According to a new technical market research report, Enhanced Oil Recovery: Technologies and Global Markets from BCC Research (www.bccresearch.com), the global market for enhanced oil recovery (EOR) was valued at $21 billion in 2012 and is expected to reach $22.6 billion by 2013. BCC Research projects the market to reach nearly $34.4 billion by 2018, and register a compound annual growth rate (CAGR) of 8.8%.
Current and emerging EOR technologies promise the renewal of aging and depleted oil reservoirs worldwide. According to BCC Research, EOR technologies currently support about 5% of global oil production and are an increasingly important foundation for the development of global oil industry. Along with advanced extraction technologies such as hydrofracture, EOR technologies are becoming increasingly significant to global oil production because of their ability to increase or revive oil recovery efforts.
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, and various other equipment and facilities. Other important EOR products include oil recovery media such as surfactants, polymers, alkali chemicals, liquid nitrogen, and carbon dioxide.
Current market conditions and recent advances in EOR technologies, including the industry’s understanding of effective application are principally responsible for its continued growth. Additionally, the escalations witnessed in oil prices across the globe have reduced the significance of added costs and greatly increased the economic viability of EOR technologies. Ultimately, this market is being driven by 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, and the technologies’ proven efficacy in increasing oil production at oilfields worldwide.
This report describes the current status and the potential growth of the worldwide enhanced oil recovery (EOR) industry and the market for associated EOR technologies. It includes an assessment of market potential for EOR technologies over a five-year period from 2013 through 2018. An update of a previous BCC Research study released in 2010, this analysis includes summaries of existing EOR technologies and promising emerging technologies. The report also evaluates the existing EOR industry by focusing on the manufacturers and providers of major components for viable EOR technologies.
This comprehensive report is intended for current and potential manufacturers and suppliers of EOR technologies as well as entrepreneurs and companies interested in entering or expanding into the EOR technology sector. The report will also prove valuable 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, public- and private-sector interest groups, and market analysts.