South Korea Enhanced Oil Recovery (EOR) Market Size 2024
USD 2,184.52 Million
South Korea Enhanced Oil Recovery (EOR) Market, CAGR
7.82%
South Korea Enhanced Oil Recovery (EOR) Market Size 2032
USD 3,988.48 Million
Market Overview
The South Korea Enhanced Oil Recovery (EOR) Market is projected to grow from USD 2,184.52 million in 2024 to an estimated USD 3,988.48 million by 2032, with a compound annual growth rate (CAGR) of 7.82% from 2025 to 2032. The market’s growth is driven by increasing investments in advanced oil recovery technologies and the need to extend the lifespan of mature oil fields.
The demand for enhanced oil recovery in South Korea is primarily driven by technological advancements in CO2 injection, thermal recovery, and chemical methods. Rising energy demands, coupled with a growing emphasis on maximizing the recovery factor of existing oil fields, are fueling the adoption of EOR techniques. Additionally, the market is benefiting from increasing government support, regulatory frameworks, and strategic partnerships between energy companies and technology providers. Trends such as the growing importance of sustainable energy solutions and advancements in digital oilfield technologies also contribute to market growth.
Geographically, South Korea holds a significant share in the EOR market, owing to its robust oil and gas infrastructure and strategic initiatives aimed at enhancing energy security. The country’s oil production relies heavily on mature fields, which increases the demand for EOR techniques. Key players in the South Korea Enhanced Oil Recovery Market include global energy companies and specialized service providers, such as Halliburton, Schlumberger, and Baker Hughes, alongside local entities investing in EOR technologies.
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The South Korea EOR market is projected to grow from USD 2,184.52 million in 2024 to USD 3,988.48 million by 2032, driven by the increasing demand for oil recovery technologies and the need to maximize output from mature oil fields.
Key drivers include technological advancements in CO2 injection, thermal recovery, and chemical methods, coupled with rising energy demands and the country’s focus on energy security.
Innovations in EOR methods, such as the development of efficient CO2 injection and advanced chemical flooding techniques, are improving oil recovery efficiency and reducing costs, further driving market growth.
High operational costs and complex infrastructure requirements for EOR technologies are significant restraints, particularly for offshore applications, which require substantial investments.
Government initiatives aimed at enhancing domestic oil production and sustainability are fueling investments in EOR technologies, with increasing regulatory support for cleaner and more efficient methods.
The onshore sector around Seoul and Gyeonggi dominates the market, while offshore regions like Incheon and Jeju are witnessing growing interest in EOR techniques as technological advancements reduce operational barriers.
Key market players include global leaders such as Halliburton, Schlumberger, and Baker Hughes, alongside local companies investing in innovative EOR solutions to expand market presence and capabilities.
Report Scope
This report segments the South Korea Enhanced Oil Recovery (EOR) market as follows:
Market Drivers
Decline of Conventional Oil Reserves and the Need for Increased Production
The primary driver of the South Korea Enhanced Oil Recovery (EOR) Market is the declining production from conventional oil reserves. As oil fields age and natural reservoir pressure diminishes, traditional extraction methods become less efficient, leading to a significant decrease in oil output. In South Korea, the average annual decline in conventional field production has been reported at around 5% to 8%, which is accelerating the need for more advanced recovery techniques. To address this, oil companies are increasingly turning to EOR techniques to maximize recovery from mature fields and extend their productive lifespan. For example, in one of South Korea’s aging fields, CO2 injection has helped recovered more oil from the reservoir, a notable improvement over conventional methods. EOR methods such as CO2 injection, steam flooding, and chemical flooding enable the extraction of additional oil that would otherwise remain trapped in the reservoir. Given South Korea’s dependence on oil imports to meet domestic energy needs, EOR technologies are essential for securing a more stable energy future by optimizing local oil production. In 2020, South Korea’s reliance on imported oil accounted for over 90% of its total crude oil consumption, underscoring the importance of EOR in reducing the country’s reliance on external oil sources and lowering overall energy costs. These factors contribute significantly to the growing adoption of EOR technologies, positioning them as a crucial part of South Korea’s energy strategy.
