Global Enhanced Oil Recovery Market 2017-2021
About Enhanced Oil Recovery
Enhanced oil recovery also known as tertiary recovery in oil production involves the use of various technologies to enhance oil production and restore formation pressure after the failure of primary and secondary recovery techniques. Enhanced oil recovery plays a significant role in improving oil production, especially in mature oil fields. Enhanced oil recovery (EOR) also known as tertiary recovery is a stage in oil production that involves the use of various technologies to enhance the production of oil after failure of recovery from primary and secondary recovery methods.
Technavio’s analysts forecast the global enhanced oil recovery market to grow at a CAGR of 10.85% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global enhanced oil recovery market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Enhanced Oil Recovery Market 2017-2021
Technavio recognizes the following companies as the key players in the global enhanced oil recovery market: BP, Chevron, Halliburton, Royal Dutch Shell, and Schlumberger.
Other Prominent Vendors in the market are: BlackPearl, Canadian Natural, Cenovus Energy, CNOOC, ConocoPhillips, Devon Energy, Exxon Mobil, Husky Energy, Kinder Morgan, LUKOIL, MEG Energy, NALCO, Murphy Oil, Occidental Petroleum, PetroChina, PETROBRAS, PETRONAS, Praxair Technology, REX ENERGY, Statoil, and Wintershall.
Commenting on the report, an analyst from Technavio’s team said: “One trend in market is development of polymer enhanced oil recovery technology. One of the major challenges faced by EOR operations is the contamination of environment such as soil and water. One of the reasons for the contamination of environment is due to large quantities of brines and chemically complex produced water that result from EOR operations.”
According to the report, one driver in market is growth of unconventional sources of hydrocarbons. When we compare conventional hydrocarbons with unconventional hydrocarbons, one of the difference between the two is the timeframe in which the unconventional hydrocarbons lose the natural pressure of flow. This natural pressure of flow is lost quickly within one year of operations. Recovery techniques have to be applied for the extraction of these resources of unconventional hydrocarbons. As the future exploration and production of oil and gas will be increasing from unconventional hydrocarbon resources, it will lead to the growth of more EOR activities, thus leading to the growth of the global enhanced oil recovery market.
Further, the report states that one challenges in market is uncertainties associated with low crude oil prices. Crude oil is always an unstable commodity that is hard to predict. This is because of the complex value chain and supply chain involved in the oil and gas industry. The price of crude oil has seen several crests and troughs over the past decades. The rise and fall of crude prices have vaguely followed a trend over the past few years, which is now identified as the crude oil price cycle. However, the correct estimation of peaks that crude oil will rise or fall is yet to be seen. Crude oil prices reached historical highs in the follow-up to the global financial meltdown in 2009. After the meltdown, crude oil prices declined sharply, owing to the weak global economic factors. The recent decline in the crude oil prices, which saw the price fall from the highs of $100/barrel in mid-2014 to around $50/barrel in December 2016, only reinforces the volatility the crude oil market is subjected to.
BP, Chevron, Halliburton, Royal Dutch Shell, Schlumberger, BlackPearl, Canadian Natural, Cenovus Energy, CNOOC, ConocoPhillips, Devon Energy, Exxon Mobil, Husky Energy, Kinder Morgan, LUKOIL, MEG Energy, NALCO, Murphy Oil, Occidental Petroleum, PetroChina, PETROBRAS, PETRONAS, Praxair Technology, REX ENERGY, Statoil, and Wintershall.