Enhanced oil recovery (EOR) is the application of various techniques to increase amount of crude oil that can be extracted from an oil reserve. Enhanced oil recovery is also called tertiary recovery as the process is done after primary and secondary recovery processes. Oil extracted by use of primary recovery process accounts for about 10% to 18% of the total reservoir while secondary recovery process can be used to extract about 30% to 65% of total oil present in the reservoir. Installation of enhanced oil recovery (EOR) technology can result in 40% to 80% of oil to be extracted from the oil reserve. There are three primary techniques for EOR: thermal recovery, gas injection, and chemical injection. Out of all these techniques thermal recovery is the most widely adopted EOR solution.
Increasing adoption of enhanced oil recovery (EOR) techniques in the oil and gas industries, and growing demand for oil across the globe are key factors driving growth of the global enhanced oil recovery market. In addition, advancements in technology developed in order to improve efficiency and effectiveness of the recovery processes, and increasing investments by prominent players in the market to developed new and innovative technologies to increase output of oil reserves are other factors expected to fuel growth of the global enhanced oil recovery market over the forecast period.
However, high costs related to enhanced oil recovery (EOR) processes is a key factor restraining growth of the global enhanced oil recovery market. Additionally, environmental problems pertaining to use of chemical recovery process is another factor anticipated to hamper growth of the global enhanced oil recovery market over the forecast period.
Developments in enhanced oil recovery (EOR) process in which solar energy is used as a primary power source is a major opportunity for prominent players in the market to expand their revenue share and market presence.
The global enhanced oil recovery market report has been segmented on the basis of technology, application, and region. On the basis of region, the global enhanced oil recovery market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Currently, the market in Middle East & Africa dominates the global enhanced oil recovery market in revenue terms owing to high adoption rate of enhanced oil recovery (EOR) systems being used in oil and gas industries in countries in the region. The market in Latin America accounted for second-highest revenue share in the global enhanced oil recovery market, due to presence of high number of off-shore oil wells in countries in the region, followed by markets in Asia Pacific, North America, and Europe respectively. The market in Asia Pacific is projected to witness fastest growth in terms of revenue, owing to increasing number of imports of oil and gas, and rising demand for enhanced oil recovery (EOR) systems from countries in the region. The markets in North America and Europe are also expected to show significant growth over the forecast period.
Prominent players in the global enhanced oil recovery market include Cenovus Energy, Inc., BP Plc, Chevron Corporation, Anadarko Petroleum Corporation, Royal Dutch Shell Plc, ExxonMobil Corporation, Statoil ASA, Nalco Company, and Praxair Technology, Inc.