According to a new market report published by Credence Research “Global Enhanced Oil Recovery Market – Growth, Future Prospects, Competitive Analysis, and Forecast 2016 – 2023,” the global enhanced oil recovery market has been estimated to be valued at US$ 45.8 Bn by the end of 2016, and is expected to reach US$ 159.5 Bn by 2023, expanding at a CAGR of 19.5% from 2016 to 2023.

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Market Insights

Enhanced Oil Recovery (EOR) techniques are widely used to enhance the production of crude oil produced from a reservoir. In this process, the oil recovery is increased by injecting a substance into the oil well to increase pressure and reduce the viscosity of the crude oil. In the conventional process, the recovery from oil well is approximately 30% of the oil reserve capacity whereas with EOR techniques up to 70% of the oil can be extracted from the reservoir. In the case of a heavy oil reservoir where crude extraction from primary recovery is difficult, enhanced oil recovery techniques such as thermal injection are widely used to enhance the oil recovery.

However, this technique is not effective when the reservoirs are deep or too thin. Moreover, the thermal injection technique requires a high capital investment which may a feasible solution in the case of smaller oil fields. Similarly, chemical injection techniques are one of the fastest-growing techniques to enhance the oil recovery market and are most effective to increase the yield in the case of wet oil reservoirs. Increasing the use of gas injection techniques as a tertiary recovery method especially CO2 injection techniques is expected to intensify the growth of the enhanced oil recovery market 2023.

The decline in oil prices in the recent past has adversely affected the profit margin of oil producers. Thus, oil producers are concentrating on improving oil production from existing oil wells with the use of technologies such as enhanced oil recovery this in turn is fueling the demand for enhancing oil recovery techniques. Moreover, an increasing number of matured reserves coupled with increasing production of shale gas is expected to augment the growth of the enhanced oil recovery market. Besides this, gas injection technique provides added advantage for the commercial use of greenhouse gases such as carbon dioxide (CO2) generated by various industries and power plants coupled with various government initiatives for the same disposal of greenhouse gases is expected to drive the growth of enhanced oil recovery market over the forecast period 2016-2023.

You can get the sample copy of this research by Credence Research here: https://www.credenceresearch.com/sample-request/58159

Competitive Insights:

The global enhanced oil recovery market is segmented on the basis of technology such as thermal injection, gas injection and chemical injection. In 2015, the thermal injection segment contributed the highest revenue share of the global enhanced oil recovery market. However, the segment has become matured and is expected to lose its market share to gas injection and chemical injection segment. The gas injection segment is anticipated to expand at a robust growth over the forecast period (2016-2023). Growing production of non-conventional shale gas and tight oil is fueling the demand for chemical injection segment. The segment is expected to register significant growth over the forecast period. Leading players in the global enhanced oil recovery market are involved in constantly innovating new techniques to enhance oil recovery from the reservoirs. Currently, matured reserve contributes over 65% of crude oil produced globally which indicates the future opportunities for enhancing oil recovery technologies. Therefore, the global enhanced oil recovery market is projected to register a robust CAGR over the forecast period (2016-2023).

Key Trends:

Merger & Acquisition
Development of new techniques
Company Profiles

Exxon Mobil Corporation
Chevron Corporation
Royal Dutch Shell Plc.
Cenovus Energy Inc.
ConocoPhillips Company.
Statoil ASA
BP p.l.c.
Denbury Resources Inc.
Petroliam Nasional Berhad (PETRONAS)
Suncor Energy Inc.

Browse Full Report at https://www.credenceresearch.com/report/enhanced-oil-recovery-market

Report Scope by Segments

By Technology Type

Thermal injection
Gas injection
Chemical injection

By Geography Segment

North America (the U.S., Rest of North America)
Europe (U.K., Germany, France, Rest of Europe)
Asia Pacific (China, Japan, India, Rest of Asia Pacific)
Rest of the World (the Middle East & Africa, Latin America)

You can get the sample copy of this research by Credence Research here: https://www.credenceresearch.com/sample-request/58159