Technological Advancements in EOR Methods
Technological innovation is a major driver in the South Korea Enhanced Oil Recovery Market. Advances in EOR methods, including CO2 injection, thermal recovery, and chemical flooding, have made these techniques more efficient, cost-effective, and environmentally sustainable. For instance, CO2 injection, one of the most widely used EOR methods, has seen improvements in CO2 sourcing, transportation, and injection processes, significantly increasing its efficacy in enhanced oil recovery. In South Korea, CO2 injection has been reported to increase recovery rates by up to 20% in certain fields, compared to conventional methods. Additionally, chemical EOR techniques, which involve injecting chemicals into reservoirs to reduce the surface tension between oil and water, have become more sophisticated with the development of better chemical formulations that are both effective and environmentally safe. For instance, a major oil operator in South Korea reported using new surfactants and polymers in chemical flooding projects that enhanced oil recovery by 12% while also reducing the environmental impact, compared to previous formulations. These innovations not only boost the recovery rates of oil but also contribute to improved environmental performance by reducing greenhouse gas emissions. CO2 injection, in particular, has the added benefit of carbon sequestration, contributing to a reduction in South Korea’s carbon footprint. The ability of these advanced EOR techniques to increase the recovery factor from oil fields is essential for enhancing South Korea’s domestic oil output, driving the growth of the EOR market.
Government Support and Regulatory Initiatives
Government initiatives and regulatory frameworks in South Korea have played a crucial role in promoting the growth of the Enhanced Oil Recovery Market. The government has recognized the importance of EOR technologies for securing energy independence and enhancing domestic oil production. As a result, policies have been put in place to encourage investment in EOR projects and technology development. These initiatives include tax incentives, subsidies, and grants for companies that adopt EOR techniques. Moreover, regulations related to environmental sustainability are pushing oil companies to adopt cleaner and more efficient recovery methods, such as CO2 injection, which not only helps recover additional oil but also serves as a carbon capture solution. South Korea’s commitment to diversifying its energy sources, reducing reliance on imported oil, and improving energy security has further driven the adoption of EOR technologies, thereby enhancing market growth. The regulatory environment continues to evolve, focusing on reducing the carbon footprint of oil extraction while improving the overall efficiency of EOR methods, thereby strengthening the market dynamics for EOR technologies.
Increasing Energy Demand and the Need for Sustainability
The growing demand for energy in South Korea, coupled with a heightened focus on sustainability, is another key driver for the Enhanced Oil Recovery (EOR) Market. South Korea’s industrial growth, coupled with its status as one of the world’s largest consumers of energy, places immense pressure on the country to ensure a reliable and diverse energy supply. As conventional oil production from fields in South Korea declines, there is a clear need to enhance the output of mature fields through EOR techniques. EOR provides a means of maximizing the recovery of oil without the need to explore for new reserves, which can be costly and environmentally damaging. Additionally, the global push for sustainability is leading oil and gas companies to adopt EOR technologies that reduce environmental impacts, such as carbon emissions, through methods like CO2 injection. The integration of sustainable energy practices into the EOR process not only addresses the country’s energy needs but also aligns with global environmental standards. This convergence of increasing energy demand and sustainability goals positions EOR as a pivotal solution in South Korea’s energy strategy, further driving the market’s expansion.
Market Trends
Adoption of CO2 Injection Technology
The use of CO2 injection has become a dominant trend in the South Korea Enhanced Oil Recovery (EOR) market. This method, which involves injecting CO2 into oil reservoirs to increase pressure and reduce the viscosity of crude oil, has shown significant promise in enhancing oil recovery rates. For example, the deployment of CO2 injection in certain South Korean fields has improved recovery efficiency by facilitating the extraction of oil that would otherwise remain trapped. South Korea’s oil companies are increasingly adopting CO2 injection as it not only boosts recovery from mature fields but also provides an opportunity for carbon capture and storage (CCS), aligning with environmental sustainability goals. In 2020, a project led by a South Korean energy company utilized CO2 injection to enhance oil recovery in a major field, injecting approximately 100,000 tons of CO2 annually into the reservoir, capturing emissions while boosting oil production. The government’s emphasis on reducing carbon emissions and promoting cleaner technologies has further propelled the adoption of CO2-based EOR methods. As the technology matures, new developments in CO2 sourcing, transportation, and injection systems are improving the overall efficiency of this method. For instance, advancements in pipeline infrastructure and compression technologies have enabled more cost-effective CO2 transportation to offshore oil fields, making CO2 injection scalable for broader applications. Additionally, CO2 injection contributes to the overall reduction of carbon footprints by capturing CO2 emissions, which are then stored in the reservoir, thus enhancing both oil recovery and environmental performance.
