Global Enhanced Oil Recovery (EOR) Market 2015-2019
About enhanced oil recovery
Enhanced oil recovery (EOR) is also known as tertiary recovery. It uses various technologies to enhance the production of oil after the recovery from primary and secondary recovery methods and to improve the hydrocarbon mobility within a reservoir and restore the formation pressure. EOR plays a significant role in improving oil production, especially in case of mature oilfields. The primary recovery methods can produce around 10% of the reservoir's initial oil-in-place while the secondary methods have an oil recovery factor of 20-50%. EOR can extract 30-60% of the oil-in-place.
Technavio’s analysts forecast the global EOR market to grow at a CAGR of 16.93% during 2014-2019.
Covered in this report
This report covers the present scenario and the growth prospects of the global EOR market for the period 2015-2019. Technavio's report, Global EOR Market 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. The report discusses the major drivers that influence the growth of the market. It also outlines the challenges faced by the vendors and the market at large, as well as the key trends emerging in the market.
The report includes a discussion of the key vendors operating in this market.
Technavio Announces the Publication of its Research Report – Global Enhanced Oil Recovery Market 2015-2019
Technavio recognizes the following companies as the key players in the Global Enhanced Oil Recovery Market: ExxonMobil, Royal Dutch Shell, Chevron, BP and Total
Other Prominent Vendors in the market are: Canadian Natural Resources, Cenovus Energy, China National Petroleum, ConocoPhillips, Denbury Resources, Kinder Morgan, Lukoil, Nexen, Occidental Petroleum, Petróleos de Venezuela, Petróleos Mexicanos, Petrobras, Petroleum Development Oman and Suncor Energy
Commenting on the report, an analyst from Technavio’s team said: “CO2 is a GHG that causes large-scale environment degradation. Carbon sequestration is a process in which CO2 captured from various sources is pumped into deep subsurface rock formations for long-term storage. EOR is one of the most attractive methods for carbon sequestration as the geographical characteristics and behavior of reservoirs are well understood by oil and gas producing and service companies. In addition, the cost of CO2 injection is compensated by the sale of additional recovered oil.”
According to the report, global consumption of oil and gas is continuously increasing because of the rise in population and per capita income. Increasing oil consumption coupled with diminishing production from mature fields are some of the major driving factors in the global EOR market. This technique is playing a key role in meeting the rising oil demand.
Further, the report states that the high capital costs associated with deployment of EOR projects is a big challenge that is expected to negatively impact the market, especially when oil prices are decreasing.
ExxonMobil, Royal Dutch Shell, Chevron, BP, Total, Canadian Natural Resources, Cenovus Energy, China National Petroleum, ConocoPhillips, Denbury Resources, Kinder Morgan, Lukoil, Nexen, Occidental Petroleum, Petróleos de Venezuela, Petróleos Mexicanos, Petrobras, Petroleum Development Oman, Suncor Energy
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