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C&M: Global industry for enhanced oil recovery to be driven by increasing number of aging oil production wells across the globe

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Global Enhanced Oil Recovery (EOR) Market 2014-2018 - a new market research report on companiesandmarkets.com

 

PR-Inside.com: 2014-03-18 07:49:03
The Global Enhanced Oil Recovery market is forecast to grow at a CAGR of 28.7 percent for the period 2013-2018. Several driving factors and trends will contribute to this growth.

The rapid depletion of fossil fuels due to overuse by industry has resulted in the increasing usage of EOR technology in the Oil and Gas industry in the past decade. The usage of EOR technology has increased the overall production of oil and gas from the production wells. Currently, oil production from mature or maturing fields does not keep pace with growing energy demand. Thus, E&P companies are increasingly turning to EOR technology since it can increase overall production from 30-60 percent depending on the capacity of the reservoirs. The usage of EOR technology will ensure the optimum exploitation of oil resources by lowering depletion rates and improving secondary oil recovery through sustainable development while focusing on long-term profits. Thus, EOR technology will ensure an increase in overall oil production from reservoirs.

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