South America Enhanced Oil Recovery Market By Technology (Gas Injection, Thermal Injection, Chemical Injection, Microbial Injection, Others), By Application (Onshore, Offshore), By Region, Competition Forecast and Opportunities, 2018-2028
South America Enhanced Oil Recovery Market is anticipated to grow at a steady pace in the forecast period, 2023-2028, due to factors including the rise in mature oil resources and advances in technology that will allow for better oil recovery methods.
Enhanced oil recovery, or EOR for short, is the process of extracting crude oil from an oil field when it cannot be done in any other way. When compared to primary and secondary recovery, which can only recover 20% to 40% of the oil from a reservoir, EOR can extract up to 60% more oil. The US Department of Energy states that in addition to the injection of carbon dioxide and water, one of the three EOR techniques—thermal injection, gas injection, or chemical injection—is utilized. Quaternary recovery refers to more advanced, speculative EOR techniques.
Rising Demand for Energy Security to Bolster the Market
Any country's ability to advance economically depends on the availability of hydrocarbons. However, the cost of energy rises due to the availability of finite sources, forcing countries with low oil reserves to invest exponentially in their oil imports. As a result, many nations throughout the world are using cutting-edge technologies to increase domestic production to meet the demand for oil, which is influencing market trends for Enhanced oil recovery. By securing its energy supply, the nation will become more powerful, and the outflow of foreign currency caused by oil imports will be decreased.
Unbounded Demand for Oil to Provide Impetus to Market
The demand for petroleum products has expanded because of the exponential growth in the consumption of oil across numerous industry sectors, including transportation, shipping, power, manufacturing, and others. Operators are adopting a variety of cutting-edge techniques to meet the rising demand for oil. EOR allows maximum oil recovery from the reservoir, increasing overall production. Additionally, by eliminating the drilling of a new well, it is expected to boost the market, optimizing the production cost.
Gradual Shift towards Optimizing Oil Recovery from Reservoirs Boost the Market
EOR allows for the extraction of a significant volume of oil that is immobile and lowers the expense of drilling new wells. The EOR technique is being used by several businesses in the US to reach the set production goals. To lessen the environmental harm caused by new drilling, governments all over the world are putting more emphasis on the ultimate recovery of oil. Additionally, as wells become more established, there will probably be a larger need for cutting-edge oil extraction techniques, which will greatly boost market value. Most of the oil produced in the world today originates from established fields. Oil corporations and regulators are highly concerned with increasing oil recovery from the aged resources. Additionally, during the past few decades, there has been a steady decline in the rate at which new discoveries are replacing the produced reserves. To fulfil the increasing demand for energy in the upcoming years, it will therefore be essential to raise the recovery factors from mature fields under primary and secondary production.
Market Segmentation
The South America Enhanced Oil Recovery Market is divided into Technology and Application. Based on Technology, the market is divided into Gas Injection, Thermal Injection, Chemical Injection, Microbial Injection, and Others. Based on Application, the market is segmented into Onshore, offshore. Based on country the market is divided into Brazil, Argentina, Colombia, Chile, Peru, Ecuador, Venezuela, Bolivia.
Market Players
Major market players in the South America Enhanced Oil Recovery Market are Halliburton Latin America S.R.L. (Ecuador), Schlumberger del Ecuador S.A., Baker Hughes of Mexico S. de R.L. de C.V., ExxonMobil Corporation, Arabian American Oil Company (ARAMCO), Petroleo Brasileiro SA, Equinor ASA, Chevron Corporation, China Petroleum & Chemical Corporation, BP p.l.c
Report Scope:
In this report, the South America Enhanced Oil Recovery Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- South America Enhanced Oil Recovery Market, By Technology:
- Gas Injection
- Thermal Injection
- Chemical Injection
- Microbial Injection
- Others
- South America Enhanced Oil Recovery Market, By Application:
- Onshore
- Offshore
- South America Enhanced Oil Recovery Market, By Country:
- Brazil
- Argentina
- Colombia
- Chile
- Peru
- Ecuador
- Venezuela
- Bolivia
Company Profiles: Detailed analysis of the major companies present in the South America Enhanced Oil Recovery Market.
Company Information
- Detailed analysis and profiling of additional market players (up to five).
