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Enhanced Oil Recovery Market Key Growth Factors, development trends, key manufacturers and competitive forecast 2024

Latest updates on Enhanced Oil Recovery market, a comprehensive study enumerating the latest price trends and pivotal drivers rendering a positive impact on the industry landscape. Further, the report is inclusive of the competitive terrain of this vertical in addition to the market share analysis and the contribution of the prominent contenders toward the overall industry.

Increasing number of stripper and marginal wells along with the growing demand to produce oil at the minimum cost will drive the enhanced oil recovery market . In 2015, the EIA estimated about 380,000 stripper wells in the U.S. compared to about 90,000 non-strippers. As per the National Stripper Well Association (NSWA), the U.S. had an estimated 771,000 marginal wells in production with about 410,000 oil wells in 2013.

The U.S. enhanced oil recovery market will witness strong growth on account of the increasing demand for petroleum products coupled with growing investments toward E&P projects. As per the EIA, the capital expenditure for 44 onshore oil production companies in the U.S. increased by USD 4.9 billion between 2015 and 2016. Favorable government initiatives and programs to increase oil recovery from matured reservoirs will further propel the industry landscape. The International Energy Agency (IEA) introduced EOR Technology Collaboration Program (TCP) to reduce the overall cost of existing technologies and explore innovative methods to enhance the overall productivity.

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Enhanced oil recovery market is set to exceed USD 140 billion by 2024; as reported in the latest study

Enhanced Oil Recovery Market Key Growth Factors, development trends, key manufacturers and competitive forecast 2024
Enhanced Oil Recovery Market Key Growth Factors, development trends, key manufacturers and competitive forecast 2024

Request Sample Copy of this Report @ https://www.cuereport.com/request-sample/43846

Oman enhanced oil recovery market is predicted to surpass USD 3 billion by 2024. Growing focus on the use of sustainable resources to recover crude along with companies' EOR production targets will stimulate the business growth. In 2014, Petroleum Development Oman (PDO) revealed its plan to build a solar EOR project and maximize the local supply chain for the technology. In 2015, EOR accounts for around 11% of the company's daily production, which is anticipated to rise 33% by 2023.

Environmental benefits along with the adoption of Carbon Capture and Storage (CCS) will augment the enhanced oil recovery market growth. According to the study of DOE's National Energy Technology Laboratory (NETL), CO2 EOR could provide a value-added market for the sale of carbon dioxide emitted from new coal-fired power plants.

Offshore enhanced oil recovery market will witness a significant growth on account of the ongoing expansion of deep-water projects. In 2017, Petronas Carigali Sdn Bhd (PCSB) announced its plan to invest around USD 2.3 billion for its EOR projects located in the offshore Sarawak oilfield in Malaysia.

Norway enhanced oil recovery market is set to witness a gain of over 18% by 2024. Declining crude production along with the growing focus of Norwegian operators on maintaining productivity at low crude oil price will positively impact the business outlook. Norwegian oil production dropped from a peak of around 3 MMbbl/d in 2005 to 1.9 MMbbl/d in 2016. The Norwegian Petroleum Directorate (NPD) encourage operators to use EOR techniques in new projects as well as the existing fields approaching the end of their productive lifespans.

Key players in the enhanced oil recovery market include Schlumberger, Halliburton, NALCO, GE (Baker Hughes), Total, Petroleum Development Oman, Statoil, Occidental Petroleum, ConocoPhillips, Lukoil, British Petroleum, Kinder Morgan, Chevron, Denbury Resources, Exxon Mobil, Shell, and Wintershall.

Major Highlights from Table of contents are listed below for quick lookup into Enhanced Oil Recovery Market report

Chapter 1. Methodology and Scope

  • Definitions & forecast parameters
  • Methodology and forecast parameters
  • Data Sources

Chapter 2. Executive Summary

  • Business trends of Enhanced Oil Recovery Market
  • Product trends
  • Application trends

Chapter 3. Enhanced Oil Recovery Industry Insights

  • Enhanced Oil Recovery Market Industry segmentation
  • Industry landscape
  • Analysis of Manufacturers in the Enhanced Oil Recovery industry
  • Distribution channel analysis
  • End-use landscape
  • Vendor matrix
  • Enhanced Oil Recovery Market Technology & innovation landscape
  • Industry impact forces
  • Enhanced Oil Recovery Market Growth drivers
  • Industry pitfalls & challenges
  • Key trends by Segments

Chapter 4. Company Profiles

  • Business Overview of Enhanced Oil Recovery Market Companies
  • Financial Data
  • Product Landscape
  • Strategic Outlook and Decisive Analysis of companies in Enhanced Oil Recovery Market
  • SWOT Analysis

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