57

14.2. Thermal 58

14.3. Gas Injection 59

14.4. Chemical 60

14.5. Others 61

CHAPTER NO. 15 : ENHANCED OIL RECOVERY MARKET – LATIN AMERICA ANALYSIS 62

15.1. Application 62

15.1.1. Latin America Enhanced Oil Recovery Market Revenue, By Application, 2018 – 2023 (USD Million) 62

15.1.2. Latin America Enhanced Oil Recovery Market Revenue, By Application, 2024 – 2032 (USD Million) 62

15.2. Technology 63

15.2.1. Latin America Enhanced Oil Recovery Market Revenue, By Technology, 2018 – 2023 (USD Million) 63

15.2.2. Latin America Enhanced Oil Recovery Market Revenue, By Technology, 2024 – 2032 (USD Million) 63

15.3. Brazil 63

15.4. Argentina 63

15.5. Peru 63

15.6. Chile 63

15.7. Colombia 63

15.8. Rest of Latin America 63

CHAPTER NO. 16 : COMPANY PROFILES 64

16.1. Petrobras 64

16.1.1. Company Overview 64

16.1.2. Product Portfolio 64

16.1.3. Swot Analysis 64

16.1.4. Business Strategy 65

16.1.5. Financial Overview 65

16.2. Ecopetrol S.A. 66

16.3. YPF S.A. 66

16.4. Pemex (Petróleos Mexicanos) 66

16.5. Gran Tierra Energy Inc. 66

16.6. Vista Oil & Gas 66

16.7. Frontera Energy Corporation 66

16.8. GeoPark Limited 66

16.9. Pacific Rubiales Energy Corp. 66

16.10. Enauta Energia S.A. 66

List of Figures

FIG NO. 1. Latin America Enhanced Oil Recovery Market Revenue, 2018 – 2032 (USD Million) 21

FIG NO. 2. Porter’s Five Forces Analysis for Latin America Enhanced Oil Recovery Market 28

FIG NO. 3. Latin America Enhanced Oil Recovery Market Import Volume/Revenue, By Latin America, 2018 – 2023 30

FIG NO. 4. Latin America Enhanced Oil Recovery Market Export Volume/Revenue, By Latin America, 2018 – 2023 31

FIG NO. 5. Latin America Enhanced Oil Recovery Market Demand Volume/Revenue, By Latin America, 2018 – 2023 32

FIG NO. 6. Latin America Enhanced Oil Recovery Market Supply Volume/Revenue, By Latin America, 2018 – 2023 33

FIG NO. 7. Latin America Enhanced Oil Recovery Market Production Volume/Revenue, By Latin America, 2018 – 2023 34

FIG NO. 8. Latin America Enhanced Oil Recovery Market Price, By Type, 2018 – 2023 35

FIG NO. 9. Raw Materials Price Trend Analysis, 2018 – 2023 36

FIG NO. 10. Manufacturing Cost Analysis 37

FIG NO. 11. Manufacturing Process 37

FIG NO. 12. Value Chain Analysis for Latin America Enhanced Oil Recovery Market 38

FIG NO. 13. Company Share Analysis, 2023 39

FIG NO. 14. Company Share Analysis, 2023 40

FIG NO. 15. Company Share Analysis, 2023 40

FIG NO. 16. Company Share Analysis, 2023 41

FIG NO. 17. Enhanced Oil Recovery Market – Company Volume Market Share, 2023 42

FIG NO. 18. Enhanced Oil Recovery Market – Company Revenue Market Share, 2023 43

FIG NO. 19. Enhanced Oil Recovery Market Revenue Share, By Application, 2023 & 2032 49

FIG NO. 20. Market Attractiveness Analysis, By Application 50

FIG NO. 21. Incremental Revenue Growth Opportunity by Application, 2024 – 2032 50

FIG NO. 22. Enhanced Oil Recovery Market Revenue, By Application, 2018, 2023, 2027 & 2032 51

FIG NO. 23. Latin America Enhanced Oil Recovery Market for Onshore, Revenue (USD Million) 2018 – 2032 52

FIG NO. 24. Latin America Enhanced Oil Recovery Market for Offshore, Revenue (USD Million) 2018 – 2032 53

FIG NO. 25. Enhanced Oil Recovery Market Revenue Share, By Technology, 2023 & 2032 55

FIG NO. 26. Market Attractiveness Analysis, By Technology 56

FIG NO. 27. Incremental Revenue Growth Opportunity by Technology, 2024 – 2032 56

FIG NO. 28. Enhanced Oil Recovery Market Revenue, By Technology, 2018, 2023, 2027 & 2032 57

FIG NO. 29. Latin America Enhanced Oil Recovery Market for Thermal, Revenue (USD Million) 2018 – 2032 58

FIG NO. 30. Latin America Enhanced Oil Recovery Market for Gas Injection, Revenue (USD Million) 2018 – 2032 59

FIG NO. 31. Latin America Enhanced Oil Recovery Market for Chemical, Revenue (USD Million) 2018 – 2032 60

FIG NO. 32. Latin America Enhanced Oil Recovery Market for Others, Revenue (USD Million) 2018 – 2032 61

List of Tables

TABLE NO. 1. : Latin America Enhanced Oil Recovery Market: Snapshot 20

TABLE NO. 2. : Drivers for the Enhanced Oil Recovery Market: Impact Analysis 24

TABLE NO. 3. : Restraints for the Enhanced Oil Recovery Market: Impact Analysis 26

TABLE NO. 4. : Latin America Enhanced Oil Recovery Market Revenue, By Type, 2018 – 2023 35

TABLE NO. 5. : Key Raw Materials & Suppliers 36

TABLE NO. 6. : Latin America Enhanced Oil Recovery Market Revenue, By Application, 2018 – 2023 (USD Million) 62

TABLE NO. 7. : Latin America Enhanced Oil Recovery Market Revenue, By Application, 2024 – 2032 (USD Million) 62

TABLE NO. 8. : Latin America Enhanced Oil Recovery Market Revenue, By Technology, 2018 – 2023 (USD Million) 63

TABLE NO. 9. : Latin America Enhanced Oil Recovery Market Revenue, By Technology, 2024 – 2032 (USD Million) 63

Frequently Asked Questions

What is the market size of the Latin America Enhanced Oil Recovery (EOR) Market in 2023 and 2032?

The Latin America EOR market was valued at USD 2,590.34 million in 2024 and is projected to reach USD 4,173.47 million by 2032, with a CAGR of 6.14% from 2025 to 2032.

What are the key drivers of the Latin America EOR market?

The market growth is driven by advancements in recovery technologies, increasing investments in oil exploration, and a rising focus on sustainable and efficient energy extraction techniques.

What EOR techniques are being used in Latin America?

Common EOR methods in the region include CO2 injection, thermal recovery, and chemical flooding, which are essential for maximizing output from aging or complex reservoirs.

Who are the key players in the Latin America EOR market?

Key players in the Latin America EOR market include Petrobras, Halliburton, Schlumberger, and Baker Hughes, providing vital technologies and services for enhanced oil recovery operations in the region.

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