- 1. Product Overview
- 2. Research Methodology
- 2.1. Objective of the Study
- 2.2. Baseline Methodology
- 2.3. Key Industry Partners
- 2.4. Major Association and Secondary Sources
- 2.5. Forecasting Methodology
- 2.6. Data Triangulation & Validation
- 2.7. Assumptions and Limitations
- 3. Impact of COVID-19 on South America Enhanced Oil Recovery Market Outlook
- 4. Executive Summary
- 5. Voice of Customers
- 6. South America Enhanced Oil Recovery Market Outlook
- 6.1. Market Size & Forecast
- 6.1.1. By Value
- 6.2. Market Share & Forecast
- 6.2.1. By Technology (Gas Injection, Thermal Injection, Chemical Injection, Microbial Injection, and Others)
- 6.2.2. By Application (Onshore and Offshore)
- 6.2.3. By Country (Brazil, Argentina, Colombia, Chile, Peru, Ecuador, Venezuela, Bolivia)
- 6.3. By Company (2022)
- 6.4. Market Map
- 7. Brazil Enhanced Oil Recovery Market Outlook
- 7.1. Brazil Economic Profile
- 7.2. Market Size & Forecast
- 7.2.1. By Value
- 7.3. Market Share & Forecast
- 7.3.1. By Technology
- 7.3.2. By Application
- 7.4. Brazil Energy Outlook
- 7.4.1. Brazil Primary Energy Consumption
- 7.4.2. Brazil Oil Production
- 7.4.3. Brazil Oil Consumption
- 7.4.4. Brazil Natural Gas Production
- 7.5. Brazil Rig Count Outlook
- 8. Argentina Enhanced Oil Recovery Market Outlook
- 8.1. Argentina Economic Profile
- 8.2. Market Size & Forecast
- 8.2.1. By Value
- 8.3. Market Share & Forecast
- 8.3.1. By Technology
- 8.3.2. By Application
- 8.4. Argentina Energy Outlook
- 8.4.1. Argentina Primary Energy Consumption
- 8.4.2. Argentina Oil Production
- 8.4.3. Argentina Oil Consumption
- 8.4.4. Argentina Natural Gas Production
- 8.5. Argentina Rig Count Outlook
- 9. Colombia Enhanced Oil Recovery Market Outlook
- 9.1. Colombia Economic Profile
- 9.2. Market Size & Forecast
- 9.2.1. By Value
- 9.3. Market Share & Forecast
- 9.3.1. By Technology
- 9.3.2. By Application
- 9.4. Colombia Energy Outlook
- 9.4.1. Colombia Primary Energy Consumption
- 9.4.2. Colombia Oil Production
- 9.4.3. Colombia Oil Consumption
- 9.4.4. Colombia Natural Gas Production
- 9.5. Colombia Rig Count Outlook
- 10. Chile Enhanced Oil Recovery Market Outlook
- 10.1. Chile Economic Profile
- 10.2. Market Size & Forecast
- 10.2.1. By Value
- 10.3. Market Share & Forecast
- 10.3.1. By Technology
- 10.3.2. By Application
- 10.4. Chile Energy Outlook
- 10.4.1. Chile Primary Energy Consumption
- 10.4.2. Chile Oil Production
- 10.4.3. Chile Oil Consumption
- 10.4.4. Chile Natural Gas Production
- 10.5. Chile Rig Count Outlook
- 11. Peru Enhanced Oil Recovery Market Outlook
- 11.1. Peru Economic Profile
- 11.2. Market Size & Forecast
- 11.2.1. By Value
- 11.3. Market Share & Forecast
- 11.3.1. By Technology
- 11.3.2. By Application
- 11.4. Peru Energy Outlook
- 11.4.1. Peru Primary Energy Consumption
- 11.4.2. Peru Oil Production
- 11.4.3. Peru Oil Consumption
- 11.4.4. Peru Natural Gas Production
- 11.5. Peru Rig Count Outlook
- 12. Ecuador Enhanced Oil Recovery Market Outlook
- 12.1. Ecuador Economic Profile
- 12.2. Market Size & Forecast
- 12.2.1. By Value
- 12.3. Market Share & Forecast
- 12.3.1. By Technology
- 12.3.2. By Application
- 12.4. Ecuador Energy Outlook
- 12.4.1. Ecuador Primary Energy Consumption
- 12.4.2. Ecuador Oil Production
- 12.4.3. Ecuador Oil Consumption
- 12.4.4. Ecuador Natural Gas Production
- 12.5. Ecuador Rig Count Outlook
- 13. Venezuela Enhanced Oil Recovery Market Outlook
- 13.1. Venezuela Economic Profile
- 13.2. Market Size & Forecast
- 13.2.1. By Value
- 13.3. Market Share & Forecast
- 13.3.1. By Technology
- 13.3.2. By Application
- 13.4. Venezuela Energy Outlook
- 13.4.1. Venezuela Primary Energy Consumption
- 13.4.2. Venezuela Oil Production
- 13.4.3. Venezuela Oil Consumption
- 13.4.4. Venezuela Natural Gas Production
- 13.5. Venezuela Rig Count Outlook
- 14. Bolivia Enhanced Oil Recovery Market Outlook
- 14.1. Bolivia Economic Profile
- 14.2. Market Size & Forecast
- 14.2.1. By Value
- 14.3. Market Share & Forecast
- 14.3.1. By Technology
- 14.3.2. By Application
- 14.4. Bolivia Energy Outlook
- 14.4.1. Bolivia Primary Energy Consumption
- 14.4.2. Bolivia Oil Production
- 14.4.3. Bolivia Oil Consumption
- 14.4.4. Bolivia Natural Gas Production
- 14.5. Bolivia Rig Count Outlook
- 15. Market Dynamics
- 15.1. Drivers
- 15.2. Challenges
- 16. Market Trends & Developments
- 17. Policy & Regulatory Landscape
- 18. Company Profiles
- 18.1. Halliburton Latin America S.R.L. (Ecuador)
- 18.1.1. Business Overview
- 18.1.2. Key Revenue and Financials (If Available)
- 18.1.3. Recent Developments
- 18.1.4. Key Personnel
- 18.1.5. Key Product/Services
- 18.2. Schlumberger del Ecuador S.A.
- 18.2.1. Business Overview
- 18.2.2. Key Revenue and Financials (If Available)
- 18.2.3. Recent Developments
- 18.2.4. Key Personnel
- 18.2.5. Key Product/Services
- 18.3. Baker Hughes of Mexico S. de R.L. de C.V.
- 18.3.1. Business Overview
- 18.3.2. Key Revenue and Financials (If Available)
- 18.3.3. Recent Developments
- 18.3.4. Key Personnel
- 18.3.5. Key Product/Services
- 18.4. ExxonMobil Corporation
- 18.4.1. Business Overview
- 18.4.2. Key Revenue and Financials (If Available)
- 18.4.3. Recent Developments
- 18.4.4. Key Personnel
- 18.4.5. Key Product/Services
- 18.5. Arabian American Oil Company (ARAMCO)
- 18.5.1. Business Overview
- 18.5.2. Key Revenue and Financials (If Available)
- 18.5.3. Recent Developments
- 18.5.4. Key Personnel
- 18.5.5. Key Product/Services
- 18.6. Petroleo Brasileiro SA
- 18.6.1. Business Overview
- 18.6.2. Key Revenue and Financials (If Available)
- 18.6.3. Recent Developments
- 18.6.4. Key Personnel
- 18.6.5. Key Product/Services
- 18.7. Equinor ASA
- 18.7.1. Business Overview
- 18.7.2. Key Revenue and Financials (If Available)
- 18.7.3. Recent Developments
- 18.7.4. Key Personnel
- 18.7.5. Key Product/Services
- 18.8. Chevron Corporation
- 18.8.1. Business Overview
- 18.8.2. Key Revenue and Financials (If Available)
- 18.8.3. Recent Developments
- 18.8.4. Key Personnel
- 18.8.5. Key Product/Services
- 18.9. China Petroleum & Chemical Corporation
- 18.9.1. Business Overview
- 18.9.2. Key Revenue and Financials (If Available)
- 18.9.3. Recent Developments
- 18.9.4. Key Personnel
- 18.9.5. Key Product/Services
- 18.10. BP p.l.c
- 18.10.1. Business Overview
- 18.10.2. Key Revenue and Financials (If Available)
- 18.10.3. Recent Developments
- 18.10.4. Key Personnel
- 18.10.5. Key Product/Services
- 19. Strategic Recommendations
- 20. About Us & Disclaimer
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