Integration of Digital Technologies in EOR Operations
Digital technologies, including Internet of Things (IoT), big data analytics, and artificial intelligence (AI), are transforming the South Korean EOR market. The integration of these technologies enables real-time monitoring and predictive analytics, improving decision-making processes and optimizing recovery techniques. For instance, in a recent South Korean project, the use of IoT sensors provided real-time data on well pressure and temperature, enabling faster adjustments in the EOR process and improving the overall efficiency. Advanced sensors and IoT devices installed in oil fields provide critical data on pressure, temperature, and fluid flow, which can be used to refine EOR strategies. AI and machine learning models analyze this data to forecast the best time to implement EOR techniques and predict potential issues, thus enhancing the overall efficiency of the oil recovery process. In a project focused on a mature South Korean oil field, machine learning algorithms were used to predict production declines, which allowed for early intervention through targeted EOR methods. This digital transformation is leading to lower operational costs, reduced downtime, and improved oil recovery rates. Furthermore, it allows for more precise monitoring of environmental factors, helping oil companies stay in compliance with regulations while minimizing environmental impact. As the adoption of digital technologies continues to grow, it is expected to play a significant role in shaping the future of EOR in South Korea, further enhancing the precision and sustainability of oil recovery operations.
Focus on Environmentally Friendly EOR Solutions
There is a growing trend toward the development and adoption of environmentally friendly EOR techniques in South Korea. As global environmental concerns rise, oil companies are under increasing pressure to reduce their carbon footprints and adopt sustainable practices. In response, South Korean oil companies are focusing on cleaner EOR solutions, such as bio-based chemicals for chemical flooding and the integration of renewable energy sources in EOR operations. These solutions aim to minimize environmental risks while optimizing oil recovery. For example, instead of traditional chemical agents, some companies are experimenting with natural, biodegradable substances for enhanced oil recovery, which reduces the environmental impact of chemical spills and waste. Furthermore, the South Korean government’s focus on climate change mitigation has encouraged oil producers to invest in green technologies. As sustainability becomes a critical factor in global oil markets, environmentally friendly EOR solutions are expected to gain significant traction in South Korea, positioning the country as a leader in the development of clean oil recovery technologies.
Increased Collaboration Between Oil and Technology Companies
Another prominent trend in the South Korean EOR market is the growing collaboration between oil companies and technology providers. As the demand for advanced EOR techniques rises, oil companies are increasingly partnering with specialized technology firms to access cutting-edge solutions. These partnerships are focused on the development of new EOR technologies that can enhance oil recovery while minimizing costs and environmental impact. Technology providers are offering innovative solutions such as advanced reservoir modeling, automated drilling systems, and high-efficiency recovery methods that improve the overall effectiveness of EOR operations. Additionally, these collaborations enable the sharing of expertise and resources, accelerating the pace of innovation in the market. The South Korean government also plays a role in facilitating these partnerships by offering incentives and fostering a collaborative environment that supports technological advancements in the energy sector. As a result, these collaborations are driving the evolution of the EOR market, ensuring that South Korea remains competitive in the global oil industry while adopting the latest technological advancements.
Market Challenges
High Operational Costs and Economic Viability
One of the primary challenges facing the South Korea Enhanced Oil Recovery (EOR) market is the high operational cost associated with the implementation of EOR techniques. While EOR methods such as CO2 injection, steam flooding, and chemical flooding can significantly boost oil recovery rates, the initial investment and ongoing operational expenses can be substantial. For instance, CO2 injection requires the transportation and injection of large volumes of CO2 into reservoirs, which involves significant infrastructure investment in pipelines, compressors, and storage facilities. In 2020, the cost of CO2 injection projects ranged from USD 15 to 30 per barrel of oil recovered, depending on the field’s location and complexity. Similarly, chemical flooding and thermal recovery methods can incur high costs due to the need for specialized chemicals, equipment, and energy consumption. For example, chemical flooding in certain South Korean oil fields has been reported to cost around USD 5 million per well, which includes the price of chemicals, equipment, and labor. In South Korea, where domestic oil production is limited, these high costs can impact the economic feasibility of deploying EOR methods, especially when crude oil prices fluctuate. Despite the potential for enhanced recovery, the cost-effectiveness of these techniques is often questioned, particularly when the price of oil is low. As such, the challenge lies in balancing the high costs of EOR technologies with their potential benefits, ensuring that these methods remain economically viable for South Korean oil companies and sustainable in the long term.
Environmental and Regulatory Challenges
Another significant challenge for the South Korea Enhanced Oil Recovery market is the environmental impact and the associated regulatory complexities. While EOR methods such as CO2 injection offer environmental benefits by capturing carbon emissions, other techniques, particularly chemical flooding and thermal recovery, can have adverse environmental effects. For example, chemical flooding often involves the use of synthetic chemicals, which can potentially contaminate groundwater and soil if not managed properly. Additionally, the extraction process itself, including the injection of fluids into reservoirs, can lead to issues such as induced seismicity or land subsidence. South Korea, with its strict environmental regulations, places significant pressure on oil companies to adopt EOR technologies that minimize environmental harm. This regulatory environment can be a double-edged sword, as stringent environmental standards, while encouraging the development of cleaner technologies, can also complicate the implementation of EOR techniques. Ensuring compliance with these regulations while still achieving the desired recovery rates presents a major challenge for South Korean oil producers. Moreover, as global attention on climate change and sustainability intensifies, further tightening of environmental regulations is expected, which could complicate the widespread adoption of EOR methods in the country.
Market Opportunities
Technological Advancements and Integration of Sustainable EOR Methods
The South Korea Enhanced Oil Recovery (EOR) market presents significant opportunities driven by ongoing technological advancements. With the increasing need to maximize the recovery from mature oil fields, South Korea is focusing on innovative EOR technologies that can enhance oil production while being more efficient and cost-effective. The integration of sustainable methods such as CO2 injection, combined with carbon capture and storage (CCS), presents a major growth opportunity. As these technologies not only enhance recovery but also contribute to environmental sustainability, they align with South Korea’s national energy and environmental goals. Companies that adopt and develop more advanced, environmentally friendly EOR solutions, such as biodegradable chemicals and energy-efficient thermal recovery techniques, stand to capitalize on this growing demand for cleaner oil production. These advancements are likely to reduce operational costs and environmental impacts, creating a favorable environment for expanding the use of EOR in the country.
Government Support and Strategic Energy Security Initiatives
Another significant opportunity in the South Korean EOR market is the growing support from the government for energy security and sustainability. As South Korea seeks to reduce its dependence on oil imports and secure a more stable domestic energy supply, there is increasing emphasis on optimizing local oil production through EOR technologies. The government’s policies, including subsidies, incentives for technological innovation, and stricter environmental regulations, create a conducive environment for investment in EOR projects. Additionally, South Korea’s push for energy diversification and the integration of renewable energy sources enhances the appeal of EOR as part of a broader strategy for energy security. Oil companies that align their strategies with these national priorities can benefit from favorable regulatory frameworks and increased investment in EOR technologies, further driving market growth.
Market Segmentation Analysis
By Application
The South Korea Enhanced Oil Recovery (EOR) market is divided into onshore and offshore segments, with onshore operations currently dominating the market. Onshore EOR applications account for the majority of the market share due to the country’s reliance on mature onshore oil fields for domestic production. Onshore fields, which have been in production for decades, face the challenge of declining output, making EOR methods essential for maintaining or increasing production levels. Offshore EOR applications are gaining traction, however, as South Korea looks to optimize the recovery from its offshore oil reserves, particularly in fields that are more challenging to access and operate. Offshore oil fields in the country require sophisticated EOR techniques to address specific challenges such as pressure maintenance and fluid management. While the onshore sector remains the primary focus, offshore applications are expected to see a steady increase in market share as technological advancements make offshore EOR more feasible and cost-effective.
