Current Business Affairs Global Chemical Enhanced Oil Recovery Market 2018

Global Chemical Enhanced Oil Recovery Market Trends,
Analysis, And Forecasts To 2025
The technique that is used to augment the crude oil amount that can be extracted from the reservoir is referred to as
chemical enhanced oil recovery. In this procedure, the oil recovery is improved by injecting substance into the oil well so
as to increase pressure and diminish crude oil viscosity. In traditional process, the recovery from oil well is over 25% of
the oil reserve capacity whereas with the help of EOR techniques around 70% of the oil can be extracted from the
reservoir. In instances of heavy oil reservoir where extraction of crude from primary recovery is difficult, the techniques
of EOR such as thermal injection are broadly used to enhance the oil recovery process. However, in cases when the
reservoirs are deep or too thin, this technique is not effective. Also, high capital investment is required in case of
thermal injection technique which may offer feasible solution in case of smaller oil fields. In similar manner, the
techniques of chemical injection are highly effective to boost the yield in case of wet oil reservoirs. High usage of gas
injection techniques as tertiary recovery method especially CO2 injection techniques are anticipated to step up the
enhanced oil recovery market growth.
Owing to declining oil prices since last years, the global enhanced oil recovery market is gaining traction that has
negatively impacted the profit margin of oil producers. But, rising number of matured reserves along with large
production of shale gas is expected to fuel the market growth. Thereby, oil produce are focused on Enhancement Of Oil
Production From Existing Wells as compared to investing in new wells. These factors are projected to fuel the growth of
global enhanced oil recovery market. Other than this, the EOR gas injection technique offers more advantage for the
commercial scale usage of carbon dioxide (CO2) produced by different industries and power plants along with
government initiatives for the green house gases disposal is anticipated to fuel the demand of enhanced oil recovery
market over the future years.
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The global enhanced oil recovery market is classified based on technology and region. The various technologies used in
the global enhanced oil recovery market include chemical, gas, and thermal. Depending upon geography, this global
market is segmented into Europe, Asia Pacific, North America, Latin America and Middle East & Africa.
Amongst the technology-based market segments, the thermal injection technology market segment for enhanced oil
recovery commands the major share in the global market. This segment commands over 50% of the total enhanced oil
recovery market. However, in the forecast years, increasing rate of adoption of other enhanced oil recovery
technologies and the maturing market for thermal injection technology will delay the progress of this segment.