Market Size of Middle-East Enhanced Oil Recovery Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 6.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Middle-East Enhanced Oil Recovery Market Analysis
The Middle-East enhanced oil recovery market is expected to grow with a CAGR of around 6% during the forecast period. The COVID-19 pandemic had an impact on the market with crashed oil demand and resultantly low oil prices. The crude prices went down to around USD22 per barrel in the region, which created hurdles for the upcoming upstream projects. The Middle-East enhanced oil recovery (EOR) market is expected to thrive in the coming years due to many maturing fields in the region, and the increasing oil prices in the recent picture. However, sometimes heavy oil resources found in the Middle-East region are in tough carbonate reservoirs, which creates a fracture network. All the EOR techniques fail to get the oil output as the steam bypasses the oil, which is a major challenge for the market.
- The Gas Injection segment is expected to witness significant growth during the forecast period due to the highest rate of oil recovery with the method.
- The technological developments by foreign players in the EOR field create ample opportunities for the market. As an example, a company is currently researching on Next Generation CO2 EOR method, which enhances the economic performance and applicability of the CO2 injection technique.
- Oman is expected to dominate the market due to the dwindling "easy oil extraction" in the last decade.
