Enhanced Oil Recovery Market Outlook, Global Opportunity & Growth Analysis Till 2023

The enhanced oil recovery market is expected to grow in Asia-Pacific due to the factors such as high sustained oil prices and increase in imports. Developing countries such as Brazil, India, and Canada have major operational chemical enhanced oil recovery projects. Countries such as Canada and Romania have some ongoing projects using in-situ combustion process.

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Crude oil can be obtained from reservoirs by three different phases, primary, secondary and tertiary (enhanced) recovery. Primary recovery is due to the natural pressure of the reservoir that drives oil into the wellbore or it can also be done with the help of artificial lift techniques which brings oil to the surface.

Gas enhanced oil recovery is expected to increase in the coming years due to various reasons such as increase in oil recovery and disposal of greenhouse gas. Gases used in gas enhanced oil recovery technique are nitrogen, and hydrogen. Carbon dioxide released by power generation and industrial sector into the atmosphere is utilized in gas enhanced oil recovery technique to extract crude oil.  

Some of the factors driving the growth of the enhanced oil recovery market are reinforcing existing reserves, increase in energy demand, increasing number of mature oil fields, and demand and supply scenario of crude oil. The market is also driven by world’s tightening oil supply, resulting in increasing demand and advancements in chemical enhanced oil recovery technology.

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Some of the competitors in the enhanced oil recovery market are Chevron Phillips Chemical Corporation, Secure Energy Services Inc., Royal Dutch Shell Plc, Fmc Technologies Inc., Xytel Corporation, Schlumberger Ltd., Praxair Technology, Inc., BASF SE, NALCO Company, and Halliburton Corporation.

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Created on May 7th 2018 05:48. Viewed 492 times.

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