Thermal Enhanced Oil Recovery (EOR) Market Report 2017-2027
Visiongain values the global thermal EOR market at $17.93bn in 2017. Read on to discover the potential business opportunities available.
Many of the world’s conventional oil fields have already started the inevitable decline in production rate owing to years of extraction of a finite resource. While unconventional reserves do hold the possibility for enormous oil production levels, they are not found everywhere, and the difficulty in extraction of oil from such reserves means that it is not always feasible to develop them. This means that it is often most beneficial to apply EOR to existing fields to help achieve the maximum recovery rate from each well. As oil fields continue to age and their reserves continue to diminish, there is an increasing market for EOR technologies to try to recover as much oil as possible from each source.
EOR technologies have been in operation for a number of decades, primarily being used to recover more oil from ageing oil fields. However, the market is currently undergoing a period of slow growth with low oil prices and concerns over oil demand in emerging economies have a restraining effect. Nevertheless, in the long run improving technologies, ageing oil fields and a dearth of conventional oil finds help to drive investments in the market and increase production. Thermal EOR methods are no longer confined to a few select countries, with companies throughout the world beginning to implement projects to make the most of their existing reserves.
The global thermal EOR spending will expand gradually throughout the forecast period as oil prices are anticipated to recover. CAPEX will remain low during the first half of the forecast period as new developments have been shelved. OPEX increases will offset this decrease in CAPEX and contribute to expanding overall spending in the market.
The thermal EOR market will register lower growth over the next decade compared to other EOR technologies such as CO2 and chemical EOR. As the oldest and most-established market there are several EOR projects that will move towards the end of their project life cycle and see declining production over the next decade. Thermal EOR technologies are not coming to an end. Steam injection technologies and the SAGD method are constantly being improved while emerging thermal EOR technologies such as solar EOR have great potential for a strong production increase.
The thermal EOR market mainly consists of the rapidly growing Canadian oil sands, although the market will also see an expansion of heavy oil projects in the Middle East and Asia. SAGD – the primary technology used for oil production in the oil sands region of Alberta – will be by far the biggest thermal EOR submarket over the forecast period, ahead of steam injection and other technologies.
Visiongain’s global thermal EOR energy market report can keep you informed and up to date with the developments in the market. The report covers global and national market forecasts and analysis from 2017 to 2027 in terms of total spending for the ten leading countries in the thermal EOR market, plus the market for the rest of the world. Also, submarket forecasts and analysis covering the period 2017 to 2027 in terms of total spending for the thermal oil sands and thermal heavy oil submarkets, and the steam injection, SAGD and other thermal EOR technologies submarkets.
With reference to this report, it covers extensive details and analysis of all current thermal EOR projects currently taking place throughout the world. Through extensive secondary research and interviews with industry experts, visiongain has identified a series of market trends that will impact the thermal EOR market over the forecast timeframe.
The report will answer questions such as: