The Enhanced Oil Recovery Market size was valued at USD 50.11 billion in 2022 and is expected to grow to USD 83.55 billion by 2030 and grow at a CAGR of 6.6 % over the forecast period of 2023-2030.
Primary, secondary, and tertiary (or improved) recovery are the three phases of crude oil development and production in U.S. oil reservoirs. In primary recovery, oil is brought to the surface using artificial lift methods (such as pumps), which combine natural pressure from the reservoir or gravity to propel oil into the wellbore. However, only approximately 10% of the initial oil in a reservoir is normally produced during primary recovery. By commonly injecting water or gas to displace oil and move it to a producing wellbore, secondary recovery techniques prolong the useful life of a field.
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However, since a large portion of the easy-to-obtain oil has already been extracted from American oil fields, producers have tried a number of tertiary, or enhanced oil recovery (EOR), techniques that have the potential to ultimately generate 30 to 60 percent or more of the original oil that was there in the reservoir. To varied degrees, three main kinds of EOR have been shown to be financially successful.
KEY DRIVERS:
Rising demand of national oil companies
Increased output from ageing oilfields
Due to the rising demand for oil and gas, the corporations are keen to boost output from the established fields. Hence By adopting EOR technology, these businesses are concentrating on boosting recovery and prolonging the life of ageing fields, exceeding production levels and fueling the market for enhanced oil recovery.
RESTRAIN:
High capital Investment
Increasing adoption of renewable energy
OPPORTUNITY:
Increasing capital expenditure by national companies
In order to boost oil and gas production from established fields, the enhanced oil recovery market is anticipated to see significant growth prospects on a global scale. Globally, there is a rising need for oil and gas.
The worldwide market for improved oil recovery is being driven by the increasing presence of major market participants. By utilising improved oil recovery technology, market participants are concentrating on recovering and extending the life of older fields.
CHALLENGES:
High cost of technical procedures.
Rising operational issues
IMPACT OF RUSSIAN UKRAINE WAR
After Russia invaded Ukraine, the cost of crude oil on the international market soared, rising from around $76 per barrel at the beginning of January 2022 to more than $110 per barrel by March 4 of the same year. Due to increasing demand, which was spurred by the world economies' recovery from the COVID-19 pandemic and poor investment in the oil and gas sector, the price of crude oil was already inflated even before the conflict.
IMPACT OF ONGOING RECESSION
A bear market in oil and gas was brought by the financial crisis and Great Recession, which caused the price of a barrel of crude oil to drop from $133.88 to $39.09 in just over a year. As credit shrank and profit expectations dropped, the recession resulted in a broad decline in asset prices around the world. At the same time, declining consumer and business demand for oil was a result of increased unemployment and reduced expenditure.
By Technology
Thermal EOR
Steam
In-situ Combustion
Others (Hot water and Solar)
Chemical EOR
Polymer
Surfactant
Alkaline Surfactant Polymer
Gas EOR
Co2
Other Gas (Nitrogen and Natural gas)
Others (microbial, seismic, simultaneous water alternating gas, and water alternating gas
By Application
Onshore
Offshore
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In 2021, North America led the market and represented more than 35.0% of total sales.
The Asia Pacific region is expected to see the strongest growth, with China holding the biggest share overall. The demand for oil and gas in the Asia Pacific is expected to expand because to rising demand from major economies like China and India and greater use of EOR in old wells to achieve production goals.
Russia dominates the market in Europe and has a significant impact on how the hydrocarbon sector is shaped. Russian businesses want to raise output in order to compete on price on the global market. Additionally, Germany, the UK, and other European nations are also seeing modest growth, which benefits the continent's market as a whole. Some of the world's biggest producers of hydrocarbons are found in Latin America. Brazil and Venezuela are the two countries that use EOR the most to improve oil output.
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
Petrofac has contracts for around US$17 million for the Ithaca Energy Captain field as of July 2021. The project will be in charge of commissioning, fabricating, and building the new topsides development, delivering onshore and offshore activities, and is anticipated to recover around 40 million barrels of oil equivalent.
Sinopec launched one of China's biggest carbon capture, utilisation, and storage (CCUS) projects in July 2021. The business intends to carry out 24 CO2 EOR projects, which include injecting carbon dioxide back into a specific zone with 25 million tonnes of existing oil. Additionally, Sinopec intends to inject 10.68 million tonnes of carbon dioxide over the following 15 years, which is expected to increase overall oil output by around 22,000,000 barrels.
In the deepwater Gulf of Mexico, Talos Energy has announced plans to drill the Tornado Attic well using Seadrill's West Neptune drillship in May 2021. The business estimates that the Tornado Attic well will improve its waterflood enhanced oil recovery project in the Tornado field and will effectively raise the field's production by between 25 and 35 million barrels of oil equivalent (mboe).
