Press Release / Business / Enhanced Oil Recovery Market Share, Business Growth, Historical Analysis, Company Profile, Upcoming Trends, Competitive Landscape, Future Prospects and Regional Forecast 2023

Enhanced Oil Recovery Market Share, Business Growth, Historical Analysis, Company Profile, Upcoming Trends, Competitive Landscape, Future Prospects and Regional Forecast 2023

Market Highlights
In the last decade, the oil and gas industry witnessed a decline in new due to a sharp drop in oil prices and the preference of energy shifting from oil to renewable sources of energy. To overcome the cost associated with new oil discoveries and reduce existing operational overhead costs, oilfield operators are looking for new techniques to boost oil production from existing wells. Moreover, 70% of the existing oil fields are nearing their operational lifetime or maturing, where oil extraction through primary and secondary methods will yield lesser oil than before.
Enhanced oil recovery methods are expected to play a crucial role as they can enable oil extraction from mature oilfields. The Global Oil and Gas Market Industry is investing a lot in enhanced oil recovery methods as they are expected to play a key role in meeting the energy demands of the world. The enhanced oil recovery market, by is segmented into thermal, chemical, and microbial methods of oil recovery. By employing enhanced recovery methods, the oil and gas present deep down in the reservoirs get stimulated, and the fluids are then extracted.
By Technology Type, the CO2 based enhanced oil recovery methods have been quite successful for a few decades now, owing to the government initiatives for carbon capture and storage programs. CO2 emissions from power plants are captured and are used in the enhanced oil recovery process. This helps the power industry to reduce its carbon footprints and the oil industry to use the toxic CO2 for oil recovery processes. Besides, new techniques, such as microbial enhanced oil recovery methods, are gaining prominence with several companies investing in this space. One of the major reasons for is that it uses naturally present bacteria in the oil fields to enhance the oil recovery process. Oilfield operators who employ this method of oil recovery have an additional advantage of having control over the G Global enhanced oil recovery market is projected to witness 15.7% CAGR during the forecast period.
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Key Players
The key players in the Global Enhanced Oil Recovery Market are

Praxair Technology, Inc.
PJSC Lukoil Oil Company
FMC Technologies, Inc.
Chevron Phillips Chemical Corporation
Schlumberger Ltd.
Royal Dutch Shell Plc
Halliburton Corporation
Basf SE
Baker Hughes
A GE company
Statoil ASA
BP Plc.
Exxon Mobil
Titan Oil Recovery

Scope of the Report
This report provides an in-depth analysis of the global enhanced oil Recovery market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, and share for North America, Europe, Asia Pacific (APAC), Middle East, Africa and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the Enhanced Oil Recovery market by its technology type, application type, and by region.
By Technology Type

Thermal

Steam Injection
In-Situ Combustion
Hot water

Chemical

Polymer
Alkaline
Surfactant
Others

Microbial

Cyclic Injection
Microbial Flooding
Feeding Existing Bacteria
Others


By Application Type

Onshore
Offshore

By Regions

North America 
Asia Pacific 
Middle East and Africa
Europe
Rest of the World  

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