The global enhanced oil recovery (EOR) market totaled nearly $22.9 billion in 2016 and should total $30.4 billion by 2021, with a five-year compound annual growth rate (CAGR) of 5.9% through 2021.
-An overview of the global market for enhanced oil recovery (EOR) technologies that are implemented to recover crude oil from reservoirs after primary and secondary recovery methods have ceased to be productive enough to continue normal field operations economically.
-Analyses of global market trends, with data from 2015 and 2016, and projections of compound annual growth rates (CAGRs) through 2021.
-Identification of the various EOR products and components, such as injection pumps, wellheads, specialized well tubing, chemical feeder systems, air separation units, gas compressors, blowers, steam generators, specialized storage vessels, and various other equipment and facilities; other important products include oil recovery media such as surfactants, polymers, alkali chemicals, liquid nitrogen, and CO2.
-Discussion of the most recent government, industry, and academic data regarding the amount of oil in place that potentially can be extracted via EOR.
-Examination of governments' roles in support of EOR technologies worldwide, including regulatory support, government requirements, and promotional incentives for various EOR technologies as relevant and available.
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This report provides an update on findings from a previously completed study from 2013. BCC’s goal in conducting this update was to re-evaluate and describe the current status and potential growth of the global enhanced oil recovery (EOR) industry and the market for associated EOR technologies, in light of current and anticipated future market and oil industry trends. More specifically, the updated study includes the following objectives:
-Summarize existing EOR technologies and promising emerging technologies that are under development.
-Evaluate the existing EOR industry, focusing on the manufacturers and providers of principal components for viable EOR technologies.
-Assess market potential for EOR technologies over a five-year period from 2016 through 2021.
Reasons for Doing This Study
The current market conditions and recent advances in EOR technologies, including industry’s understanding of the effective application of EOR, provide a foundation for continued growth in enhanced oil recovery. Additional costs associated with the services and infrastructure required for EOR technologies may constrain their application. However, further growth in the market for EOR technologies is anticipated due to:
-Their technological maturity.
-Strong representation from a variety of service providers and product suppliers in the global oil industry.
-Extensive industry experience in the application of EOR technologies.
-Their proven efficacy in increasing oil production at oil fields worldwide.
-Need for their use to support continued oil extraction from a growing number of oil fields globally.
This study reviews EOR technologies, along with relevant market and production information, technological descriptions and issues, applications and market factors, and market potential. It gives an overview of supporting incentives and regulations in the major worldwide markets. This study will be of interest to current and potential manufacturers and suppliers of EOR technologies as well as entrepreneurs and entrepreneurial companies interested in entering or expanding into the EOR technology sector. It will also be of interest to corporate planners and strategists, companies involved in the recovery and production of oil, EOR services providers, EOR rental equipment providers, fossil fuel energy advocacy groups, and other public- and private-sector interest groups and market analysts.
Scope of Report
The scope of this investigation includes all of the major viable EOR technologies that are currently being implemented in the global oil industry. Separate from hydrofracture and tight sands or tight oil extraction are categorized as Improved Oil Recovery (IOR) of which EOR is a subset), EOR was originally developed as a means to extract additional oil from reservoirs after primary and secondary recovery methods ceased to be productive enough to maintain economic field operation. In some cases, the EOR technologies considered in this report may also be applied immediately following initial well drilling. These applications are common for fields where primary and secondary recovery technologies are incapable of producing adequate oil in any phase of an oil field operation.
Installation and operation of EOR technologies can include various products and components such as injection pumps, wellheads, specialized well tubing, chemical feeder systems, air separation units, gas compressors, blowers, steam generators, specialized storage vessels, gas recapture and separation systems, and various other equipment and facilities. Other important products of an EOR technology include oil recovery media such as surfactants, polymers, alkali chemicals, liquid nitrogen and CO2. Although steam and onsite-compressed atmospheric nitrogen are also important oil recovery media, they are not considered EOR technology products within this report as they are supplied at minimal or no direct cost, unlike CO2 or specialized injection chemicals that are supplied to an EOR operation.
The market analysis provided in this report presents region-specific and country-specific market valuation data for each of the EOR technologies considered in this study. These include breakdowns for the following categories:
-Hydrocarbon Gas Flooding.
-Nitrogen Gas Flooding.
-Carbon Dioxide Flooding.
Estimated values in each of these categories are based on manufacturers’ total revenues. Projected and forecasted revenue values are in constant US dollars (2017), unadjusted for inflation.
Emerging EOR technologies that may become commercially viable within the next five years are summarized but are not included in the market assessment of this report. BCC analyzes each major viable EOR technology, determines its current market status, examines its impact on future markets and presents forecasts of growth over the next five years. BCC analyzes the industry on a worldwide basis in terms of its manufacturing and the deployment of its technologies or products. BCC also examines government roles in support of EOR technologies worldwide, including regulatory support, government requirements and promotional incentives for various EOR technologies as relevant and available. BCC provides a review of the most relevant EOR technologies, discusses recent trends in capacity installation and unit sales and provides industry overviews and market assessments for each EOR technology.
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