Global Enhanced Oil Recovery (EOR) Market Report - Market Analysis, Size, Share, Growth, Outlook - Industry Trends and Forecast to 2028

Global Enhanced Oil Recovery (EOR) Market Report - Market Analysis, Size, Share, Growth, Outlook - Industry Trends and Forecast to 2028

Higher US Well completion activity in Q3, end of the era of easy oil, the cyclical recovery in demand for energy services and equipment, higher volumes and continued positive sales momentum both internationally and in the North American business, the revival of the global supply chain and rising energy demands in the light of easing border restrictions are driving the Global Enhanced Oil Recovery Market.

To remain competitive, operators may need to turn away from expensive exploration expeditions and towards proven reserves for oil extraction. EOR proves essential in extracting the very last remains out of the known oilfields. Enhanced Oil Recovery is deployed in oilfields with heavy oil, poor permeability, and irregular faultlines.

EOR refers to the extraction of crude oil from an oil field that can not be extracted otherwise. It is also known as Tertiary Recovery. EOR can extract 30% to 60% more from the reservoirs' oil compared to 20% to 40% using primary and secondary recovery methods. The three common techniques of EOR are- Gas Injection, Thermal injection, and Chemical Injection.

The Global Enhanced Oil Recovery Market depends on overall global demand for oil and gas, ongoing depletion rates of existing oil and gas wells, current and expected future crude oil and natural gas prices, U.S. and worldwide rig count, U.S. well completions, and expectation of industry cost levels, among other factors. Rig count, footage drilled, and exploration and production ("E&P") investment by oil and gas operators have often been used as leading indicators for the level of drilling and development activity and future production levels in the oil and gas sector.

Currently, 95% of Carbon Capture and Storage (CCS) capacity in the US is used for Enhanced Oil Recovery. However, the growing dichotomy in using captured carbon for EOR poses questions as to the sustainability and efficiency of the process toward Net Zero emissions. However, the proponents of this technology claim that fuel extracted by utilizing CCS has less carbon footprint.

Latest Development in EOR Technology

Locus Bio Energy has come up with two biosurfactant solutions for Enhanced Oil Recovery. The biosurfactants improve the permeability of the reservoir and allow residual oil to be mobilized, remove and disperse organic compounds from rock surfaces and allow for better oil/water separation. Biosurfactants are a class of natural, bio-based surfactants that are composed of highly complex molecules with unmatched multifunctionality and sustainability. They are naturally occurring, are carbon-neutral, have low toxicity, and are biodegradable. Biosurfactants outperform synthetic surfactants at a fraction of the dosage rate and cost. They are advantageous in that they boost oil production, cut costs, maximize ESG and profits, and are also applicable for a multitude of applications ranging from Well stimulation to hydraulic fracturing to paraffin remediation apart from EOR.

This niche market of biosurfactants for EOR purposes could potentially gain a greater market share among EOR technologies due to its inherent advantages and carbon-free technology.

Europe and UK Region Analysis

With declining oil production in the North Sea area and growing opposition against developing new oil fields in the North Sea, the significance of EOR in the aging oilfields becomes evident. Rising pressure from investors, governments, and climate activists has resulted in a somber climate for investments in the region given the uncertainties

Russian oil companies Lukoil and Gazprom Neft have agreed to cooperate to develop Oil Recovery Enhancement Technologies. Plans are made to develop national production of chemical agents and equipment for manufacturing surfactant-polymer and polymer solutions for oil recovery enhancement. The agreement also facilitates exchange and collaboration in lab research, as well as focuses on studies of surface-active agents and production stimulation chemicals.

Asia-Pacific Region Analysis

Southeast Asia, is one of the world's fastest-growing economic regions where energy demand is expected to double over the next 20 years. However, the region's declining oil and gas production leaves it reliant on overseas suppliers of oil jeopardizing national security.

This highlights the quintessential nature of oil and gas in the region.

The huge number of mature oil fields in Indonesia, a large amount of crude remaining in Indonesia's mature oilfields, declining crude production, and the government's efforts to boost production hint at potential growth in the EOR market in Indonesia. After Indonesia's output went lower than 700,000 Barrels per day in 2020, the government is ramping up efforts to boost production back to 1million barrels per day by 2030 to meet about half of the projected domestic demand.

