DUBLIN--(BUSINESS WIRE)--ResearchAndMarkets.com has added the "Chemical Enhanced Oil Recovery (EOR / IOR)-Global Market Trajectory and Analysis" report to the products of ResearchAndMarkets.com.
By 2026, the global chemical enhanced oil recovery (EOR/IOR) market will reach $1 billion
It is expected that the global chemical enhanced oil recovery (EOR/IOR) market will experience moderate growth in the near to long term. The market is expected to be USD 776.4 million in 2020 and is expected to reach USD 1 billion by 2026, with a compound annual growth rate (CAGR) of 4.9% during the analysis period.
Although primary and secondary oil recovery methods can extract about 20-40% of the oil from the reservoir, the EOR technology can recover about 30-60% of the total oil in the reservoir. At some point, during the life of an oil well, the cost of extracting an extra barrel of oil is higher than the market value. Therefore, under normal circumstances, after one-third of the original oil is recovered in place, the well will be abandoned, leaving two-thirds underground.
Secondary oil recovery methods are usually used to pressurize the reservoir and drive out some of the remaining oil. Enhanced oil recovery (EOR/IOR) is a technology that increases the amount of crude oil that can be recovered from an oil field. The most advanced EOR method is the tertiary oil recovery method, including gas flooding, thermal recovery and chemical recovery. Enhanced oil recovery technology, including water injection, steam injection and hydrocarbon gas injection methods in existing deep light oil reservoirs to extend the life of the oil and gas reservoirs.
Other enhanced oil recovery (EOR) technologies include microbial recovery and thermal enhanced recovery. Microbial recovery involves injecting bacteria and nutrients into the reservoir. Bacteria multiply and biochemically produce surfactants and polymers.
Although the demand for energy has fallen sharply due to the COVID-19 pandemic, it is expected that long-term demand will remain stable driven by rising world energy demand. The rapid depletion of existing fossil fuel resources and the need to increase the output of existing oil wells have led to an increasing demand for enhanced oil recovery technologies. With the rapid depletion of oil reserves and the maturity of existing reserves, there is an increasing need for technologies that can extract oil from challenging geology.
In view of the end of the "easy oil" era, the industry is moving towards high-tight oil fields, ultra-deep-sea oil fields, extra-heavy oil reservoirs, natural fractured oil reservoirs and other difficult-to-produce oil sources. The challenge of recovery has increased. The focus is also on extracting crude oil from existing oil fields that can no longer use traditional techniques to produce oil.
All these factors, combined with the need to improve the overall efficiency of extraction operations, are driving the growth of the EOR chemical market. In addition to the increase in crude oil production, the substantial increase in deep drilling projects also provides opportunities for the market.
The demand for chemicals used to increase the production of mature onshore oil fields is particularly high. As the demand for chemical EOR technology in onshore and offshore oil fields continues to grow, the EOR chemical market is expected to grow. The chemical EOR market is being promoted by continued attention to innovation in hybrid processes and the shift to bio-based chemicals due to their eco-friendly properties.
In recent years, the emergence of nanotechnology has potential applications in the oil and gas industry. Nanofluid refers to the application of nanotechnology to basic fluids such as oil, natural gas or water. As we all know, it can provide solutions to several problems related to the oil and gas industry.
2. Focus on selected players (69 selected in total)
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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com US Eastern Time Office Hours Call 1-917-300-0470 US/Canada Toll Free 1-800-526-8630 GMT Office Hours Call +353-1- 416- 8900