Global Enhanced Oil Recovery Market Set for Rapid Growth by 2024

Global Enhanced Oil Recovery Market: Overview

The enhanced oil recovery is a technique utilized to remove crude oil which cannot be extracted with the conventional methodologies from the oil reservoirs. It is also known as the tertiary recovery procedure as it is carried out after the primary oil recovery and secondary oil recovery. The primary techniques used in the enhanced oil recovery include gas injection, microbial injection, chemical injection, and thermal injection. The thermal recovery technology has widely chosen a technique for improving the extraction of oil. The thermal recovery is performed via a reserve heating and fire & steam flooding. Steam or heat is established into the well to decrease the oil viscosity. Thus, rising demand for the enhanced oil recovery around the globe is expected to augment the market growth in the coming period.

Global Enhanced Oil Recovery Market: Growth Factors

The prominent factors responsible for fueling the global enhanced oil recovery market are the amplifying gap between the requirement of oil around the world and its production. Furthermore, the rising requirement of crude oil, elevated recovery rates, increasing numeral of mature oil wells, and encouraging government regulation and programs for producing a suitable infrastructure and enhanced technology for the production of oil are few other factors that are driving the growth of the market. However, environmental issues such as brine contamination and the dropping costs of crude oil may restrain the growth of the market for enhanced oil recovery.

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Global Enhanced Oil Recovery Market: Segmentation

The global enhanced oil recovery market can be segmented based on application, technology, and geography. The application segment of the market is divided into offshore and onshore. The technology segment of the enhanced oil recovery market is categorized into chemical, thermal, gas injection, and others. Regionally, the market is grouped into Europe, North America, Asia-Pacific, Latin America, and the Middle East & Africa.

Global Enhanced Oil Recovery Market: Regional Analysis

North America is anticipated to lead the global market for enhanced oil recovery in the near future due to the existence of a huge digit of mature wells and an extensive generation of unconventional energy in this region. Asia Pacific region is also projected to grow at a significant rate in the market in the coming period. This growth of the market can be attributed to the fast industrialization and increasing oil & gas industry in this region.

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Global Enhanced Oil Recovery Market: Competitive Players

The prominent players in the global enhanced oil recovery market include ExxonMobil Corporation, Cenovus Energy Inc, Chevron Corporation, BP Plc, and Anadarko Petroleum Corporation. The other key players in the market are Petronas, ConocoPhillips, OAO Lukoil, Statoil ASA, and Royal Dutch Shell Plc.

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Shawn Morgan is an accomplished digital marketing professional. He tracks the most recent patterns and happenings in the advanced showcasing scene, additionally offering his feeling on their effect on organizations. He has involvement in both B2C and B2B markets. His side interests incorporate perusing books and voyaging.

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