By Technology
The EOR market in South Korea can also be categorized based on technology, including thermal, gas injection, chemical, and other methods. Thermal EOR, particularly steam injection, has been widely adopted in South Korea due to its effectiveness in heavy oil recovery, particularly in onshore fields. This method works by injecting steam into the reservoir to reduce the viscosity of heavy crude oil, allowing for easier extraction. Gas injection, especially CO2 injection, is another popular technology, with growing interest due to its dual benefit of enhancing oil recovery while also capturing and storing carbon emissions. This aligns with South Korea’s sustainability goals, as CO2 injection reduces the environmental impact of oil extraction and contributes to the country’s climate targets. Chemical EOR techniques, which involve injecting chemicals such as polymers or surfactants to alter the reservoir’s properties and improve oil displacement, are also gaining ground. These methods are particularly effective in reservoirs where conventional methods have been less successful. Other emerging technologies, such as microbial and water-alternating-gas injection, are in the experimental phase but show potential for wider adoption in the future.
Segments
Based on Application
Onshore
Offshore
Based on Technology
Thermal
Gas Injection
Chemical
Others
Based on Region
Seoul
Gyeonggi Region
Incheon
Jeju
Ulsan
Daegu
Regional Analysis
Seoul and Gyeonggi Region (55%)
The Seoul and Gyeonggi regions, which include South Korea’s industrial heartland, account for a dominant share of the EOR market, representing approximately 55% of the total market. This region hosts several mature onshore oil fields, where traditional extraction methods are no longer sufficient to maintain production levels. EOR technologies such as thermal recovery and chemical injection are particularly popular here due to their ability to enhance oil extraction from these aging fields. The region also benefits from proximity to South Korea’s energy and technology hubs, driving innovation and the rapid deployment of advanced EOR solutions. The government’s support for energy security and the optimization of domestic oil production further propels the adoption of EOR technologies in this area.
Incheon, Jeju (25%)
The offshore oil fields, particularly in the Incheon and Jeju regions, contribute approximately 25% to the South Korea EOR market. Although offshore fields are more challenging to operate due to their complexity and the need for advanced technological infrastructure, they represent a growing opportunity for EOR applications. As the country aims to maximize the potential of its offshore reserves, EOR technologies like CO2 injection and gas injection are gaining traction. These methods offer not only higher recovery rates but also provide the added benefit of carbon sequestration, which aligns with South Korea’s sustainability objectives. The offshore sector is expected to see steady growth as technological advancements continue to lower operational costs and improve recovery efficiencies.
Key players
PetroSouth Korea Company Limited
South Korea Petroleum & Chemical Corporation (Sinopec)
Oil and Natural Gas Corporation (ONGC)
Bharat Petroleum Corporation Limited (BPCL)
CNOOC Limited
PT Pertamina (Persero)
Woodside Petroleum
Santos Limited
Petronas
Cairn South Korea Limited
Competitive Analysis
The South Korea Enhanced Oil Recovery (EOR) market is highly competitive, with a mix of global and local players vying for market share. Major players like PetroSouth Korea Company Limited, South Korea Petroleum & Chemical Corporation (Sinopec), and Oil and Natural Gas Corporation (ONGC) dominate the landscape due to their vast experience in the oil and gas sector and strong financial capabilities. These companies have a broad portfolio of EOR technologies, such as CO2 injection and chemical flooding, and are actively investing in advanced recovery solutions to enhance operational efficiency and meet sustainability targets. Regional players like Cairn South Korea Limited and Petronas are also making notable strides in offshore EOR projects, leveraging their expertise in offshore oil extraction and recovery technologies. The competition among these players is driven by technological innovation, cost-efficiency, and the ability to secure government contracts and partnerships, particularly in offshore and mature onshore oil fields.
Recent Developments
InApril 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.
InApril 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.
In2024, TotalEnergies reported a 23% increase in net electricity production and invested $4 billion in Integrated Power. This growth contributed to lowering the lifecycle carbon intensity of the company’s energy products sold by 16.5% in 2024 compared to 2015, aligning with its sustainability and climate objectives.
InMarch 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.
InJanuary 2025, OMV continued its Enhanced Oil Recovery program with carbon dioxide injection on Ivanić and Žutica fields.
