Categories
Coronavirus News

Enhanced Oil Recovery Market Comprehensive Evaluation Of The Market Via In-Depth Qualitative Insights

Global enhanced oil recovery (EOR) technologies market should reach $40.8 billion by 2023 from $27.9 billion in 2018 at a compound annual growth rate (CAGR) of 7.9% for the period of 2018-2023.

Report Scope:

The scope of this investigation includes all of the major viable EOR technologies that are currently being implemented in the global oil industry. Separate from hydrofracture and tight sands or tight oil extraction are categorized as Improved Oil Recovery (IOR) of which EOR is a subset), EOR was originally developed as a means to extract additional oil from reservoirs after primary and secondary recovery methods ceased to be productive enough to maintain economic field operation. In some cases, the EOR technologies considered in this report may also be applied immediately following initial well drilling. These applications are common for fields where primary and secondary recovery technologies are incapable of producing adequate oil in any phase of an oil field operation.

Request For Report sample @ https://www.trendsmarketresearch.com/report/sample/11820

Installation and operation of EOR technologies can include various products and components such as injection pumps, wellheads, specialized well tubing, chemical feeder systems, air separation units, gas compressors, blowers, steam generators, specialized storage vessels, gas recapture and separation systems, and various other equipment and facilities. Other important products of an EOR technology include oil recovery media such as surfactants, polymers, alkali chemicals, liquid nitrogen and CO2. Although steam and onsite-compressed atmospheric nitrogen are also important oil recovery media, they are not considered EOR technology products within this report as they are supplied at minimal or no direct cost, unlike CO2 or specialized injection chemicals that are supplied to an EOR operation.

The market analysis provided in this report presents region-specific and country-specific market valuation data for each of the EOR technologies considered in this study. These include breakdowns for the following categories:
– Steam Flooding.
– In-Situ Combustion.
– Chemical Flooding.
– Hydrocarbon Gas Flooding.
– Nitrogen Gas Flooding.
– Carbon Dioxide Flooding.

Estimated values in each of these categories are based on manufacturers’ total revenues. Projected and forecasted revenue values are in constant US dollars (2017), unadjusted for inflation.

Emerging EOR technologies that may become commercially viable within the next five years are summarized but are not included in the market assessment of this report. BCC analyzes each major viable EOR technology, determines its current market status, examines its impact on future markets and presents forecasts of growth over the next five years. BCC analyzes the industry on a worldwide basis in terms of its manufacturing and the deployment of its technologies or products. BCC also examines government roles in support of EOR technologies worldwide, including regulatory support, government requirements and promotional incentives for various EOR technologies as relevant and available. BCC provides a review of the most relevant EOR technologies, discusses recent trends in capacity installation and unit sales and provides industry overviews and market assessments for each EOR technology.

Report Includes:

– An overview of the global market for enhanced oil recovery (EOR) technologies that are implemented to recover crude oil from reservoirs after primary and secondary recovery methods have ceased to be productive enough to continue normal field operations economically.
– Analyses of global market trends, with data from 2015 and 2016, and projections of compound annual growth rates (CAGRs) through 2021.
– Identification of the various EOR products and components, such as injection pumps, wellheads, specialized well tubing, chemical feeder systems, air separation units, gas compressors, blowers, steam generators, specialized storage vessels, and various other equipment and facilities; other important products include oil recovery media such as surfactants, polymers, alkali chemicals, liquid nitrogen, and CO2.
– Discussion of the most recent government, industry, and academic data regarding the amount of oil in place that potentially can be extracted via EOR.
– Examination of governments’ roles in support of EOR technologies worldwide, including regulatory support, government requirements, and promotional incentives for various EOR technologies as relevant and available.

Report Summary

Enhanced oil recovery (EOR) has been overshadowed by unconventional extraction techniques such as horizontal drilling and hydrofracture, but nonetheless remains a significant toolset in the portfolio of available extraction technologies. These technologies support continued growth in national and regional oil production, even where hydrofracture is not applied, and where aging oil fields grow increasingly depleted.

Global EOR deployment dropped in the wake of low oil prices that ensued in early 2014, resulting in a significant decrease in global oil extraction and production activities. This largely unanticipated jolt meaningfully slowed EOR development in comparison to prior development rates and projections that considered those rates. Nonetheless, EOR technologies in most areas globally continue to grow, and some specific technologies are flourishing. These vary considerably, however, from country to country,
where an EOR technology may be highly viable and developing rapidly in one country or region, but stagnant or even declining in another. Variability is driven by differences in formation characteristics as well as regulatory and economic variability, which have in some places coalesced to support strong markets. In other areas, while actions by the Organization of Petroleum Exporting Countries (OPEC) have helped to stabilize oil prices, lower oil prices still represent critical factors, and can substantially dampen select categories of new EOR deployment.

Market sales and industry growth since 2015 underscore several key features to the world market for EOR technologies. First, EOR is no longer being sustained by persistently high oil prices, meaning that EOR providers must increase their efficiency to stay profitable; this has caused troubled roads for more costly efforts such as steam assisted gravity drainage (SAGD) in their effort to remain viable. Second, while the recent blossoming of unconventional oil production has caused an oil price drop, lower oil prices have in some regions led to the reinstatement of tax exemptions and other incentives, which tend to support EOR development. Third, EOR markets are beginning to gain traction even with major several major oil-producing nations that have historically relied only on primary and secondary extraction. Finally, with respect to concerns over climate change and greenhouse gas emissions, the advancement of carbon dioxide based EOR is linking GHG emissions reduction to oil production, opening the door for increased deployment of EOR in countries with concerns over their GHG emissions.

The tables and figures below provide a summary of the global market for EOR technologies, broken down by region. North America maintains by far the largest regional market for EOR technologies. Led by steam deployments in Canada and CO2-EOR deployments in the U.S., the region’s market struggled under low-cost oil; this primarily causes losses in Canadian oil sands, which influenced markets overall. The North American market will advance from $9.6 billion in 2016 to $13.2 billion in 2021, at a
compound annual growth rate (CAGR) of 6.7%. Asian markets are also large but rely more strongly on chemical flood EOR, rather than CO2, at least for the present and near future. Asia’s markets will increase from $4.6 billion to nearly $6.2 billion, for a CAGR of 5.9%. The region as a whole will increase in value from nearly $22.9 billion to $30.4 billion during 2016 to 2021 at a CAGR of 5.9% during that period.

More Info of Impact Covid19 @ https://www.trendsmarketresearch.com/report/covid-19-analysis/11820