Enhanced Oil Recovery Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 2.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players_Market.webp)
*Disclaimer: Major Players sorted in no particular order |
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Enhanced Oil Recovery Market Analysis
The enhanced oil recovery (EOR) market is expected to register a CAGR of more than 2% during the forecast period, 2022-2027. The COVID-19 pandemic has severely affected the shale and heavy oil market, which accounts for a large usage of the EOR techniques. Factors such as the increasing number of maturing oil fields and improving technologies to introduce better oil recovery techniques are likely to drive the EOR market during the forecast period. However, the high volatility of crude oil prices is expected to restrain the market's growth in the coming years.
- Gas injection technique is expected to be the largest segment for the EOR market during the forecast period, with CO2 injection increasing globally, representing a major share of total oil production from EOR and its positive impact on environmental issues.
- The discovery of new oil and gas fields, particularly in new markets such as Africa and South America, is expected to create ample opportunities in the near future.
- Asia-Pacific is expected to witness significant growth due to the increasing investments in the upstream sector by several governments and aging oil and gas fields that demand enhanced oil recovery techniques.
Enhanced Oil Recovery Market Trends
This section covers the major market trends shaping the Enhanced Oil Recovery (EOR) Market according to our research experts:
Gas Injection Technique to Dominate the Market
- Gas injection offers advantages, such as reduction of oil viscosity and added pressure in the reservoir for oil production. With an increasing focus on unconventional gas production across the world, the demand for gas injection-based EOR techniques is expected to increase during the forecast period.
- In 2019, the US government proposed legislation to promote the carbon capture improvement act. According to this act, the government is expected to promote collaboration between the oil and gas industry and the power plants, along with industrial plant operators for the carbon sequestration process. Moreover, the oil and gas operators are expected to help the other industries in carbon sequestration, which can be used by the former for CO2 injection.
- In 2020, the United States Geological Survey (USGS) had developed a new assessment method to estimate how much oil and gas could be produced by injecting carbon dioxide into petroleum reservoirs. Using carbon dioxide enhanced oil recovery techniques could increase the amount of oil and gas produced in the United States.
- The United States and Canada are expected to further ramp up production from their unconventional reserves during the forecast period, which would, in turn, supplement the demand for gas injection-based EOR in North America. Moreover, the International Energy Agency (IEA) estimated that the systematic application of all available EOR technologies could unlock approximately 300 billion barrels of recoverable oil.
- Hence, based on the aforementioned factors, the gas injection segment is expected to maintain a significant share in the EOR market during the forecast period.
Asia-Pacific to Witness Significant Growth
- With its increasing demand for oil and gas from major countries such as China and India, Asia-Pacific is propelling the need for EOR in its mature fields to sustain the oil and gas production targets, which is anticipated to drive the demand for EOR services.
- As of 2019, there were approximately 30 EOR projects in the Asia-Pacific region. Approximately 58% were categorized under the chemical and CO2 miscible injection types, with China leading the chemical injection segment of the market studied.
- The producing oilfields of India are continually aging, with the average recovery factor remaining continuously below the global average. As a part of the broader 'Energy Security' program, the government has set a goal to reduce 10% of crude oil imports by 2022, with EOR emerging as an answer for the same.
- State-run company ONGC of India has announced its plans to invest INR 57,825 crore on 28 EOR projects, while Cairn India plans to spend INR 37,000 crore to ramp up production using EOR. Such similar investments by the oil and gas operators and the government are expected to significantly attract international EOR players in India during the forecast period.
- As of December 2021, Daqing Oilfield, controlled by the China National Petroleum Corporation in northeast China's Heilongjiang Province, has become the world's largest tertiary oil recovery (enhanced oil recovery) production base. The annual crude oil output via tertiary recovery of Daqing Oilfield has exceeded 10 million tonnes for 20 consecutive years, bringing its cumulative total production to 286 million tonnes.