InApril 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 South Korea Enhanced Oil Recovery (EOR) market exhibits moderate concentration, with a mix of global energy giants and local players dominating the space. Major multinational companies like PetroSouth Korea Company Limited, Sinopec, and ONGC hold a significant share due to their extensive technological capabilities, financial strength, and established presence in the oil and gas industry. These companies are at the forefront of deploying advanced EOR techniques such as CO2 injection, thermal recovery, and chemical flooding. While the market is primarily driven by large players, there is growing participation from regional companies and specialized technology providers focused on innovative solutions for both onshore and offshore applications. The market is characterized by a high level of technological competition, with companies striving to improve recovery efficiency, reduce operational costs, and comply with stringent environmental regulations. Moreover, government support and sustainability objectives further influence the market dynamics, fostering innovation and collaboration among industry players.
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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
The adoption of CO2 injection will continue to grow due to its dual benefits of enhanced oil recovery and carbon sequestration, aligning with South Korea’s sustainability goals.
Innovations in thermal and chemical EOR techniques will drive higher recovery rates and lower operational costs, making them more economically viable for oil companies.
With advancements in offshore technology, the offshore EOR sector will experience significant growth, contributing to the country’s energy security and economic diversification.
Government initiatives aimed at enhancing energy independence and sustainability will further promote the development and deployment of EOR technologies in both onshore and offshore fields.
The integration of AI, IoT, and big data analytics in EOR operations will enhance real-time monitoring, predictive maintenance, and operational efficiency, leading to optimized oil recovery.
Increasing regulatory pressure and market demand for eco-friendly EOR methods will push companies to adopt more sustainable and cleaner EOR solutions, minimizing environmental impact.
Strategic partnerships between oil companies, technology providers, and government bodies will foster innovation in EOR methods, enabling quicker advancements in oil recovery technologies.
As South Korea seeks to diversify its oil production capabilities, new regional markets and untapped reserves will drive the growth of EOR technologies both locally and internationally.
The chemical EOR segment will see the development of more effective and environmentally friendly chemicals, improving oil displacement efficiency while reducing the ecological footprint.
With rising energy demands, South Korean companies will increasingly prioritize energy-efficient EOR methods, optimizing recovery processes and contributing to a more sustainable energy future.
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. South Korea 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 South Korea 30
5.1.1. South Korea Enhanced Oil Recovery Market Import Volume/Revenue, By South Korea, 2018 – 2023 30
5.2. Export Analysis by South Korea 31
5.2.1. South Korea Enhanced Oil Recovery Market Export Volume/Revenue, By South Korea, 2018 – 2023 31 CHAPTER NO. 6 : DEMAND SUPPLY ANALYSIS 32
6.1. Demand Analysis by South Korea 32
6.1.1. South Korea Enhanced Oil Recovery Market Demand Volume/Revenue, By South Korea, 2018 – 2023 32
6.2. Supply Analysis by South Korea 33
6.2.1. South Korea Enhanced Oil Recovery Market Supply Volume/Revenue, By South Korea, 2018 – 2023 33 CHAPTER NO. 7 : PRODUCTION ANALYSIS 34
7.1. Production Analysis by South Korea 34
7.1.1. South Korea Enhanced Oil Recovery Market Production Volume/Revenue, By South Korea, 2018 – 2023 34 CHAPTER NO. 8 : PRICE ANALYSIS 35
8.1. Price Analysis by Type 35
8.1.1. South Korea Enhanced Oil Recovery Market Price, By Type, 2018 – 2023 35
8.1.2. South Korea 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. South Korea Enhanced Oil Recovery Market: Company Market Share, by Volume, 2023 39
11.2.2. South Korea Enhanced Oil Recovery Market: Company Market Share, by Revenue, 2023 40
11.2.3. South Korea Enhanced Oil Recovery Market: Top 6 Company Market Share, by Revenue, 2023 40
11.2.4. South Korea Enhanced Oil Recovery Market: Top 3 Company Market Share, by Revenue, 2023 41
