DUBLIN–(BUSINESS WIRE)–The “Chemical Enhanced Oil Recovery (EOR / IOR) – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
Global Chemical Enhanced Oil Recovery (EOR/IOR) Market to Reach $1 Billion by 2026
Global Chemical Enhanced Oil Recovery (EOR/IOR) market is projected to register moderate growth over the near-to-long term. The market, estimated at US$776.4 Million in 2020 is projected to reach US$1 Billion by 2026, registering a compounded annual growth rate (CAGR) of 4.9% over the analysis period.
While primary and secondary recovery methods are capable of extracting around 20-40% of the oil from a reservoir, EOR techniques can recover around 30-60% of the total reservoir oil. At a certain point, during the well’s life, the cost of recovering an additional barrel of oil is higher than the market value. Thus, under normal conditions, the well is deserted after recovering one-third of the original oil in place, leaving two-thirds under the ground.
Secondary recovery methods are normally used to repressure the reservoir and drive out some of the remaining oil. Enhanced oil recovery (EOR/IOR) is a technique for increasing the amount of crude oil that can be extracted from an oil field. The most advanced EOR methods are tertiary recovery methods, which include gas flooding, thermal recovery, and chemical recovery. Enhanced oil recovery techniques, include water flooding, steam injection, and hydrocarbon gas-injection methods in existing deep, light oil reservoirs to prolong the life of oil and gas reservoirs.
Other Enhanced Oil Recovery (EOR) Techniques include Microbial Recovery and Thermal Enhancement Recovery. Microbial recovery involves injecting bacteria and nutrients into the reservoir. The bacterium multiplies and biochemically manufactures surfactants and polymers.
Though the demand for energy has declined considerably due to the COVID-19 pandemic, long-term demand is expected to remain stable led by rising energy needs of the world. The rapid depletion of existing fossil fuel resources, and the need to increase production from existing wells is leading to the rising demand for enhanced oil recovery techniques. With oil reserves depleting rapidly and existing reserves maturing, there is growing need for technologies that can extract oil from challenging geologies.
Given the fact that the age of ‘easy oil’ has come to an end, and the industry is moving towards producing in tough sources such as highly tight oil fields, ultra-deep offshore fields, extra heavy oils reservoirs, and naturally fractured reservoirs, the challenge of recovery has increased. Emphasis is also on extracting crude oil from existing oil fields that can no longer produce oil using conventional techniques.
All of these factors coupled with the need to improve overall efficiency of extraction operations are fueling growth in the EOR chemicals market. Besides the rising production of crude oil, opportunities for the market are also emerging from the significant increase in deep drilling projects.
There is especially high demand for the chemicals for increasing output in mature onshore fields. With demand for chemical EOR technique growing in onshore as well offshore oilfields, the market for EOR chemicals is poised for growth. Chemical EOR market is being fostered by sustained focus on innovations as in case of hybrid processes, and the shift towards bio-based chemicals owing to its eco-friendly attribute.
The recent years have witnessed the emergence of nanotechnology with potential applications in the oil & gas industry. Nanofluid, referring to the application of nanotechnology to base fluid such as oil, gas, or water, is known to offer a solution to several issues related to oil & gas industry.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Impact of COVID-19 Pandemic and a Looming Global Recession
- 2020 Marked as a Year of Disruption & Transformation
- Amidst the COVID-19 Pandemic, Oil & Gas Sector Confronts Challenging Times
- Impact of COVID-19 Pandemic on Oil and Gas Producers in Developing Countries
- Enhanced Oil Recovery (EOR): Critical for Unlocking the Potential of Unrecoverable Oil Reserves
- Types of EOR Techniques
- Chemical Enhanced Oil Recovery (cEOR): A Highly Effective EOR Method
- Global Market Prospects & Outlook
- Recent Market Activity
2. FOCUS ON SELECT PLAYERS (Total 69 Featured)
- BASF SE
- Beijing Hengju Chemical Group Corp
- Chevron Phillips Chemical Company LLC
- Clariant AG
- Halliburton Company
- Huntsman Corporation
- Kemira Oyj
- Oil Chem Technologies LLC
- Sasol Limited
- Shell Chemicals
- The Dow Chemical Company
3. MARKET TRENDS & DRIVERS
- Energy Demand and the Need to Increase Crude Oil Production: A Significant Opportunity for Chemical EOR Market
- Oil and Gas Companies Set to Adjust Spending in Near Term
- Rise in Number of Mature Oil Fields Augurs Well for the EOR Chemicals Market
- A Glance at Select Chemical EOR Projects Worldwide
- With Renewables Unable to Meet Energy Needs, Sustained Demand for Fossil Fuels to Accelerate Market Growth
- Market to Benefit from the Trend towards Exploration of Unconventional Resources & Deep Drilling Projects
- Polymer Flooding: The Primary cEOR Method
- Polyacrylamide (PAM) for Seamless Processing of Subsurface Applications
- New Polymers Come to Fore in cEOR Applications
- Bio-based Polymer Materials Gain Traction
- Magnetic Nanoparticles (MNPs) Effective in Contaminant Removal in Polymer Flooding Process
- TRF Technique to Detect Residual Polymers in Water On-Site
- Alkaline Flooding Solutions Continue to Find Demand
- Consistent Demand for Surfactant Flooding Solutions
- Alkaline-Surfactant-Polymer Flooding: Popular Combination Flooding Method
- Microbial Enhanced Oil Recovery: An Eco-Friendly Alternative to Petro-based EOR Chemicals
- MEOR Technology Developments in China: An Overview
- Rising Prominence of Hybrid Materials in Chemical EOR Methods
- Companies Focus on Innovative Chemicals to Maximize Oil Recovery
- Green Nanoparticles for EOR Processes
- Green Surfactants Drive Advancements in Enhanced Oil Recovery (EOR) Techniques
- Types and Uses of Surfactants in CEOR
- Green Surfactants Emerge as Eco-Friendly Alternatives
- Lignin Black Liquor As Sacrificial Agent in Enhanced Oil Recovery Process
- Chemical EOR: A Potential Solution for Cleaner and More Energy
- Impact of Chemical EOR on Thin Oil Rim Reservoirs
- Oil Price Volatility Impacts Chemical EOR Market
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
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