The Enhanced Oil Recovery (EOR) Market Report 2019-2023 focuses on the global Enhanced Oil Recovery (EOR) status, future forecast, growth opportunity, key market, and key players.
The Enhanced Oil Recovery (EOR) Market report studies the global market size of Enhanced Oil Recovery (EOR) in key regions like North America, Europe, Asia Pacific, Central & South America, and the Middle East & Africa focuses on the consumption of Enhanced Oil Recovery (EOR) in these regions. This research report categorizes the global Enhanced Oil Recovery (EOR) market by players/brands, region, type, and application. This report also studies the global market status, competition landscape, market share, growth rate, future trends, market drivers, opportunities and challenges, sales channels, distributors and Porters Five Forces Analysis.
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The various contributors involved in the value chain of Enhanced Oil Recovery (EOR) include manufacturers, suppliers, distributors, intermediaries, and customers.
The Key Players covered in this study:-
- Halliburton Co.
- Praxair Technology
- Royal Dutch Shell Plc
- Statoil ASA
- BP Plc
- China Petroleum & Chemical Corporation
- Oil and Natural Gas Corporation Ltd
- Philips Chemical Company
- Schlumberger Ltd
- ExxonMobil Corporation
- Petroleo Brasileiro S.A.
- Lukoil Oil Co.
Overview of Enhanced Oil Recovery (EOR) Market Research Report 2019-2023:-
The International Energy Agency (IEA) predicts that the demand for energy will increase by 1.4% per year, till 2040, with oil & natural gas contributing to approximately half the need. However, the global average field recovery from water flooding is currently around 35%, leaving between 60 to 70% of oil in place. The employment of enhanced oil recovery (EOR) techniques is expected to increase significantly across the globe, during the forecast period, to maximize ultimate economic recovery from existing oil and gas fields. Furthermore, increasing numeral of mature oil wells, and encouraging government regulation and programs in countries, such as India, is expected to supplement the growth of the market further. However, environmental issues, such as brine contamination and the prolonged âlower for longer oilâ condition of crude oil, may restraint the growth of the market during the forecast period.
Maturing Oilfields – Fueling the Demand
Maximizing recovery of oil from aging resources is a primary concern for oil companies and authorities. Also, the rate of replacement of the produced reserves by discoveries has been declining steadily in the past decades. Therefore, the increase of the recovery factors from mature fields under primary and secondary production is expected to be critical to meet the growing global energy demand during the forecast period. The Southeast Asian region is witnessing a constant increase of mature fields. Countries across the globe, such as India, the US, the UK, Malaysia, are expected to extensively promote EOR friendly policy. Furthermore, in the current âlower for longerâ market scenario and market trend of developing more offshore development projects, the companies are expected to adopt a wait and watch strategy for announcing new E&P projects. This would further supplement the demand for EOR services from the maturing field, across the globe.
Gas Injection to Register High Demand in North America
Gas Injection offers advantages, such as reduction of oil viscosity and added pressure in the reservoir for oil production. With increasing focus on unconventional gas production across the globe, the demand for gas injection based EOR techniques is expected to increase during the forecast period. In 2017, owing to Shale boom, the US became a net exporter of natural gas and is expected to become a net oil exporter by 2027. Gas injection is expected to account for approximately 60% of EOR production in the United States, with growing emphasis on CO2 based EOR. The regional availability of vast resources of cheap sources of CO2 from natural sources and are readily available CO2 pipeline system is expected to supplement the further growth of CO2-based EOR. 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.
India â Expected Dark Horse in the Market
The producing oilfields of India are continually aging with 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 import by 2022, with EOR emerging as an answer for the same. In January 2019, Indian government proposed the draft policy for boosting oil and gas output through projects using EOR techniques, offering significant fiscal incentives, including 50% waiver of oil cess and reduced profit petroleum sharing for companies. State-run company – ONGC 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 investment by the oil and gas operators and the government is expected to significantly attract international EOR players to India, during the forecast period.
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REASONS TO PURCHASE THIS REPORT
Key questions answered in the Enhanced Oil Recovery (EOR) Market Report are.
- What will the market size be in 2023 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?
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This report includes the estimation of market size for value (million US$) and volume (K Units). Both top-down and bottom-up approaches have been used to estimate and validate the market size of Enhanced Oil Recovery (EOR) market, to estimate the size of various other dependent submarkets in the overall market. Key players in the market have been identified through secondary research, and their market shares have been determined through primary and secondary research. All percentage shares, splits, and breakdowns have been determined using secondary sources and verified primary sources.
Major Points from TOC of Enhanced Oil Recovery (EOR) Market Research Report 2019-2023:
1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
- RESEARCH METHODOLOGY
- EXECUTIVE SUMMARY
- MARKET DYNAMICS
4.1.1 Rise in Defence Expenditure of Many Countries
4.1.2 Increasing Demand of Lightweight Materials in the Industry
4.2.1 Need for High Investments in R&D
4.2.2 Other Restraints
4.3 Industry Value-Chain Analysis
4.4 Porters 5 Force Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
4.5 Price Analysis
- MARKET SEGMENTATION
1 By Application
5.2 End-user Sector
5.3.2 North America
5.3.4 South America
5.3.5 the Middle East & Africa
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