Chevron (United States), Oxy (United States), BP (United Kingdom), Husky Energy (Canada), ConocoPhillips (United States), China National Petroleum Corporation (China), China Petrochemical Corporation (China), Cairn Oil & Gas (India), Lukoil (Russia), Petrobras (Brazil), Ecopetrol (Colombia), Petroleum Development Oman (Oman), and other players are listed in a final report.
| Report Attributes | Details |
| Market Size in 2022 | US$ 50.11 Bn |
| Market Size by 2030 | US$ 83.55 Bn |
| CAGR | CAGR of 6.6 % From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Technology (Thermal EOR, Chemical EOR, Gas EOR, Others (microbial, seismic, simultaneous water alternating gas, and water alternating gas) • By Application (Onshore, Offshore) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Company Profiles | Chevron (United States), Oxy (United States), BP (United Kingdom), Husky Energy (Canada), ConocoPhillips (United States), China National Petroleum Corporation (China), China Petrochemical Corporation (China), Cairn Oil & Gas (India), Lukoil (Russia), Petrobras (Brazil), Ecopetrol (Colombia), Petroleum Development Oman (Oman) |
| Key Drivers | • Rising demand of national oil companies • Increased output from ageing oilfields |
| Market Restraints | • High capital Investment • Increasing adoption of renewable energy |
Ans: Enhanced Oil Recovery Market is anticipated to expand by 6.6 % from 2023 to 2030.
Ans: USD 83.55 billion is expected to grow by 2030.
Ans: Enhanced Oil Recovery Market size was valued at USD 50.11 billion in 2022
Ans: North America is dominating the market.
Ans: High capital Investment and Increasing adoption of renewable energy.
TABLE OF CONTENT
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of the Russia-Ukraine War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Enhanced Oil Recovery Market Segmentation, By Technology
8.1 Thermal EOR
8.1.1 Steam
8.1.2 In-situ Combustion
8.1.3 Others (Hot water and Solar)
8.2 Chemical EOR
8.2.1 Polymer
8.2.2 Surfactant
8.2.3 Alkaline Surfactant Polymer
8.3 Gas EOR
8.3.1 Co2
8.3.2 Other Gas (Nitrogen and Natural gas)
8.4 Others
9. Enhanced Oil Recovery Market Segmentation, By Application
9.1 Onshore
9.2 Offshore
10. Regional Analysis
10.1 Introduction
10.2 North America
10.2.1 North America Enhanced Oil Recovery Market by Country
10.2.2North America Enhanced Oil Recovery Market by Technology
10.2.3 North America Enhanced Oil Recovery Market by Application
10.2.4 USA
10.2.4.1 USA Enhanced Oil Recovery Market by Technology
10.2.4.2 USA Enhanced Oil Recovery Market by Application
10.2.5 Canada
10.2.5.1 Canada Enhanced Oil Recovery Market by Technology
10.2.5.2 Canada Enhanced Oil Recovery Market by Application
10.2.6 Mexico
10.2.6.1 Mexico Enhanced Oil Recovery Market by Technology
10.2.6.2 Mexico Enhanced Oil Recovery Market by Application
10.3 Europe
10.3.1 Eastern Europe
10.3.1.1 Eastern Europe Enhanced Oil Recovery Market by Country
10.3.1.2 Eastern Europe Enhanced Oil Recovery Market by Technology
10.3.1.3 Eastern Europe Enhanced Oil Recovery Market by Application
10.3.1.4 Poland
10.3.1.4.1 Poland Enhanced Oil Recovery Market by Technology
10.3.1.4.2 Poland Enhanced Oil Recovery Market by Application
10.3.1.5 Romania
10.3.1.5.1 Romania Enhanced Oil Recovery Market by Technology
10.3.1.5.2 Romania Enhanced Oil Recovery Market by Application
10.3.1.6 Hungary
10.3.1.6.1 Hungary Enhanced Oil Recovery Market by Technology
10.3.1.6.2 Hungary Enhanced Oil Recovery Market by Application
10.3.1.7 Turkey
10.3.1.7.1 Turkey Enhanced Oil Recovery Market by Technology
10.3.1.7.2 Turkey Enhanced Oil Recovery Market by Application
10.3.1.8 Rest of Eastern Europe
10.3.1.8.1 Rest of Eastern Europe Enhanced Oil Recovery Market by Technology
