Global Enhanced Oil Recovery (EOR) Market Present Scenario and Growth Prospects 2014 – 2025

The global enhanced oil recovery (EOR) market size is estimated to reach USD 55.02 billion by 2025, fueled by the increasing demand for energy in a broad range of applications including manufacturing, infrastructure and utilities. Rising number of aged wells resulting in low oil output has paved the way for advanced technologies including EOR to achieve optimum production.

Keeping these driving factors in mind, companies are focusing on developing advanced technologies to extract more oil from existing wells rather than erecting new wells. For instance, in June 2014, Statoil ASA opened its new research & development center for improved oil recovery at Rotvoll in Trondheim, mid-Norway.

EOR helps to increase the oil production from matured and aged wells. As the crude oil demand is rising exponentially, this method is contributing to overcome the gap between output and demand. Globally, the average recovery factor of oil is around 35%. With the help of EOR, oil production has increased, reaching around 70% to 73%. This technique extracts 60% to 90% of the oil from the reservoir, which is remaining even after standard production method (primary & secondary).

Companies present in the market are investing heavily in the research and development of new technologies including ultrasonic, and plasma pulse technology (PPT) to enhance oil recovery. Many companies are also developing Carbon Capturing and Storage (CCS) technique to improve oil recovery.

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BP, a producer of energy and EOR, launched the concept of “Bright Water”, which is a thermally activated microscopic particle that increases oil recovery by directing water into potentially untapped oil-rich areas. Since its inception, the technology has undergone several modifications to make it suitable for every type of terrain and age of the well.

Swift adoption of advanced technologies to enhance output and the presence of a large number of aged wells as compared to other regions has resulted in North America dominating the overall market with a volume share of 42.4% in 2016. A substantial amount of oil production in California and exploration of oil sands in Canada have generated a vast opportunity for the growth of the EOR market in North America. Moreover, favorable government regions supporting E&O activities is expected to boost growth over the next few years.

The presence of a significant number of onshore wells has resulted in the technology being utilized extensively in this application. However, these wells have reached their maturity resulting in lowered output. Nonetheless, untapped potential of offshore wells is expected to drive the demand for the technology in this segment which is likely to lead to a revenue growth of 8.4% from 2017 to 2025.

The industry has been marked by the presence of large-scale companies that have been operating in the market for a substantial period including ExxonMobil, BP, Chevron Philips, Shell, and Statoil. These players participate across the value chain and have very few discriminating factors among them. Ageing of wells coupled with rising population resulting in an escalating demand for energy is expected to augment the growth of the EOR market.

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