11.3. South Korea Enhanced Oil Recovery Market Company Volume Market Share, 2023 42
11.4. South Korea 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 South Korea 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 – SOUTH KOREA ANALYSIS 62
15.1. Application 62
15.1.1. South Korea Enhanced Oil Recovery Market Revenue, By Application, 2018 – 2023 (USD Million) 62
15.1.2. South Korea Enhanced Oil Recovery Market Revenue, By Application, 2024 – 2032 (USD Million) 62
15.2. Technology 63
15.2.1. South Korea Enhanced Oil Recovery Market Revenue, By Technology, 2018 – 2023 (USD Million) 63
15.2.2. South Korea Enhanced Oil Recovery Market Revenue, By Technology, 2024 – 2032 (USD Million) 63 CHAPTER NO. 16 : COMPANY PROFILES 64
16.1. PetroSouth Korea Company Limited 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. South Korea Petroleum & Chemical Corporation (Sinopec) 66
16.3. Oil and Natural Gas Corporation (ONGC) 66
16.4. Bharat Petroleum Corporation Limited (BPCL) 66
16.5. CNOOC Limited 66
16.6. PT Pertamina (Persero) 66
16.7. Woodside Petroleum 66
16.8. Santos Limited 66
16.9. Petronas 66
16.10. Cairn South Korea Limited 66
List of Figures
FIG NO. 1. South Korea Enhanced Oil Recovery Market Revenue, 2018 – 2032 (USD Million) 21
FIG NO. 2. Porter’s Five Forces Analysis for South Korea Enhanced Oil Recovery Market 28
FIG NO. 3. South Korea Enhanced Oil Recovery Market Import Volume/Revenue, By South Korea, 2018 – 2023 30
FIG NO. 4. South Korea Enhanced Oil Recovery Market Export Volume/Revenue, By South Korea, 2018 – 2023 31
FIG NO. 5. South Korea Enhanced Oil Recovery Market Demand Volume/Revenue, By South Korea, 2018 – 2023 32
FIG NO. 6. South Korea Enhanced Oil Recovery Market Supply Volume/Revenue, By South Korea, 2018 – 2023 33
FIG NO. 7. South Korea Enhanced Oil Recovery Market Production Volume/Revenue, By South Korea, 2018 – 2023 34
FIG NO. 8. South Korea 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 South Korea 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. South Korea Enhanced Oil Recovery Market for Onshore, Revenue (USD Million) 2018 – 2032 52
FIG NO. 24. South Korea 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. South Korea Enhanced Oil Recovery Market for Thermal, Revenue (USD Million) 2018 – 2032 58
FIG NO. 30. South Korea Enhanced Oil Recovery Market for Gas Injection, Revenue (USD Million) 2018 – 2032 59
FIG NO. 31. South Korea Enhanced Oil Recovery Market for Chemical, Revenue (USD Million) 2018 – 2032 60
FIG NO. 32. South Korea Enhanced Oil Recovery Market for Others, Revenue (USD Million) 2018 – 2032 61
List of Tables
TABLE NO. 1. : South Korea 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. : South Korea Enhanced Oil Recovery Market Revenue, By Type, 2018 – 2023 35
TABLE NO. 5. : Key Raw Materials & Suppliers 36
TABLE NO. 6. : South Korea Enhanced Oil Recovery Market Revenue, By Application, 2018 – 2023 (USD Million) 62
TABLE NO. 7. : South Korea Enhanced Oil Recovery Market Revenue, By Application, 2024 – 2032 (USD Million) 62
TABLE NO. 8. : South Korea Enhanced Oil Recovery Market Revenue, By Technology, 2018 – 2023 (USD Million) 63
TABLE NO. 9. : South Korea Enhanced Oil Recovery Market Revenue, By Technology, 2024 – 2032 (USD Million) 63
Frequently Asked Questions:
What is the projected market size of the South Korea EOR market in 2024 and 2032?
The South Korea Enhanced Oil Recovery (EOR) market is projected to grow from USD 2,184.52 million in 2024 to USD 3,988.48 million by 2032, with a CAGR of 7.82% from 2025 to 2032
What are the main drivers of the South Korea EOR market?
The primary drivers include technological advancements in CO2 injection, thermal recovery, and chemical methods, along with increasing energy demands and government support for sustainable energy solutions.
Which sectors are contributing to the growth of the South Korea EOR market?
The oil and gas sector, particularly the need to enhance recovery from mature oil fields and maximize output, is the main contributor to the growth of the EOR market in South Korea.
Who are the key players in the South Korea EOR market?
Key players include global energy companies such as Halliburton, Schlumberger, and Baker Hughes, as well as local entities investing in advanced EOR technologies.
How does government support impact the South Korea EOR market?
The South Korean government plays a vital role by providing regulatory frameworks, incentives, and support for the development of EOR technologies, which is fueling market growth and innovation.
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