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Enhanced Oil Recovery: Technologies and Global Markets

Global EOR market: $34.4 billion industry forecast by 2018


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2014-01-21 18:33:01 - Enhanced Oil Recovery: Technologies and Global Markets - a new market research report on companiesandmarkets.com

The global EOR market (enhanced oil recovery) was valued at $21 billion in 2012 and is expected to reach $22.6 billion by 2013. The industry is forecast to reach nearly $34.4 billion by 2018, and register a compound annual growth rate (CAGR) of 8.8%.

Current and emerging EOR technologies promise the renewal of aging and depleted oil reservoirs worldwide. EOR technologies currently support about 5% of global oil production and are an increasingly important foundation for the development of global oil industry. Along with advanced extraction technologies such as hydrofracture, EOR technologies are becoming increasingly significant to global oil production because of their ability to increase or revive oil recovery efforts.

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, and various other equipment and facilities. Other important EOR products include oil recovery media such as surfactants, polymers, alkali chemicals, liquid nitrogen, and carbon dioxide.

Current market conditions and recent advances in EOR technologies, including the industry´s understanding of effective application are principally responsible for its continued growth. Additionally, the escalations witnessed in oil prices across the globe have reduced the significance of added costs and greatly increased the economic viability of EOR technologies. Ultimately, this market is being driven by technological maturity, strong representation from a variety of service providers and product suppliers in the global oil industry, extensive industry experience in the application of EOR technologies, and the technologies´ proven efficacy in increasing oil production at oilfields worldwide.

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Mike King
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