10.3.1.8.2 Rest of Eastern Europe Enhanced Oil Recovery Market by Application
10.3.2 Western Europe
10.3.2.1 Western Europe Enhanced Oil Recovery Market by Country
10.3.2.2 Western Europe Enhanced Oil Recovery Market by Technology
10.3.2.3 Western Europe Enhanced Oil Recovery Market by Application
10.3.2.4 Germany
10.3.2.4.1 Germany Enhanced Oil Recovery Market by Technology
10.3.2.4.2 Germany Enhanced Oil Recovery Market by Application
10.3.2.5 France
10.3.2.5.1 France Enhanced Oil Recovery Market by Technology
10.3.2.5.2 France Enhanced Oil Recovery Market by Application
10.3.2.6 UK
10.3.2.6.1 UK Enhanced Oil Recovery Market by Technology
10.3.2.6.2 UK Enhanced Oil Recovery Market by Application
10.3.2.7 Italy
10.3.2.7.1 Italy Enhanced Oil Recovery Market by Technology
10.3.2.7.2 Italy Enhanced Oil Recovery Market by Application
10.3.2.8 Spain
10.3.2.8.1 Spain Enhanced Oil Recovery Market by Technology
10.3.2.8.2 Spain Enhanced Oil Recovery Market by Application
10.3.2.9 Netherlands
10.3.2.9.1 Netherlands Enhanced Oil Recovery Market by Technology
10.3.2.9.2 Netherlands Enhanced Oil Recovery Market by Application
10.3.2.10 Switzerland
10.3.2.10.1 Switzerland Enhanced Oil Recovery Market by Technology
10.3.2.10.2 Switzerland Enhanced Oil Recovery Market by Application
10.3.2.11 Austria
10.3.2.11.1 Austria Enhanced Oil Recovery Market by Technology
10.3.2.11.2 Austria Enhanced Oil Recovery Market by Application
10.3.2.12 Rest of Western Europe
10.3.2.12.1 Rest of Western Europe Enhanced Oil Recovery Market by Technology
10.3.2.12.2 Rest of Western Europe Enhanced Oil Recovery Market by Application
10.4 Asia-Pacific
10.4.1 Asia Pacific Enhanced Oil Recovery Market by Country
10.4.2 Asia Pacific Enhanced Oil Recovery Market by Technology
10.4.3 Asia Pacific Enhanced Oil Recovery Market by Application
10.4.4 China
10.4.4.1 China Enhanced Oil Recovery Market by Technology
10.4.4.2 China Enhanced Oil Recovery Market by Application
10.4.5 India
10.4.5.1 India Enhanced Oil Recovery Market by Technology
10.4.5.2 India Enhanced Oil Recovery Market by Application
10.4.6 Japan
10.4.6.1 Japan Enhanced Oil Recovery Market by Technology
10.4.6.2 Japan Enhanced Oil Recovery Market by Application
10.4.7 South Korea
10.4.7.1 South Korea Enhanced Oil Recovery Market by Technology
10.4.7.2 South Korea Enhanced Oil Recovery Market by Application
10.4.8 Vietnam
10.4.8.1 Vietnam Enhanced Oil Recovery Market by Technology
10.4.8.2 Vietnam Enhanced Oil Recovery Market by Application
10.4.9 Singapore
10.4.9.1 Singapore Enhanced Oil Recovery Market by Technology
10.4.9.2 Singapore Enhanced Oil Recovery Market by Application
10.4.10 Australia
10.4.10.1 Australia Enhanced Oil Recovery Market by Technology
10.4.10.2 Australia Enhanced Oil Recovery Market by Application
10.4.11 Rest of Asia-Pacific
10.4.11.1 Rest of Asia-Pacific Enhanced Oil Recovery Market by Technology
10.4.11.2 Rest of Asia-Pacific APAC Enhanced Oil Recovery Market by Application
10.5 Middle East & Africa
10.5.1 Middle East
10.5.1.1 Middle East Enhanced Oil Recovery Market by Country
10.5.1.2 Middle East Enhanced Oil Recovery Market by Technology
10.5.1.3 Middle East Enhanced Oil Recovery Market by Application
10.5.1.4 UAE
10.5.1.4.1 UAE Enhanced Oil Recovery Market by Technology
10.5.1.4.2 UAE Enhanced Oil Recovery Market by Application
10.5.1.5 Egypt
10.5.1.5.1 Egypt Enhanced Oil Recovery Market by Technology
10.5.1.5.2 Egypt Enhanced Oil Recovery Market by Application
10.5.1.6 Saudi Arabia
10.5.1.6.1 Saudi Arabia Enhanced Oil Recovery Market by Technology
10.5.1.6.2 Saudi Arabia Enhanced Oil Recovery Market by Application
10.5.1.7 Qatar
10.5.1.7.1 Qatar Enhanced Oil Recovery Market by Technology