The Asian Development Bank (ADB) opinionated that CO2-EOR+ is an attractive solution for Indonesia given the country's numerous mature oilfields. Adopting CO2 enhanced oil recovery could help enhance oil recovery while simultaneously helping Indonesia to curb the country's emissions. However, the cost of procuring CO2 would play a significant role in determining the viability of such projects. The most promising oilfields to deploy this enhanced recovery method would be mature oil fields in the vicinity of low-cost sources of CO2, such as natural gas processing plants.

India's struggles in discovering huge new oil fields, and prominent energy crisis point to the growing demand for crude reserves, hinting at a potential market for EOR technology.

The new report from Blackridge Research on Global Enhanced Oil Recovery (EOR) Market comprehensively analyses the Enhanced Oil Recovery (EOR) Market and provides deep insight into the current and future state of the industry.

The study examines the drivers, restraints, and regional trends influencing Global Enhanced Oil Recovery (EOR) Market demand and growth.

The report also addresses present and future market opportunities, market trends, developments, and the impact of Covid-19 on the Enhanced Oil Recovery (EOR) Market, important commercial developments, trends, regions, and segments poised for fastest growth, competitive landscape, and market share of key players.

Further, the report will also provide Enhanced Oil Recovery (EOR) Market size, demand forecast, and growth rates.

What we cover in the report?

Enhanced Oil Recovery (EOR) Market Drivers & Restraints

The study covers all the major underlying forces that help the market develop and grow and the factors that constrain the growth.

The report includes a meticulous analysis of each factor, explaining the relevant, qualitative information with supporting data.

Each factor's respective impact in the near, medium, and long term will be covered using Harvey balls for visual communication of qualitative information and functions as a guide for you to analyze the degree of impact.

Enhanced Oil Recovery (EOR) Market Analysis

This report discusses the overview of the market, latest updates, important commercial developments and structural trends, and government policies and regulations.

This section provides an assessment of COVID-19 impact on Enhanced Oil Recovery (EOR) Market demand.

Enhanced Oil Recovery (EOR) Market Size and Demand Forecast

The report provides Global Enhanced Oil Recovery (EOR) Market size and demand forecast until 2027, including year-on-year (YoY) growth rates and CAGR.

Enhanced Oil Recovery (EOR) Market Industry Analysis

The report examines the critical elements of Enhanced Oil Recovery (EOR) industry supply chain, its structure, and participants

Using Porter's five forces framework, the report covers the assessment of the Enhanced Oil Recovery (EOR) industry's state of competition and profitability.

Enhanced Oil Recovery (EOR) Market Segmentation & Forecast

The report dissects the Global Enhanced Oil Recovery (EOR) Market into various segments. A detailed summary of the current scenario, recent developments, and market outlook will be provided for each segment.

Further, market size and demand forecasts will be presented along with various drivers and barriers for individual market segments.

Effective market segmentation enables you to identify emerging trends and opportunities for long-term growth. Contact us for a "bespoke" market segmentation to better align the research report with your requirements.

Regional Market Analysis

The report covers detailed profiles of major countries across the world. Each country's analysis covers the current market scenario, market drivers, government policies & regulations, and market outlook.

In addition, market size, demand forecast, and growth rates will be provided for all regions.

Following are the notable countries covered under each region.

North America - United States, Canada, Mexico, and Rest of North America

Europe - Germany, France, United Kingdom (UK), Russia, and Rest of Europe

Asia-Pacific - China, India, Japan, South Korea, Australia, Rest of APAC

Rest of the world - Saudi Arabia, Brazil, Nigeria, South Africa, and other countries

Key Company Profiles

This report presents detailed profiles of Key companies in the Enhanced Oil Recovery (EOR) industry. In general, each company profile includes - overview of the company, relevant products and services, a financial overview, and recent developments.

Competitive Landscape

The report provides a comprehensive list of notable companies in the market, including mergers and acquisitions (M&As), joint ventures (JVs), partnerships, collaborations, and other business agreements.

The study also discusses the strategies adopted by leading players in the industry.

Executive Summary

Executive Summary will be jam-packed with charts, infographics, and forecasts. This chapter summarizes the findings of the report crisply and clearly.

The report begins with an Executive Summary chapter and ends with Conclusions and Recommendations.


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