Press Releases

Enhanced Oil Recovery Markets to Reach $17.8 billion in 2023

October 09, 2018

WELLESLEY, Mass., Oct. 09, 2018 –In light of current and anticipated future market and oil industry trends, enhanced oil recovery (EOR) technologies is expected to see global growth, according to the BCC Research report Enhanced Oil Recovery: Technologies and Global Markets. With increasing environmental concerns and lower oil prices, EOR technologies must be more efficient than ever to keep up with the evolving market.

EOR technologies refer to systems and technologies employed to increase production of difficult to extract oils at oil fields across the globe. The report considers the impact of the following EOR technologies: steam flooding, in situ combustion, chemical flooding, hydrocarbon gas flooding, nitrogen flooding and carbon dioxide flooding.

The North American market will grow to $17.8 billion in 2023, at a compound annual growth rate (CAGR) of 8.4%. The North American market is followed by the Asia-Pacific region, whose markets will increase from $5.1 billion to $8.2 billion, for a CAGR of 8.2% during the period.

Research Highlights

  • EOR technologies remain significant to the global oil supply through their ability to increase or revive oil production at reserves or oil fields depleted of more easily recoverable oil.
  • The North American market is estimated to hold the largest market share in the forecast duration, at a highest compound annual growth rate (CAGR).
  • Asia-Pacific markets are estimated to invest on chemical flood EOR in the forecast duration, rather than CO2

EOR’s relatively recent proliferation has resulted from its ability to increase or revive oil production from developed reserves that have been depleted of more easily recoverable oil and to enable extraction from reserves containing certain alternative oil resources (e.g., heavy oil, bitumen, kerogen),” the report notes. “Thus, EOR technologies continue to meaningfully contribute to global oil supply, especially during periods of high oil market prices.”

Editors/reporters requesting analyst interviews should contact Eric Surber at press@bccresearch.com.

Enhanced Oil Recovery: Technologies and Global Markets( EGY071D )
Publish Date:     

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