10.5.1.7.2 Qatar Enhanced Oil Recovery Market by Application
10.5.1.8 Rest of Middle East
10.5.1.8.1 Rest of Middle East Enhanced Oil Recovery Market by Technology
10.5.1.8.2 Rest of Middle East Enhanced Oil Recovery Market by Application
10.5.2 Africa
10.5.2.1 Africa Enhanced Oil Recovery Market by Country
10.5.2.2 Africa Enhanced Oil Recovery Market by Technology
10.5.2.3 Africa Enhanced Oil Recovery Market by Application
10.5.2.4 Nigeria
10.5.2.4.1 Nigeria Enhanced Oil Recovery Market by Technology
10.5.2.4.2 Nigeria Enhanced Oil Recovery Market by Application
10.5.2.5 South Africa
10.5.2.5.1 South Africa Enhanced Oil Recovery Market by Technology
10.5.2.5.2 South Africa Enhanced Oil Recovery Market by Application
10.5.2.6 Rest of Africa
10.5.2.6.1 Rest of Africa Enhanced Oil Recovery Market by Technology
10.5.2.6.2 Rest of Africa Enhanced Oil Recovery Market by Application
10.6 Latin America
10.6.1 Latin America Enhanced Oil Recovery Market by Country
10.6.2 Latin America Enhanced Oil Recovery Market by Technology
10.6.3 Latin America Enhanced Oil Recovery Market by Application
10.6.4 Brazil
10.6.4.1 Brazil Enhanced Oil Recovery Market by Technology
10.6.4.2 Brazil Africa Enhanced Oil Recovery Market by Application
10.6.5 Argentina
10.6.5.1 Argentina Enhanced Oil Recovery Market by Technology
10.6.5.2 Argentina Enhanced Oil Recovery Market by Application
10.6.6 Colombia
10.6.6.1 Colombia Enhanced Oil Recovery Market by Technology
10.6.6.2 Colombia Enhanced Oil Recovery Market by Application
10.6.7 Rest of Latin America
10.6.7.1 Rest of Latin America Enhanced Oil Recovery Market by Technology
10.6.7.2 Rest of Latin America Enhanced Oil Recovery Market by Application
11 Company Profile
11.1 Chevron (United States)
11.1.1 Company Overview
11.1.2 Financials
11.1.3 Product/Services Offered
11.1.4 SWOT Analysis
11.1.5 The SNS View
11.2 Oxy (United States)
11.2.1 Company Overview
11.2.2 Financials
11.2.3 Product/Services Offered
11.2.4 SWOT Analysis
11.2.5 The SNS View
11.3 BP (United Kingdom)
11.3.1 Company Overview
11.3.2 Financials
11.3.3 Product/Services Offered
11.3.4 SWOT Analysis
11.3.5 The SNS View
11.4 Husky Energy (Canada)
11.4 Company Overview
11.4.2 Financials
11.4.3 Product/Services Offered
11.4.4 SWOT Analysis
11.4.5 The SNS View
11.5 ConocoPhillips (United States)
11.5.1 Company Overview
11.5.2 Financials
11.5.3 Product/Services Offered
11.5.4 SWOT Analysis
11.5.5 The SNS View
11.6 China National Petroleum Corporation (China)
11.6.1 Company Overview
11.6.2 Financials
11.6.3 Product/Services Offered
11.6.4 SWOT Analysis
11.6.5 The SNS View
11.7 China Petrochemical Corporation (China)
11.7.1 Company Overview
11.7.2 Financials
11.7.3 Product/Services Offered
11.7.4 SWOT Analysis
11.7.5 The SNS View
11.8 Cairn Oil & Gas (India)
11.8.1 Company Overview
11.8.2 Financials
11.8.3 Product/Services Offered
11.8.4 SWOT Analysis
11.8.5 The SNS View
11.9 Lukoil (Russia)
11.9.1 Company Overview
11.9.2 Financials
11.9.3 Product/ Services Offered
11.9.4 SWOT Analysis
11.9.5 The SNS View
11.10 Petrobras (Brazil)
11.10.1 Company Overview
11.10.2 Financials
11.10.3 Product/Services Offered
11.10.4 SWOT Analysis
11.10.5 The SNS View
11.11 Ecopetrol (Colombia)
11.11.1 Company Overview
11.11.2 Financials
11.11.3 Product/Services Offered
11.11.4 SWOT Analysis
11.11.5 The SNS View
11.12 Petroleum Development Oman (Oman)
11.12.1 Company Overview
11.12.2 Financials
11.12.3 Product/Services Offered
11.12.4 SWOT Analysis
11.12.5 The SNS View
12. Competitive Landscape
12.1 Competitive Bench marking
12.2 Market Share Analysis
12.3 Recent Developments
12.3.1 Industry News
12.3.2 Company News
12.3.3 Mergers & Acquisitions
13. USE Cases and Best Practices
14. Conclusion
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