Global Enhanced Oil Recovery (EOR) Market: World Market Review By Method (Thermal, Gas Injection, Chemical), Application (Offshore, Onshore), By Region, By Country (2019 Edition): Forecast to 2024

Date: 30 September 2019

According to a research report published by Azoth Analytics in September 2019, the Enhanced Oil Recovery Market was valued at USD 11.6 billion in the year 2018. 

Global leading companies in oil and gas upstream sector are focusing more towards increasing hydrocarbon recovery factor and thus maximizing the utilization of the existing resources. Therefore, in the current scenario, companies focus towards maximum utilization of the available resources which will result in boosting the value of the Enhanced Oil Recovery market during the forecasted period. Rising concerns towards depleting oil fields has increased the recovery factors from matured fields. Additionally, increasing oil and gas production from primary and secondary methods is unable to meet rising energy demand, thus demand for EOR techniques is rising further which is anticipated to boost the market with applying EOR schemes at oilfields.

According to the 2019 Edition of the Azoth Analytics Research on Global Enhanced Oil Recovery (EOR) Market, Thermal Enhanced Oil Recovery (TEOR) has been the most successful technology to extract oil from the matured oil wells. The others such as chemical recovery and gas injection are progressing at a significant rate owing to the numerous benefits such as cost-effectiveness and technological advancements. In 2018, Thermal EOR method held the leading market share of 60.2% in terms of volume of oil produced and it is estimated to grow in the forecasted period i.e. 2019-2024 with a CAGR of 8.75%.

North America currently leads the Enhanced Oil Recovery market owing to considerable investments planned in offshore deep water and ultra-deep water drilling activities and growing number of ageing and matured wells. Also, improvement in oil prices has led the companies to invest more and more in exploration and production of oil and gas from offshore fields. Technological advancements in Enhanced Oil Recovery includes innovation in nanotechnology, advanced foam flooding technology and rising demand of microbial enhanced oil recovery. Moreover, companies like Schlumberger, Halliburton are planning to invest in EOR schemes using nanotechnology.