Get Ready to Grow Your Business by Tapping into the US$1.2 Billion Opportunity for Chemical Enhanced Oil Recovery (EOR / IOR)
The global market for Chemical Enhanced Oil Recovery (EOR) is projected to reach US$1.2 billion by 2025, driven by the end of the era of easy oil, the ensuing decline in new discoveries in conventional oil reserves, depletion in existing oil fields and the growing focus on extracting more crude oil by using tertiary recovery technology.
Global Industry Analysts, Inc. (GIA) launches comprehensive analysis of industry segments, market trends, growth drivers, market share, size and demand forecasts on the global Chemical Enhanced Oil Recovery (EOR / IOR) market. Report segmentation includes Type (Polymer Flooding, Alkaline-Surfactant-Polymer Flooding, Surfactant-Polymer Flooding, and Other Types); and Segment (Petro-based, and Bio-based)).
10 June 7:47 A.M., California/Marketwire/ - According to the new market research report, the global market for Chemical Enhanced Oil Recovery (EOR) is projected to reach US$1.2 billion by 2025, driven by the end of the era of easy oil, the ensuing decline in new discoveries in conventional oil reserves, depletion in existing oil fields and the growing focus on extracting more crude oil by using tertiary recovery technology. The changing economics of oil exploration and drilling such as rising costs of exploration, falling international oil prices are squeezing profit margins, forcing oil companies to focus on productivity and performance of crude oil wells. With oil price volatility resulting in lower willingness to invest in new oil exploration projects, there is growing emphasis on converting or restoring old abandoned wells using EOR technologies and services. Declining oil discovery is breathing new life into advanced recovery techniques as oil companies seek to bring the world`s abandoned oil fields back into production. Rising interest conversion of world`s abandoned oil wells is led by high cost of new unconventional oil fields; and uncertainties involved in finding oil. Old wells eliminate this risk since these wells still contain over 70% oil, which require more expensive technology to bring it to the surface.
The increase in the number of stripper wells bodes well for the use of EOR technologies. Stripper wells are defined as mature wells still in operation but with low oil production i.e. 10-15 barrels per day. Given the uncertainty in the global oil market, the decision to close or decommission stripper well comes with financial consequences. Stripper wells are prime candidates for the use of EOR technologies. Chemical Enhanced Oil Recovery helps enhance flow rate in a stripper well by using surfactants, alkali and polymers in an aqueous solution which when injected into the well mobilizes oil that is trapped in the pores. Chemical EOR has an approximate recovery rate of 30% to 60%. Innovations in technology that overcome challenges such as weight, space, power and retrofitting limitations, narrowly spaced wells and the ensuing displacement, sweep and lag time, are vital to long-term growth of EOR in offshore oil projects. Despite the opportunities, the EOR market nevertheless confronts that challenge of cost. Higher costs of advanced EOR technologies raises doubt as to the economic viability of the technology`s use in a sizeable percentage of reservoirs.
Key Competitors Covered in the Report
Baker Hughes Company
Chevron Phillips Chemical Company
Oil Chem Technologies
Geographies Analyzed in the Report
Europe (France, Germany, Italy, United Kingdom, and Rest of Europe)
Rest of World
This latest edition of the research study is conducted and published by Global Industry Analysts, Inc., in close collaboration with senior executives in the industry driving strategy, business development, marketing, sales, product management, technology and operations. All analysis and findings published in the report are based on validated engagements from a total executive pool size of 14602. Among this pool, 1752 direct interactions with domain experts were carried out via our proprietary market research platform, MarketGlass. Among the 438 unique participations, a total of 197 validated responses were received as part of this report's primary research outreach program. We are unique in the industry to provide our clients with the validated list executive engagements and the complete project data stack.
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