- Hence, based on the above-mentioned factors, Asia-Pacific is expected to witness significant growth in the global EOR market during the forecast period.
Enhanced Oil Recovery Industry Overview
The enhanced oil recovery (EOR) market is moderately fragmented. The key players in the market include Chevron Corporation, Halliburton Company, Schlumberger Limited, TotalEnergies SE, and Baker Hughes Company.
Enhanced Oil Recovery Market Leaders
Halliburton Company
Chevron Corporation
Schlumberger Limited
Baker Hughes Company
TotalEnergies SE
*Disclaimer: Major Players sorted in no particular order
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Enhanced Oil Recovery Market News
- In July 2021, Sinopec launched China's largest carbon capture, storage, and utilization (CCUS) project. The scheme involves sending carbon dioxide captured at a petrochemical refinery to the Shengli oilfield, where it will be reinjected as part of the field's enhanced oil recovery program.
- In August 2021, J-Power and Schlumberger planned to jointly study the possibility of producing CO2-free hydrogen using coal gasification technology. The carbon dioxide that comes out of the process will be used for enhanced oil recovery (EOR).
- In October 2021, Gazprom Neft and the Republic of Tatarstan signed an agreement on cooperation in the development of enhanced oil recovery technologies and the implementation of oil and gas projects. The parties agreed to cooperate in the development of high-tech oil equipment in demand in the industry and in the creation of technological test sites in the Volga Federal District and Western Siberia for joint research. The document envisages expanding cooperation in the field of geological exploration of subsoil, production and processing of hydrocarbon raw materials, development of the oil product supply system, and a number of other areas.
- In October 2021, LUKOIL and Gazprom Neft signed an agreement on cooperation to implement oil recovery enhancement projects. The agreement provides joint work on improving chemical methods of enhanced oil recovery.
Enhanced Oil Recovery Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2027
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Technology
5.1.1 Gas Injection
5.1.2 Thermal Injection
5.1.3 Chemical Injection
5.1.4 Microbial Injection
5.1.5 Other Technologies
5.2 Location of Deployment
5.2.1 Onshore
5.2.2 Offshore
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia-Pacific
5.3.4 South America
5.3.5 Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Baker Hughes Company
6.3.2 BP PLC
6.3.3 Chevron Corporation
6.3.4 Exxon Mobil Corp.
6.3.5 Halliburton Company
6.3.6 Praxair Technology Inc.
6.3.7 Shell PLC
6.3.8 Schlumberger Limited
6.3.9 TotalEnergies SE
6.3.10 Weatherford International PLC
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Enhanced Oil Recovery Industry Segmentation
The enhanced oil recovery (EOR) market report includes:
| Technology | |
| Gas Injection | |
| Thermal Injection | |
| Chemical Injection | |
| Microbial Injection | |
| Other Technologies |
| Location of Deployment | |
| Onshore | |
| Offshore |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle East & Africa |
Enhanced Oil Recovery Market Research FAQs
What is the current Enhanced Oil Recovery (EOR) Market size?
The Enhanced Oil Recovery (EOR) Market is projected to register a CAGR of greater than 2% during the forecast period (2024-2029)
Who are the key players in Enhanced Oil Recovery (EOR) Market?
Halliburton Company, Chevron Corporation , Schlumberger Limited, Baker Hughes Company and TotalEnergies SE are the major companies operating in the Enhanced Oil Recovery (EOR) Market.
Which is the fastest growing region in Enhanced Oil Recovery (EOR) Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Enhanced Oil Recovery (EOR) Market?
In 2024, the North America accounts for the largest market share in Enhanced Oil Recovery (EOR) Market.
What years does this Enhanced Oil Recovery (EOR) Market cover?
The report covers the Enhanced Oil Recovery (EOR) Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Enhanced Oil Recovery (EOR) Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Enhanced Oil Recovery Industry Report
Statistics for the 2024 Enhanced Oil Recovery market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Enhanced Oil Recovery analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
