Oil
production is parted into three parts: primary, secondary and tertiary, which
is known as Enhanced Oil Recovery (EOR). Primary oil recovery is limited to
hydrocarbons that naturally rise to the surface, or those that use artificial
lift devices, such as pump jacks. Secondary recovery employs water and gas
injection, displacing the oil and driving it to the surface. The way increase
oil production is through the tertiary recovery method or EOR. Although more expensive
to employ on a field, EOR can increase production from a well to up to 75%
recovery.
The global enhanced
oil recovery market is estimated and forecasted in terms of volume (M bbl)
and revenue (USD million) generated by the market for the forecast period up to
2024. An aggregate number of matured fields, as well as rising need for crude
to meet the petroleum product demand, is expected to be the major drivers for
the enhanced oil recovery market. Besides, new technologies are being developed
in the market such as chemical enhanced oil recovery to reduce the cost of oil
recovery.
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The global
enhanced oil recovery market is segmented by technology, application and
geography. Based on the technology this market is divided into gas, thermal,
chemical and others. The gas enhanced oil recovery can be further segmented
into CO2 based, Nitrogen based and Hydrogen based. The thermal technology is
categorized into steam, in-situ combustion and hot water. Furthermore, chemical
injection enhanced oil recovery can be bifurcated into polymer-based,
alkali-based, surfactant solution based and microbial based. Steam technology
has been used as commercially (to heating of the reservoir to lower the
viscosity). Gas enhanced oil recovery
segment is growing at a significant rate due to various advantages such as
cost-effectiveness and technological development. Chemical technology is
estimated to be largest market share during the forecast period.
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Based on the
application the enhanced oil recovery market is segmented into onshore and
offshore. An onshore application is predicted to higher rate due to the growing
number of aging field’s couple with increasing focus towards heavy oil
reservoirs. Shifting trends toward offshore field on account of availability of
resources and economic benefits will foster the offshore enhanced oil recovery
market growth.
The enhanced
oil recovery market is segmented on the basis of following geographies are
North America, Europe, Asia Pacific and Rest of the World. In North America, thermal recovery now accounts
for more than 50% of applied Enhanced oil recovery. Europe is expected to be a
booming market for EOR technology as a number of upcoming projects are there in
Russia. Rest of the World (RoW) is expected to show the highest growth rate as
a number of oil reserves exist.
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